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41 Cards in this Set

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Balanced budget equation

expenses + savings = or lower than income

Variable expense/ diff. from fixed expenses

variable expense can change fixed expense stays the same

Maker

person who creates & signs promissory note & agrees to pay it on a certain date

Payee

the person the promissory note is made payable to

Bouncing a check causes

stamped NSF (insufficient funds) and returned to payee's bank, $25+ fee/NSF check processed

Purpose of memo on check

identifying information about check

Checkbook register

booklet used to record checking account transactions

Asset

items of value that a person owns

Liability

money or debts owed to others

IRS suggests you keep tax return records for

3 years

Counteroffer

new offer that changes original offer

Certified check

personal check that the bank guarantees or certifies to be good

Cashier's check

check written by a bank on its own funds

money order

printed order for payment of a specified sum

traveler's check

check forms in specificdenominations that are used instead of cash while traveling

stop-payment order

request that the bank not honor a specific check

purpose of trustee

person/firm that holds/administers property/assets for benefit of third party

special account

checking account that mostly offered to customers who have a small amount of activity in their accounts/month

standard account

checking account that usually has a small-no monthly service fee and no per-check fee

money market account

savings account that offers more competitive interest rate than a regular savings account

share account

savings account representing ownership interest

two elements considered in budgeting/planning

income and expenses

floating check

check written before a deposit has cleared the account

net worth statement/use of net worth statement

liabilites - assets, wealth growth each year/ applying for credit

check mark coumn in checkbook register

check when you have cleared and reconciled the transaction

consideration

something of value exchanged for something else of value

capacity

legal ability of parties to enter into a contract

"greatest college"


hint: Irish

Notre Dame

overdraft

check written for more money than your account contains

liabilities

money or debts owed to others

budget

a spending and saving plan based on your expected income and expenses

blank

demand deposit

type of bank account from which money may be withdrawn at any time

net worth

liabilites - assets

negotiable

legally collectible, open to modify

variable expense

costs that vary in amount and type, depending on the choices you make

contract

legally enforceable agreement between 2+ people

safe deposit box

place at your bank available to store valuable items or documents

check

written order to bank to pay amount stated to person/business stated

disposable income

money you have left to spend or save after taxes and other deductions (required and optional) are taken

fixed expense

costs that do not change from month to month