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Personal Finance Chapters 8 & 9 Test A
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A debit card is the same as a credit card. *
Lunches, medical bills, personal care items, and clothing are all examples of *
Banks rarely charge fees to their customers to cover operating costs. *
A house payment is an example of *
Items of value that a person owns are called ____. *
An orderly program for spending, saving, and investing the money you receive is known as a(n) _____. *
When a person changes the terms of an offer, she or he has made a(n) *
A _________ is a safe place to keep stocks and bonds, deeds, and other important documents. *
A(n) _____ is the record of checks written and deposits made in a checking account, kept by the depositor. *
To prepare your personal budget, you should first list sources of money you expect to receive, known as income. *
A _________ endorsement results when the payee signs over a check to a third person. *
 Intentional misrepresentation of a material fact is called *
Minors are not considered competent parties to enter into an agreement, unless they are married (emancipated). *
It is important to reconcile your checkbook immediately when you receive the bank statement. *
When your assets are greater than your liabilities, you are said to be *
A(n) _____ occurs when a depositor writes a check on an account that is insufficient to cover a check. *
A(n) _____ is one that has been processed by the bank and has been subtracted from the depositor’s account. *
A major reason for financial planning is to prevent careless spending. *
Checks over _________ old may not be honored by a bank. *
A check drawn against the bank’s own funds is a _____. *
Net worth is calculated by subtracting your variable expenses from your fixed expenses. *
Most financial institutions offer online and telephone banking services. *
A _________ endorsement results when the payee signs on the back For Deposit Only and signs his or her name. *
Fixed expenses do not change; variable expenses change according to needs and short-term goals. *
A(n) _____ is an organized plan whereby you match your expected income with expenses and savings. *
Receipts and documents showing income and expenses should be kept in a safe place because they are proof or evidence to use in the event of an audit. *
When you subtract your debts (liabilities) from the total amount of things you own (assets), the difference is known as _____. *
A personal property inventory is most commonly used for *
Anything of value exchanged as part of a contract is called _____. *
Which of these is a liability? *
To open an account, either checking or savings, you first must fill out and sign a signature authorization form. *
The IRS can audit your tax returns for a period of _________ year(s), except in the case of fraud, where there is no time limit. *
A co-signer is not responsible for your debt if you fail to pay. *
Original documents, such as insurance policies and wills, should be kept in a safe deposit box. *
Amounts of money owed to others, also known as debts, are called _____. *
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