Chapter 8 - Budgets and Financial Records
Order by
15 terms
Terms | Definitions |
|---|---|
 assets | Things of value that a person owns. |
| budget | An organized plan of matching income and expenses. |
| consideration | A price to be paid; a promise to pay; or a promise to do something or not do something. |
| contract | A legally enforceable agreement between two or more parties. |
| cosigner | A person who promises to pay a note if the maker fails to pay. |
| database management | A computer program which stores, arranges, and manipulates information as needed. |
| disposable income | The money you have left over after required deductions, which you can spend or save as you wish. |
| financial plan | An orderly program for spending, saving, and investing your income. |
| fixed expenses | Expenses that remain constant, at least in the short run. |
| liabilities | Amounts of money that you owe to others; also known as debts. |
| mutual assent | Agreement by two or more persons to the terms of a contract. |
| negotiable instrument | A piece of paper containing a written promise to pay. |
| spreadsheet | A computer program which sets numbers and words into chart format. |
| variable expenses | Expenses that vary according to needs and short-term goals. |
| warranty | An assurance of product quality or of responsibility of the seller. |
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