Welcome to Jeopardy!

Team 1 Team 2 Team 3 Team 4 Team 5 Team 6 Final Jeopardy Round 1 Round 2 Team 1 Team 2 Team 3 Team 4 Team 5 Team 6

True or False True or False True or False Fill in the Blanks Fill in the Blanks Fill in the Blanks Round 2 1 1 1 1 1 1 Final Jeopardy 2 2 2 2 2 2 Scores 3 3 3 3 3 3 4 4 4 4 4 4 5 5 5 5 5 5

A major reason for financial planning is to prevent careless spending 1 A major reason for financial planning is to prevent careless spending

1 TRUE Scores

2 To prepare your personal budget, you should first list sources of money you expect to receive, known as income.

2 TRUE Scores

3 Receipts and documents showing income and expenses should be kept in a safe place because the are proof or evidence to use in the event of an audit.

3 TRUE Scores

4 When your assets are not greater than your liabilities, you are said to be solvent, which is a good credit position.

4 FALSE Scores

5 A written statement between two or more parties is known as an implied contract.

5 FALSE Scores

1 Minors are not considered competent parties to enter into an agreement.

1 TRUE Scores

2 A promissory note is an example of an example of a negotiable instrument.

2 TRUE Scores

3 A voidable contract is one that can legally be avoided by one of the parties.

3 TRUE Scores

Daily Double

4 When a person is a minor, the missing element to a valid contract is called offer and acceptance.

4 FALSE Scores

5 Net worth is calculated by subtracting your variable expenses from your fixed expenses.

5 False Scores

A co-signer is not responsible for your debt if you fail to pay. 1 A co-signer is not responsible for your debt if you fail to pay.

1 FALSE Scores

2 Original documents, such as insurance policies and wills, should be kept in a safe deposit box.

2 TRUE Scores

3 An electronic filing system allows you to store important information on disk/cds.

3 TRUE Scores

4 Fixed expenses do not change; variable expenses change according to needs and short-terms goals.

4 TRUE Scores

An express agreement can be written. 5 An express agreement can be written.

5 TRUE Scores

1 Most financial experts agree that families should set aside at least ______ percent of their disposable income each pay period.

1 10% Scores

2 Lunches, medical bills, personal care items, and clothing are all examples of _____

2 Variable Expenses Scores

The most common purpose for a net-worth statement is 3 The most common purpose for a net-worth statement is

Loan or credit application 3 Loan or credit application Scores

A personal property inventory is most commonly used for _____ 4 A personal property inventory is most commonly used for _____

Proof of loss from fire, theft, or property damage. 4 Proof of loss from fire, theft, or property damage. Scores

5 The IRS can audit your tax returns for a period of ____ years, except in the case of fraud, where there is no time limit.

5 3 years Scores

1 A house payment and utilities are example of _____

1 Fixed Expenses Scores

An agreement to _____ must be in writing to be enforceable. 2 An agreement to _____ must be in writing to be enforceable.

Agreement to buy real estate 2 Agreement to buy real estate Scores

3 The price, which may be in the form of money, a promise, or a performed act, is known as _____

3 Consideration Scores

4 A contract that is missing one or more of the essential elements and is not legally enforceable, is said to be _____

4 Void Scores

An agreement entered into orally is _____ 5 An agreement entered into orally is _____

5 Enforceable Scores

1 When a person changes the terms of an offer, she or he has made a _____

1 Counteroffer Scores

A person who creates or signs a promissory notes is called _____ 2 A person who creates or signs a promissory notes is called _____

2 Maker Scores

3 When your assets are greater than your liabilities, you are said to be _____

3 Solvent Scores

Intentional misrepresentation of a material fact is called _____ 4 Intentional misrepresentation of a material fact is called _____

4 Fraud Scores

The first consumer responsibility in an agreement is to _____ 5 The first consumer responsibility in an agreement is to _____

Understand all terms of the agreement 5 Understand all terms of the agreement Scores

Key Terms Key Terms Key Terms Key Terms Key Terms Key Terms Round 1 2 2 2 2 2 2 Final Jeopardy 4 4 4 4 4 4 Scores 6 6 6 6 6 6 8 8 8 8 8 8 10 10 10 10 10 10

2 An orderly program for spending, saving, and investing the money you receive is known as

2 Financial Plan Scores

4 Money you have to spend as you wish, after all required deductions, is known as

4 Disposable Income Scores

6 An organized plan whereby you match your expected income with expenses and savings

6 Budget Scores

Money that is set aside to meet future needs 8 Money that is set aside to meet future needs

8 Savings Scores

10 A statement about a products qualities or performance that the seller assures the buyer are true

10 Warranty Scores

2 Expenses that remain constant and cannot be easily changed or removed from a budget

2 Fixed Expenses Scores

Daily Double

Items of value that a person owns 4 Items of value that a person owns

4 Assets Scores

A person who promises to pay a note if the maker fails to pay 6 A person who promises to pay a note if the maker fails to pay

6 Co-Signer Scores

Amounts of money owed to others, also known as debts 8 Amounts of money owed to others, also known as debts

8 Liabilities Scores

10 When you subtract your debts from the total amount of things you own, the difference is known as

10 Net Worth Scores

Expenses that may change according to needs and short-term goals 2 Expenses that may change according to needs and short-term goals

2 Variable Expenses Scores

4 An examination of your tax records, known as an _____, may be requested by the IRS.

4 Audit Scores

6 A legally enforceable agreement between two or more parties to do or not to do something

6 Contract Scores

8 Unwritten agreement, often called _____ agreements, are legally enforceable.

8 Implied Agreements Scores

10 A requirement of a legally binding contract, called _____, is that an offer is made and accepted by all persons involved

10 Mutual Assent Scores

Anything of value exchanged as part of a contract 2 Anything of value exchanged as part of a contract

2 Consideration Scores

4 Persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts.

4 Competent Parties Scores

Daily Double

6 A contract that requires a performance that is illegal is said to be a _____ contract

6 Void Contract Scores

8 A document that is a written order to release or issue money, the most common which is a check

Negotiable Instrument 8 Negotiable Instrument Scores

10 A written promise to pay a certain sum to another person on a specified date

10 Promissory Note Scores

The person who creates and signs a promissory note 2 The person who creates and signs a promissory note

2 Maker Scores

The person to whom a negotiable instrument is made payable 4 The person to whom a negotiable instrument is made payable

4 Payee Scores

The use of force or fear to make a person enter into a contract 6 The use of force or fear to make a person enter into a contract

6 Duress Scores

8 A computer program that organizes data in columns and rows and can perform calculations using the data

8 Spreadsheet Scores

10 When liabilities are greater than assets, you are said to be _____ or in poor financial position

10 Insolvent Scores

2 A list of all valuable items a person owns, along with purchase prices and approximate current values

Personal Property Inventory 2 Personal Property Inventory Scores

A contract that can written or oral 4 A contract that can written or oral

4 Express Contract Scores

6 When assets are greater than liabilities, you are said to be _____, or in favorable financial position.

6 Solvent Scores

8 Arises from a special relationship in which one party’s free will is overcome by the other

8 Undue Influence Scores

A computer program that organizes data for easy search and retrieval 10 A computer program that organizes data for easy search and retrieval

10 Database Scores

Final Jeopardy Question Legal Documents Final Jeopardy Question Scores

What are the five conditions that must be meet for a negotiable instrument to be legally collectible

Must contain a promise to pay a definite amount of money. Must be in writing Must contain a promise to pay a definite amount of money. Must be payable on demand or at a fixed date Must be payable to a particular person Must be delivered to the payee. Scores