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Welcome to Jeopardy!
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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
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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
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A major reason for financial planning is to prevent careless spending
1 A major reason for financial planning is to prevent careless spending
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1 TRUE Scores
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2 To prepare your personal budget, you should first list sources of money you expect to receive, known as income.
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2 TRUE Scores
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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.
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3 TRUE Scores
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4 When your assets are not greater than your liabilities, you are said to be solvent, which is a good credit position.
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4 FALSE Scores
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5 A written statement between two or more parties is known as an implied contract.
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5 FALSE Scores
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1 Minors are not considered competent parties to enter into an agreement.
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1 TRUE Scores
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2 A promissory note is an example of an example of a negotiable instrument.
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2 TRUE Scores
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3 A voidable contract is one that can legally be avoided by one of the parties.
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3 TRUE Scores
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Daily Double
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4 When a person is a minor, the missing element to a valid contract is called offer and acceptance.
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4 FALSE Scores
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5 Net worth is calculated by subtracting your variable expenses from your fixed expenses.
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5 False Scores
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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.
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1 FALSE Scores
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2 Original documents, such as insurance policies and wills, should be kept in a safe deposit box.
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2 TRUE Scores
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3 An electronic filing system allows you to store important information on disk/cds.
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3 TRUE Scores
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4 Fixed expenses do not change; variable expenses change according to needs and short-terms goals.
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4 TRUE Scores
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An express agreement can be written.
5 An express agreement can be written.
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5 TRUE Scores
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1 Most financial experts agree that families should set aside at least ______ percent of their disposable income each pay period.
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1 10% Scores
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2 Lunches, medical bills, personal care items, and clothing are all examples of _____
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2 Variable Expenses Scores
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The most common purpose for a net-worth statement is
3 The most common purpose for a net-worth statement is
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Loan or credit application
3 Loan or credit application Scores
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A personal property inventory is most commonly used for _____
4 A personal property inventory is most commonly used for _____
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Proof of loss from fire, theft, or property damage.
4 Proof of loss from fire, theft, or property damage. Scores
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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.
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5 3 years Scores
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1 A house payment and utilities are example of _____
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1 Fixed Expenses Scores
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An agreement to _____ must be in writing to be enforceable.
2 An agreement to _____ must be in writing to be enforceable.
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Agreement to buy real estate
2 Agreement to buy real estate Scores
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3 The price, which may be in the form of money, a promise, or a performed act, is known as _____
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3 Consideration Scores
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4 A contract that is missing one or more of the essential elements and is not legally enforceable, is said to be _____
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4 Void Scores
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An agreement entered into orally is _____
5 An agreement entered into orally is _____
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5 Enforceable Scores
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1 When a person changes the terms of an offer, she or he has made a _____
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1 Counteroffer Scores
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A person who creates or signs a promissory notes is called _____
2 A person who creates or signs a promissory notes is called _____
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2 Maker Scores
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3 When your assets are greater than your liabilities, you are said to be _____
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3 Solvent Scores
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Intentional misrepresentation of a material fact is called _____
4 Intentional misrepresentation of a material fact is called _____
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4 Fraud Scores
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The first consumer responsibility in an agreement is to _____
5 The first consumer responsibility in an agreement is to _____
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Understand all terms of the agreement
5 Understand all terms of the agreement Scores
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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
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2 An orderly program for spending, saving, and investing the money you receive is known as
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2 Financial Plan Scores
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4 Money you have to spend as you wish, after all required deductions, is known as
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4 Disposable Income Scores
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6 An organized plan whereby you match your expected income with expenses and savings
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6 Budget Scores
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Money that is set aside to meet future needs
8 Money that is set aside to meet future needs
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8 Savings Scores
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10 A statement about a products qualities or performance that the seller assures the buyer are true
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10 Warranty Scores
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2 Expenses that remain constant and cannot be easily changed or removed from a budget
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2 Fixed Expenses Scores
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Daily Double
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Items of value that a person owns
4 Items of value that a person owns
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4 Assets Scores
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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
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6 Co-Signer Scores
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Amounts of money owed to others, also known as debts
8 Amounts of money owed to others, also known as debts
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8 Liabilities Scores
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10 When you subtract your debts from the total amount of things you own, the difference is known as
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10 Net Worth Scores
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Expenses that may change according to needs and short-term goals
2 Expenses that may change according to needs and short-term goals
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2 Variable Expenses Scores
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4 An examination of your tax records, known as an _____, may be requested by the IRS.
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4 Audit Scores
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6 A legally enforceable agreement between two or more parties to do or not to do something
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6 Contract Scores
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8 Unwritten agreement, often called _____ agreements, are legally enforceable.
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8 Implied Agreements Scores
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10 A requirement of a legally binding contract, called _____, is that an offer is made and accepted by all persons involved
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10 Mutual Assent Scores
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Anything of value exchanged as part of a contract
2 Anything of value exchanged as part of a contract
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2 Consideration Scores
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4 Persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts.
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4 Competent Parties Scores
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Daily Double
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6 A contract that requires a performance that is illegal is said to be a _____ contract
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6 Void Contract Scores
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8 A document that is a written order to release or issue money, the most common which is a check
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Negotiable Instrument
8 Negotiable Instrument Scores
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10 A written promise to pay a certain sum to another person on a specified date
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10 Promissory Note Scores
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The person who creates and signs a promissory note
2 The person who creates and signs a promissory note
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2 Maker Scores
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The person to whom a negotiable instrument is made payable
4 The person to whom a negotiable instrument is made payable
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4 Payee Scores
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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
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6 Duress Scores
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8 A computer program that organizes data in columns and rows and can perform calculations using the data
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8 Spreadsheet Scores
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10 When liabilities are greater than assets, you are said to be _____ or in poor financial position
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10 Insolvent Scores
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2 A list of all valuable items a person owns, along with purchase prices and approximate current values
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Personal Property Inventory
2 Personal Property Inventory Scores
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A contract that can written or oral
4 A contract that can written or oral
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4 Express Contract Scores
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6 When assets are greater than liabilities, you are said to be _____, or in favorable financial position.
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6 Solvent Scores
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8 Arises from a special relationship in which one party’s free will is overcome by the other
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8 Undue Influence Scores
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A computer program that organizes data for easy search and retrieval
10 A computer program that organizes data for easy search and retrieval
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10 Database Scores
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Final Jeopardy Question
Legal Documents Final Jeopardy Question Scores
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What are the five conditions that must be meet for a negotiable instrument to be legally collectible
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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
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