© Mark E. Damon - All Rights Reserved Round 1Round 2 Final Jeopardy Team 1 Team 2 Team 4 Team 3...

© Mark E. Damon - All Rights Reserved


Round 1 Round 2Final

Jeopardy

Team

1

Team

2

Team

4

Team

3

Team

6

Team

5


True or False

True or False

True or False

Fill in the

Blanks

Fill in the

Blanks

Fill in the

Blanks

1 1 1 1 1 1

2 2 2 2 2 2

3 3 3 3 3 3

4 4 4 4 4 4

5 5 5 5 5 5

Round 2

Final Jeopardy

Scores


11

A major reason for financial planning is to prevent careless

spending

A major reason for financial planning is to prevent careless

spending


11

TRUETRUE

Scores


22

To prepare your personal budget, you should first list sources of money you expect to receive,

known as income.

To prepare your personal budget, you should first list sources of money you expect to receive,

known as income.


22

TRUETRUE

Scores


33

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.

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.


33

TRUETRUE

Scores


44

When your assets are not greater than your liabilities, you are said

to be solvent, which is a good credit position.

When your assets are not greater than your liabilities, you are said

to be solvent, which is a good credit position.


44

FALSEFALSE

Scores


55

A written statement between two or more parties is known as an

implied contract.

A written statement between two or more parties is known as an

implied contract.


55

FALSEFALSE

Scores


11

Minors are not considered competent parties to enter into an

agreement.

Minors are not considered competent parties to enter into an

agreement.


11

TRUETRUE

Scores


22

A promissory note is an example of an example of a negotiable

instrument.

A promissory note is an example of an example of a negotiable

instrument.


22

TRUETRUE

Scores


33

A voidable contract is one that can legally be avoided by one of

the parties.

A voidable contract is one that can legally be avoided by one of

the parties.


33

TRUETRUE

Scores



44

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

acceptance.

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

acceptance.


44

FALSEFALSE

Scores


55

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

expenses.

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

expenses.


55

FalseFalse

Scores


11

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

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


11

FALSEFALSE

Scores


22

Original documents, such as insurance policies and wills,

should be kept in a safe deposit box.

Original documents, such as insurance policies and wills,

should be kept in a safe deposit box.


22

TRUETRUE

Scores


33

An electronic filing system allows you to store important

information on disk/cds.

An electronic filing system allows you to store important

information on disk/cds.


33

TRUETRUE

Scores


44

Fixed expenses do not change; variable expenses change

according to needs and short-terms goals.

Fixed expenses do not change; variable expenses change

according to needs and short-terms goals.


44

TRUETRUE

Scores


55

An express agreement can be written.

An express agreement can be written.


55

TRUETRUE

Scores


11

Most financial experts agree that families should set aside at least

______ percent of their disposable income each pay

period.

Most financial experts agree that families should set aside at least

______ percent of their disposable income each pay

period.


11

10%10%

Scores


22

Lunches, medical bills, personal care items, and clothing are all

examples of _____

Lunches, medical bills, personal care items, and clothing are all

examples of _____


22

Variable ExpensesVariable Expenses

Scores


33

The most common purpose for a net-worth statement is

The most common purpose for a net-worth statement is


33

Loan or credit applicationLoan or credit application

Scores


44

A personal property inventory is most commonly used for _____

A personal property inventory is most commonly used for _____


44

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

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

Scores


55

The IRS can audit your tax returns for a period of ____ years, except in the case of fraud, where

there is no time limit.

The IRS can audit your tax returns for a period of ____ years, except in the case of fraud, where

there is no time limit.


55

3 years3 years

Scores


11

A house payment and utilities are example of _____A house payment and utilities are example of _____


11

Fixed ExpensesFixed Expenses

Scores


22

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

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


22

Agreement to buy real estateAgreement to buy real estate

Scores


33

The price, which may be in the form of money, a promise, or a

performed act, is known as _____

The price, which may be in the form of money, a promise, or a

performed act, is known as _____


33

ConsiderationConsideration

Scores


44

A contract that is missing one or more of the essential elements

and is not legally enforceable, is said to be _____

A contract that is missing one or more of the essential elements

and is not legally enforceable, is said to be _____


44

VoidVoid

Scores


55

An agreement entered into orally is _____

An agreement entered into orally is _____


55

EnforceableEnforceable

Scores


11

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

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


11

CounterofferCounteroffer

Scores


22

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


22

MakerMaker

Scores


33

When your assets are greater than your liabilities, you are said

to be _____

When your assets are greater than your liabilities, you are said

to be _____


33

SolventSolvent

Scores


44

Intentional misrepresentation of a material fact is called _____

Intentional misrepresentation of a material fact is called _____


44

FraudFraud

Scores


55

The first consumer responsibility in an agreement is to _____

The first consumer responsibility in an agreement is to _____


55

Understand all terms of the agreement

Understand all terms of the agreement

Scores


Key Terms

Key Terms

Key Terms

Key Terms

Key Terms

Key Terms

2 2 2 2 2 2

4 4 4 4 4 4

6 6 6 6 6 6

8 8 8 8 8 8

10 10 10 10 10 10

Round 1

Final Jeopardy

Scores


22

An orderly program for spending, saving, and investing the money

you receive is known as

An orderly program for spending, saving, and investing the money

you receive is known as


22

Financial PlanFinancial Plan

Scores


44

Money you have to spend as you wish, after all required

deductions, is known as

Money you have to spend as you wish, after all required

deductions, is known as


44

Disposable IncomeDisposable Income

Scores


66

An organized plan whereby you match your expected income with

expenses and savings

An organized plan whereby you match your expected income with

expenses and savings


66

BudgetBudget

Scores


88

Money that is set aside to meet future needs

Money that is set aside to meet future needs


88

SavingsSavings

Scores


1010

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

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


1010

WarrantyWarranty

Scores


22

Expenses that remain constant and cannot be easily changed or

removed from a budget

Expenses that remain constant and cannot be easily changed or

removed from a budget


22

Fixed ExpensesFixed Expenses

Scores



44

Items of value that a person ownsItems of value that a person owns


44

AssetsAssets

Scores


66

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

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


66

Co-SignerCo-Signer

Scores


88

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


88

LiabilitiesLiabilities

Scores


1010

When you subtract your debts from the total amount of things

you own, the difference is known as

When you subtract your debts from the total amount of things

you own, the difference is known as


1010

Net WorthNet Worth

Scores


22

Expenses that may change according to needs and short-

term goals

Expenses that may change according to needs and short-

term goals


22

Variable ExpensesVariable Expenses

Scores


44

An examination of your tax records, known as an _____, may

be requested by the IRS.

An examination of your tax records, known as an _____, may

be requested by the IRS.


44

AuditAudit

Scores


66

A legally enforceable agreement between two or more parties to

do or not to do something

A legally enforceable agreement between two or more parties to

do or not to do something


66

ContractContract

Scores


88

Unwritten agreement, often called _____ agreements, are legally

enforceable.

Unwritten agreement, often called _____ agreements, are legally

enforceable.


88

Implied AgreementsImplied Agreements

Scores


1010

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

persons involved

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

persons involved


1010

Mutual AssentMutual Assent

Scores


22

Anything of value exchanged as part of a contract

Anything of value exchanged as part of a contract


22

ConsiderationConsideration

Scores


44

Persons who are legally able to give sane and intelligent consent

and are legally capable of entering into contracts.

Persons who are legally able to give sane and intelligent consent

and are legally capable of entering into contracts.


44

Competent PartiesCompetent Parties

Scores



66

A contract that requires a performance that is illegal is said

to be a _____ contract

A contract that requires a performance that is illegal is said

to be a _____ contract


66

Void ContractVoid Contract

Scores


88

A document that is a written order to release or issue money,

the most common which is a check

A document that is a written order to release or issue money,

the most common which is a check


88

Negotiable InstrumentNegotiable Instrument

Scores


1010

A written promise to pay a certain sum to another person on a

specified date

A written promise to pay a certain sum to another person on a

specified date


1010

Promissory NotePromissory Note

Scores


22

The person who creates and signs a promissory note

The person who creates and signs a promissory note


22

MakerMaker

Scores


44

The person to whom a negotiable instrument is made payable

The person to whom a negotiable instrument is made payable


44

PayeePayee

Scores


66

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

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


66

Scores

DuressDuress


88

A computer program that organizes data in columns and

rows and can perform calculations using the data

A computer program that organizes data in columns and

rows and can perform calculations using the data


88

SpreadsheetSpreadsheet

Scores


1010

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

or in poor financial position

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

or in poor financial position


1010

InsolventInsolvent

Scores


22

A list of all valuable items a person owns, along with

purchase prices and approximate current values

A list of all valuable items a person owns, along with

purchase prices and approximate current values


22

Personal Property InventoryPersonal Property Inventory

Scores


44

A contract that can written or oralA contract that can written or oral


44

Express ContractExpress Contract

Scores


66

When assets are greater than liabilities, you are said to be

_____, or in favorable financial position.

When assets are greater than liabilities, you are said to be

_____, or in favorable financial position.


66

SolventSolvent

Scores


88

Arises from a special relationship in which one party’s free will is

overcome by the other

Arises from a special relationship in which one party’s free will is

overcome by the other


88

Undue InfluenceUndue Influence

Scores


1010

A computer program that organizes data for easy search

and retrieval

A computer program that organizes data for easy search

and retrieval


1010

DatabaseDatabase

Scores


Scores

Legal DocumentsLegal Documents

Final Jeopardy Question


What are the five conditions that must be meet for a negotiable

instrument to be legally collectible

What are the five conditions that must be meet for a negotiable

instrument to be legally collectible


1. Must be in writing

2. Must contain a promise to pay a definite amount of money.

3. Must be payable on demand or at a fixed date

4. Must be payable to a particular person

5. Must be delivered to the payee.

1. Must be in writing

2. Must contain a promise to pay a definite amount of money.

3. Must be payable on demand or at a fixed date

4. Must be payable to a particular person

5. Must be delivered to the payee.

Scores

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