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Legal Vocabulary Practice Exercises

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Updated on Jul 15, 2011

Read the following study guide for a concept review:

Legal Vocabulary Study Guide

Activity 1: WHAT AM I?

Read each question, then choose the appropriate answer from this lesson's vocabulary words.

  1. I'm something you add to the contract after you've read it but before yousign it. What am I?
  2. I'm the valuable material goods that you put up as security against a loan. What am I?
  3. I'm going down in worth even as you look at me. What am I?
  4. I'm what's given if you just need a little bit more time. What am I?
  5. I'm what you do when you sell everything and use the cash to pay off a debt. What am I?

Activity 2: YOU DECIDE

Read each sentence. Select the best vocabulary word to fill in the blank.

  1. If you need to hire someone to help you settle an argument with your business partner, your business is obviously in need of _______.
  2. Beware of any mortgage offer that says it includes a _______ rate, as it will be hard to predict what it may do in years to come.
  3. The _______ is the only one who will profit from this insurance.
  4. Bankers appreciate your cooperation and _______ when you apply for one of their loans.
  5. Having to hire another company to finish the work you were contracted to do is known as _______.
  6. When I failed to show up for the appointment, they told me that I was now in _______ of the loan.
  7. Always read the tiny _______ at the bottom of the contract so you know your legal rights.
  8. Many people _______ so that they can use the money and pay off their first loan.
  9. Balancing profit with _______ is a tricky process for many small businesses.
  10. Being bankrupt or declaring _______ is not an easy thing to do for some people.

Activity 3: WORD MIX-UP

Unscramble each vocabulary word and write it correctly.

  1. euitqy
  2. erlgeaev
  3. tibiyaill
  4. naizotoitnra
  5. enrvuee

Activity 4: TRUE OR FALSE?

Read each statement. Write T for true or F for false.

  1. The point of arbitration is to settle a difference of opinions.
  2. A variable figure is one that won't change for a set period of time.
  3. The money coming in is frequently referred to as overhead.
  4. Monthly expenses within a company are known as revenue.
  5. An extension is given to someone who needs more time to pay.
  6. The person who profits from a will is the beneficiary.
  7. Not performing an act that you promised to do is legally called devaluation   .
  8. The money you owe is referred to as a liability.
  9. Notarization is a method of legally certifying a document.
  10. An appropriate synonym for collateral is debt.

Answers

Activity 1: WHAT AM I?

  1. addendum
  2. collateral
  3. devaluation
  4. extension
  5. liquidate

Activity 2: YOU DECIDE

  1. arbitration
  2. variable
  3. beneficiary
  4. compliance
  5. subcontracting
  6. default
  7. disclaimers
  8. refinance
  9. overhead
  10. insolvency

Activity 3: WORD MIX-UP

  1. equity
  2. leverage
  3. liability
  4. notarization
  5. revenue

Activity 4: TRUE OR FALSE?

  1. True
  2. False
  3. False
  4. False
  5. True
  6. True
  7. False
  8. True
  9. True
  10. False
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