First, Microsoft today released another Office 2011 update, Version 14.5.1. You can get it from here:
https://www.microsoft.com/en-us/download/details.aspx?id=47307
Secondly, it seems like there is a possible permissions issue, or some other "system" level software issue. Do you ever perform any disk maintenance/repairs on the machine? If not, it would be good to get into the habit of doing that.
Also, do you have a more robust disk maintenance/repair program like Disk Warrior or TechToolPro? They are superior to Disk Utility.
I'm going to assume that you only have Disk Utility. Sio, here is what you can try:
1. There should be a Recovery Partition on your machine. To get to it, when you start up the machine, press the Command and R keys simultaneously. This link explains this, along with what you can do with the software on that partition:
https://support.apple.com/en-us/HT201314
Note that it says "Verify and repair connected drives using Disk Utility.". So, what you need to do is do a Verify and Repair Disk at the
Volume (Top) level of your internal drive, then 1) Verify and Repair Permissions at the
Partition Level of the drive, and 2) Verify and Repair Disk at that same
Partition Level.
2. Re-boot your machine, and then download the excellent freeware program Onyx. This venerable gem has been around for quite some time, has consistently had positive reviews, and does some real good things. I have been using it for such a long time that I depend on it as part of my disk maintenance/repair/backup processing. You can get it form here (new Yosemite version came out today):
http://www.macupdate.com/app/mac/11582/onyx
When you run it, do all the Maintenance and Cleanup tasks. One of the maintenance tasks is Repair Permissions, but Onyx repairs permissions for
all software. Disk Utility does it only for Apple software. So, this could possibly help with the issues you are having with the third party software Office 2011 and Quicken 2007 (I have both of those also, along with quite a few other third party programs).