Matching Pairs Budgeting and Insurance TerminologyOnline version Matching game to identify definitions of various budgeting and insurance terms by Tonya Saoudi 1 Late fees 2 Payment methods 3 Grace period 4 Expenses 5 Finance charge 6 Reconcile 7 Gross income 8 Repossess 9 Default 10 CPSC 11 FDA 12 Opportunity cost 13 Money management 14 Asset 15 Net income 16 Amortization 17 Consumer Bill of Rights 18 Budget 19 Promissory note 20 Financial planning 21 Payroll deductions 22 Contract 23 Closing costs 24 Income 25 Installment loan 26 Deficiency clause State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account A creditor can repossess (or take back) and resell goods Any money a person spends or gives away Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised Legal and binding contract signed between lender and borrower stating borrower will repay loan per the terms of the contract The total dollar amount a person pays to use credit The time between the billing date and the payment due date when no interest is charged The amount of a paycheck that a person can actually spend; gross income less any payroll deductions An agreement between two or more people that can be enforced by law Total income amount of income from wages or salary before payroll deductions How a person manages money coming in and going out The value of what is given up when a person chooses one option over another Failure to repay a loan in accordance with the terms of the promissory note Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage To check a financial account against another for accuracy Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits A blueprint or plan for managing all aspects of a person’s money A federal agency that sets and enforces safety standards for food, drugs, and cosmetics Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan Fees and charges for which a seller and buyer are responsible when a real estate transaction is Any items of value that people own, including cash, property, personal possessions, and investments A plan for spending and saving money based on a person’s goals during a given time period The fees that credit card companies charge when you pay your bill past the due date A federal agency that sets and enforces safety standards on household appliances, toys, and tools 1 Beneficiary 2 Underinsured 3 Insurance rates 4 Insurance 5 Major medical insurance 6 Claim 7 Premium 8 Uninsured motorist insurance 9 Collision insurance 10 Liability insurance 11 No fault insurance 12 Insurance policy 13 Catastrophic health insurance 14 Group health insurance 15 Disability income health insurance 16 Term life insurance 17 Permanent life insurance 18 Comprehensive insurance Insurance contract Life insurance that pays a death benefit if the policyholder dies within a specific time period but has no remaining value at the end of this time. Protects person/family from loss of income due to illness or disabling injury; guarantees continuation of a portion of wage earner’s salary Financial protection purchased to compensate for loss Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness The person designated to receive the benefits of the policy upon the death of another individual This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime. Will cover the cost of repairing your car if it is damaged in an accident with another vehicle A formal request made to an insurance company for payment for a loss This is usually less expensive than individual policies. The employer pays a share of the cost and sometimes all of it A person who carries insufficient insurance to pay for losses he/she is liable for. Protects you whether you are driving or someone else is driving your car with your permission Covers your car if damaged by fire, flood, earthquake, hurricane, hail, collision with an animal, or stolen The driver's own insurance company pays for accident costs no matter who caused the accident. Rates based on risk. Greater risk = greater chance of an accident = higher rate. Factors: geography, driver age/gender, car type/age, coverage The amount of money you pay for your insurance.
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