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