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