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