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