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