Matching Pairs Budgeting and Insurance TerminologyOnline version Matching game to identify definitions of various budgeting and insurance terms by Tonya Saoudi 1 Finance charge 2 Default 3 Payroll deductions 4 Financial planning 5 FDA 6 Expenses 7 Gross income 8 Budget 9 Installment loan 10 Reconcile 11 Repossess 12 Income 13 Consumer Bill of Rights 14 Amortization 15 Promissory note 16 Grace period 17 Late fees 18 Contract 19 Payment methods 20 Closing costs 21 CPSC 22 Net income 23 Deficiency clause 24 Asset 25 Opportunity cost 26 Money management The value of what is given up when a person chooses one option over another To check a financial account against another for accuracy The time between the billing date and the payment due date when no interest is charged 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 How a person manages money coming in and going out Fees and charges for which a seller and buyer are responsible when a real estate transaction is 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 The total dollar amount a person pays to use credit Failure to repay a loan in accordance with the terms of the promissory note 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 Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised Any items of value that people own, including cash, property, personal possessions, and investments The fees that credit card companies charge when you pay your bill past the due date 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 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 Total income amount of income from wages or salary before payroll deductions A creditor can repossess (or take back) and resell goods Any money a person spends or gives away A federal agency that sets and enforces safety standards on household appliances, toys, and tools Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage 1 Collision insurance 2 Premium 3 Comprehensive insurance 4 No fault insurance 5 Insurance policy 6 Group health insurance 7 Disability income health insurance 8 Term life insurance 9 Liability insurance 10 Uninsured motorist insurance 11 Underinsured 12 Insurance 13 Major medical insurance 14 Beneficiary 15 Catastrophic health insurance 16 Permanent life insurance 17 Claim 18 Insurance rates 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. The amount of money you pay for your insurance. 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 Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. 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. Protects person/family from loss of income due to illness or disabling injury; guarantees continuation of a portion of wage earner’s salary Rates based on risk. Greater risk = greater chance of an accident = higher rate. Factors: geography, driver age/gender, car type/age, coverage Insurance contract 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 A formal request made to an insurance company for payment for a loss Financial protection purchased to compensate for loss A person who carries insufficient insurance to pay for losses he/she is liable for. 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.
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