Matching Pairs Budgeting and Insurance TerminologyOnline version Matching game to identify definitions of various budgeting and insurance terms by Tonya Saoudi 1 Payroll deductions 2 Opportunity cost 3 Payment methods 4 FDA 5 Reconcile 6 Grace period 7 Default 8 Expenses 9 Asset 10 Financial planning 11 Net income 12 Promissory note 13 Late fees 14 Consumer Bill of Rights 15 Contract 16 CPSC 17 Budget 18 Closing costs 19 Repossess 20 Money management 21 Income 22 Installment loan 23 Deficiency clause 24 Gross income 25 Finance charge 26 Amortization A federal agency that sets and enforces safety standards for food, drugs, and cosmetics An agreement between two or more people that can be enforced by law The value of what is given up when a person chooses one option over another Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits Failure to repay a loan in accordance with the terms of the promissory note Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage 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 A plan for spending and saving money based on a person’s goals during a given time period 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 Any items of value that people own, including cash, property, personal possessions, and investments The amount of a paycheck that a person can actually spend; gross income less any payroll deductions To check a financial account against another for accuracy State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard Any money a person spends or gives away The total dollar amount a person pays to use credit Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan 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 Total income amount of income from wages or salary before payroll deductions How a person manages money coming in and going out 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 1 Term life insurance 2 Collision insurance 3 Beneficiary 4 Disability income health insurance 5 Insurance 6 Catastrophic health insurance 7 Permanent life insurance 8 Insurance rates 9 Insurance policy 10 Premium 11 Comprehensive insurance 12 Underinsured 13 Major medical insurance 14 No fault insurance 15 Claim 16 Group health insurance 17 Uninsured motorist insurance 18 Liability insurance The driver's own insurance company pays for accident costs no matter who caused the accident. Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. 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 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 A person who carries insufficient insurance to pay for losses he/she is liable for. Rates based on risk. Greater risk = greater chance of an accident = higher rate. Factors: geography, driver age/gender, car type/age, coverage Insurance contract 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 Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness Protects you whether you are driving or someone else is driving your car with your permission 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. 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 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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