Amortization
Gross income
Grace period
Installment loan
Payroll deductions
Deficiency clause
Promissory note
Reconcile
Asset
Money management
Net income
Opportunity cost
Default
Expenses
Late fees
Payment methods
FDA
Repossess
Budget
Closing costs
Financial planning
CPSC
Consumer Bill of Rights
Finance charge
Contract
Income
The amount of a paycheck that a person can actually spend; gross income less any payroll deductions
Any money a person spends or gives away
A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan
How a person manages money coming in and going out
Any items of value that people own, including cash, property, personal possessions, and investments
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
A blueprint or plan for managing all aspects of a person’s money
A federal agency that sets and enforces safety standards for food, drugs, and cosmetics
Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits
A federal agency that sets and enforces safety standards on household appliances, toys, and tools
Failure to repay a loan in accordance with the terms of the promissory note
State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard
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
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
Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice
A creditor can repossess (or take back) and resell goods
An agreement between two or more people that can be enforced by law
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 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
The value of what is given up when a person chooses one option over another
Total income amount of income from wages or salary before payroll deductions
Catastrophic health insurance
Permanent life insurance
Group health insurance
Uninsured motorist insurance
Insurance policy
Major medical insurance
Insurance rates
Liability insurance
Insurance
Claim
Collision insurance
No fault insurance
Premium
Beneficiary
Underinsured
Disability income health insurance
Comprehensive insurance
Term life insurance
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.
Financial protection purchased to compensate for loss
This is usually less expensive than individual policies. The employer pays a share of the cost and sometimes all of it
Protects person/family from loss of income due to illness or disabling injury; guarantees continuation of a portion of wage earner’s salary
Will cover the cost of repairing your car if it is damaged in an accident with another vehicle
This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care
Protects you whether you are driving or someone else is driving your car with your permission
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.
A person who carries insufficient insurance to pay for losses he/she is liable for.
The person designated to receive the benefits of the policy upon the death of another individual
Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime.
Covers your car if damaged by fire, flood, earthquake, hurricane, hail, collision with an animal, or stolen
The amount of money you pay for your insurance.
The driver's own insurance company pays for accident costs no matter who caused the accident.
Insurance contract
Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness