Matching Pairs Budgeting and Insurance TerminologyOnline version Matching game to identify definitions of various budgeting and insurance terms by Tonya Saoudi 1 Contract 2 Default 3 Gross income 4 Finance charge 5 Late fees 6 Deficiency clause 7 Asset 8 Opportunity cost 9 Installment loan 10 Money management 11 Financial planning 12 Promissory note 13 Net income 14 CPSC 15 Income 16 Payroll deductions 17 FDA 18 Grace period 19 Reconcile 20 Expenses 21 Repossess 22 Budget 23 Closing costs 24 Amortization 25 Consumer Bill of Rights 26 Payment methods Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage The time between the billing date and the payment due date when no interest is charged 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 The fees that credit card companies charge when you pay your bill past the due date Any money a person spends or gives away State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard Legal and binding contract signed between lender and borrower stating borrower will repay loan per the terms of the contract 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 federal agency that sets and enforces safety standards for food, drugs, and cosmetics To check a financial account against another for accuracy 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 Failure to repay a loan in accordance with the terms of the promissory note Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice The total dollar amount a person pays to use credit Fees and charges for which a seller and buyer are responsible when a real estate transaction is How a person manages money coming in and going out An agreement between two or more people that can be enforced by law Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account 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 plan for spending and saving money based on a person’s goals during a given time period A blueprint or plan for managing all aspects of a person’s money Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised 1 Disability income health insurance 2 Underinsured 3 Beneficiary 4 Term life insurance 5 Insurance rates 6 Claim 7 Comprehensive insurance 8 Major medical insurance 9 Liability insurance 10 Uninsured motorist insurance 11 Catastrophic health insurance 12 Premium 13 Group health insurance 14 Insurance policy 15 Insurance 16 No fault insurance 17 Permanent life insurance 18 Collision insurance Covers your car if damaged by fire, flood, earthquake, hurricane, hail, collision with an animal, or stolen Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime. A formal request made to an insurance company for payment for a loss This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care 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 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. 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 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 Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness The amount of money you pay for your insurance. 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 Insurance contract Financial protection purchased to compensate for loss
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