Matching Pairs Budgeting and Insurance TerminologyOnline version Matching game to identify definitions of various budgeting and insurance terms by Tonya Saoudi 1 Consumer Bill of Rights 2 Amortization 3 Default 4 Repossess 5 Payment methods 6 Contract 7 Finance charge 8 FDA 9 CPSC 10 Income 11 Gross income 12 Money management 13 Budget 14 Deficiency clause 15 Closing costs 16 Expenses 17 Installment loan 18 Reconcile 19 Opportunity cost 20 Net income 21 Promissory note 22 Late fees 23 Financial planning 24 Asset 25 Payroll deductions 26 Grace period Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice The time between the billing date and the payment due date when no interest is charged Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits Total income amount of income from wages or salary before payroll deductions 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 value of what is given up when a person chooses one option over another Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage A blueprint or plan for managing all aspects of a person’s money Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account A creditor can repossess (or take back) and resell goods A federal agency that sets and enforces safety standards for food, drugs, and cosmetics Legal and binding contract signed between lender and borrower stating borrower will repay loan per the terms of the contract How a person manages money coming in and going out The total dollar amount a person pays to use credit A federal agency that sets and enforces safety standards on household appliances, toys, and tools 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 loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan A plan for spending and saving money based on a person’s goals during a given time period The fees that credit card companies charge when you pay your bill past the due date Fees and charges for which a seller and buyer are responsible when a real estate transaction is 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 Any money a person spends or gives away Failure to repay a loan in accordance with the terms of the promissory note To check a financial account against another for accuracy 1 Insurance rates 2 Term life insurance 3 Disability income health insurance 4 Collision insurance 5 Uninsured motorist insurance 6 No fault insurance 7 Underinsured 8 Major medical insurance 9 Comprehensive insurance 10 Catastrophic health insurance 11 Premium 12 Group health insurance 13 Claim 14 Insurance policy 15 Liability insurance 16 Insurance 17 Beneficiary 18 Permanent life insurance Covers your car if damaged by fire, flood, earthquake, hurricane, hail, collision with an animal, or stolen 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 Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness Will cover the cost of repairing your car if it is damaged in an accident with another vehicle 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. 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. Insurance contract Protects you whether you are driving or someone else is driving your car with your permission A formal request made to an insurance company for payment for a loss 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 The person designated to receive the benefits of the policy upon the death of another individual 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 The driver's own insurance company pays for accident costs no matter who caused the accident. The amount of money you pay for your insurance.
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