Relier Pairs Budgeting and Insurance TerminologyVersion en ligne Matching game to identify definitions of various budgeting and insurance terms par Tonya Saoudi 1 Gross income 2 Payroll deductions 3 Opportunity cost 4 Installment loan 5 Reconcile 6 Amortization 7 Income 8 Deficiency clause 9 Consumer Bill of Rights 10 Promissory note 11 Grace period 12 Repossess 13 Financial planning 14 Net income 15 Closing costs 16 Money management 17 Contract 18 FDA 19 CPSC 20 Finance charge 21 Late fees 22 Default 23 Payment methods 24 Expenses 25 Budget 26 Asset Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account Total income amount of income from wages or salary before payroll deductions Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage Fees and charges for which a seller and buyer are responsible when a real estate transaction is A creditor can repossess (or take back) and resell goods Legal and binding contract signed between lender and borrower stating borrower will repay loan per the terms of the contract A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan A federal agency that sets and enforces safety standards for food, drugs, and cosmetics Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised The total dollar amount a person pays to use credit Any items of value that people own, including cash, property, personal possessions, and investments To check a financial account against another for accuracy Failure to repay a loan in accordance with the terms of the promissory note The time between the billing date and the payment due date when no interest is charged The fees that credit card companies charge when you pay your bill past the due date 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 How a person manages money coming in and going out A plan for spending and saving money based on a person’s goals during a given time period Any money a person spends or gives away The value of what is given up when a person chooses one option over another 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 An agreement between two or more people that can be enforced by law 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 1 Permanent life insurance 2 Uninsured motorist insurance 3 Insurance policy 4 Major medical insurance 5 Liability insurance 6 Term life insurance 7 Premium 8 Catastrophic health insurance 9 Disability income health insurance 10 Claim 11 Underinsured 12 Insurance rates 13 No fault insurance 14 Group health insurance 15 Collision insurance 16 Insurance 17 Beneficiary 18 Comprehensive insurance The driver's own insurance company pays for accident costs no matter who caused the accident. 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 Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime. Insurance contract The person designated to receive the benefits of the policy upon the death of another individual 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. 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. 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. Will cover the cost of repairing your car if it is damaged in an accident with another vehicle Financial protection purchased to compensate for loss Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care This is usually less expensive than individual policies. The employer pays a share of the cost and sometimes all of it
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