Relier Pairs Budgeting and Insurance TerminologyVersion en ligne Matching game to identify definitions of various budgeting and insurance terms par Tonya Saoudi 1 Opportunity cost 2 Gross income 3 Contract 4 Budget 5 FDA 6 Payroll deductions 7 Installment loan 8 Financial planning 9 Expenses 10 Income 11 Default 12 Consumer Bill of Rights 13 Money management 14 Repossess 15 Net income 16 Late fees 17 Finance charge 18 Asset 19 CPSC 20 Payment methods 21 Grace period 22 Reconcile 23 Deficiency clause 24 Closing costs 25 Amortization 26 Promissory note Any money a person spends or gives away The total dollar amount a person pays to use credit Total income amount of income from wages or salary before payroll deductions 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 Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan Failure to repay a loan in accordance with the terms of the promissory note A blueprint or plan for managing all aspects of a person’s money 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 Fees and charges for which a seller and buyer are responsible when a real estate transaction is Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account 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 The value of what is given up when a person chooses one option over another An agreement between two or more people that can be enforced by law Any items of value that people own, including cash, property, personal possessions, and investments Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised How a person manages money coming in and going out The time between the billing date and the payment due date when no interest is charged Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage A plan for spending and saving money based on a person’s goals during a given time period A creditor can repossess (or take back) and resell goods State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard 1 Comprehensive insurance 2 Catastrophic health insurance 3 Uninsured motorist insurance 4 Claim 5 Beneficiary 6 Insurance rates 7 Permanent life insurance 8 Collision insurance 9 Major medical insurance 10 Disability income health insurance 11 No fault insurance 12 Underinsured 13 Insurance policy 14 Liability insurance 15 Premium 16 Term life insurance 17 Insurance 18 Group health insurance This is usually less expensive than individual policies. The employer pays a share of the cost and sometimes all of it A person who carries insufficient insurance to pay for losses he/she is liable for. 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 The person designated to receive the benefits of the policy upon the death of another individual Financial protection purchased to compensate for loss Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime. Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. A formal request made to an insurance company for payment for a loss Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness 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 Insurance contract The amount of money you pay for your insurance. This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care Will cover the cost of repairing your car if it is damaged in an accident with another vehicle 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
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