Question

unit 5 vocabulary – principles of money management
1
payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage amount.
2
any items of value that people own, including cash, property, personal possessions, and investments.
3
a plan for spending and saving money based on a person’s goals during a given time period.
4
fees and charges for which a seller and buyer are responsible when a real estate transaction is completed; also known as settlement costs.
5
state of the union address of 1962-president john f. kennedy:
the right to safety - protection against the sale of products that are dangerous to life or health.
the right to choose - protection against practices that result in noncompetitive prices for goods and services available.
the right to be informed - protection against false and misleading advertising.
the right to be heard - guarantee of consumer representation in the deciding of government policy and enforcement of consumer protection laws.
6
a federal agency that sets and enforces safety standards on household appliances, toys, and tools. (www.cpsc.gov)
7
an agreement between two or more people that can be enforced by law.
8
failure to repay a loan in accordance with the terms of the promissory note.
9
a creditor can repossess, or take back, and resell goods.
10
any money a person spends or gives away.
11
the total dollar amount a person pays to use credit.
12
a blueprint or plan for managing all aspects of a person’s money.
13
a federal agency that sets and enforces safety standards for food, drugs, and cosmetics.
14
the time between the billing date and the payment due date when no interest is charged.
15
total income amount of income from wages or salary before payroll deductions.
16
money that a person receives such as a paycheck from a job, an allowance from parents (inheritance), or interest earned on a savings account.
17
a loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan.
18
the fees that credit-card companies charge when you pay your bill past the due date.
19
how a person manages money coming in and going out.
20
the amount of a paycheck that a person can actually spend; gross income less any payroll deductions.
21
the value of what is given up when a person chooses one option over another.
22
a means for accepting payment. the most common are credit card, electronic check, phone charge, corporate account, and invoice.
23
amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits.
24
the legal and binding contract signed between the lender and the borrower who states that the borrower will repay the loan as agreed upon in the terms of the contract.
25
to check a financial account against another for accuracy.
26
forced or voluntary surrender of merchandise as a result of a consumers failure to repay a loan as promised.

Explanation:

Answer:

Mortgage principal payment
Assets
Budget
Closing costs
Consumer rights
Consumer Product Safety Commission (CPSC)
Contract
Default
Repossession
Expense
Finance charge
Financial plan
Food and Drug Administration (FDA)
Grace period
Gross income
Income
Installment loan
Late - payment fees
Money management
Net income
Opportunity cost
Payment method
Payroll deductions
Promissory note
Reconcile
Repossession