Advanced Budgeting Terms

Paying a loan off in installments, rather than one lump sum.

• Amortize

• Claim

• Credit Score

• Deductible

A request submitted to your insurance provider to help pay for covered

• liability

• claim

• comprehensive coverage

• exemption

A deduction that legally allows you to lower the amount of taxable income you made in a year.

• exemption

• collision coverage

• principal

• withholdings

A type of auto insurance that protects against damage costs accrued by the policyholder.

• Collision Coverage

• Comprehensive Coverage

• Legal Coverage

• Full Coverage

A detailed list of the factors contributing to your credit score, including open accounts, debt-to-income ratio, and payment histories.

• Credit Report

• Private Mortgage Insurance

• Annual Percentage Rate

• Open accounts

A service that provides protection against the unpredictable; like car accidents or broken arms.

• Security
• Insurance
• Guarantee
• Warranty

Typically assessed monthly, the minimum amount you need to pay on a loan to keep it current and avoid negative effects on your credit report

• Maximum payment
• Partial payment
• Initial payment
• Minimum payment

Life insurance with a finite coverage period; usually 5, 10, 20, or even 30 years.

• whole life insurance
• term life insurance
• universal life insurance
• variable life insurance

A type of insurance that covers you in the case of a collision with an uninsured driver who is at fault.

• Collision Coverage
• Liability Coverage
• Comprehensive Coverage
• Uninsured Motorist Coverage

Contributions to state and federal governments to pay for things like public services and infrastructure.

• Taxes
• Fees
• Donations
• Loans