PHS EPF Unit 5 Vocabulary Quiz

The initial payment made at the time of purchase

• Mortgage

• Net Pay

• Down Payment

• Fixed Expenses

Costs that do NOT change per month; the individual pays the exact same amount each and every month. Example: House payment, car payment, car insurance

• Mortgage

• Net Pay

• Down Payment

• Fixed Expenses

A type of mortgage where the interest rate and payments per month are locked, they will not change throughout the lifespan of the mortgage.

• Fixed Mortgage

• Variable Expenses

• Mortgage

• Fixed Expenses

A form of a secured loan where an individual agrees to pay back the lending company over the property of purchase.

• Fixed Mortgage

• Variable Expenses

• Mortgage

• Fixed Expenses

The amount of money an individual makes on a paycheck before any/all deductions are withheld. 

• Net Pay

• Gross Wages

• Variable Expenses

• Fixed Expenses

An individual’s “take home” check.

• Net Pay

• Gross Wages

• Variable Expenses

• Fixed Expenses

Form of insurance that provides compensation for damages, loss, injury of property, personal belongings, or persons due to fire, theft, accidents, etc.

• Investment

• Mortgage Insurance

• Homeowners Insurance

• Insurance

Also known as home-loan insurance. This is a form of insurance that compensates lenders of losses due to default of a mortgage loan.

• Investment

• Mortgage Insurance

• Homeowners Insurance

• Insurance

Coverage by contract in which one party agrees to reimburse another for loss that occurs under the terms of the contract. 

• Investment

• Mortgage Insurance

• Homeowners Insurance

• Insurance

The earnings received on a balance of an account. (P x R x T)

Formula = principal x rate x time where rate is expressed as a decimal not a percent and time is expressed as years

• Insurance

• Interest

• Principal

• Property Tax