Vehicle Insurance
The monthly payment you make to maintain your insurance coverage
What is Premium?
This is what you must pay out-of-pocket before insurance kicks in
What is Deductible?
This type of expense does not change very much and is highly predictable (power, water, and trash pickup are examples)
What is Fixed?
In accounting, these are things you or your company own that have economic (cash, equipment, and buildings are examples)
What are Assets?
This is the initial payment you make, typically a large sum, that lowers the amount you have the finance
What is a Down Payment?
This type of coverage would cover you in the event that you and another vehicle smash into one another
This is a typically flat fee you pay to see a doctor
What is Copay?
This type of expense changes depending on your lifestyle choices and decisions (eating at restaurants, going out in town, buying video games)
What is Variable?
In accounting terms, these are things your company owes money for (employee wages due, loans, and other debts)
What are Liabilities?
This is the standard pay frequency for any sort of loan
What is Monthly?
This type of coverage would cover you in the event of hitting a deer or getting vehicle damage from a falling rock
What is Comprehensive?
This is the percentage of costs you must pay after you have met your deductible
What is Coinsurance?
He is a notable finance influencer and former real estate tycoon who advocates for avoiding debt at all costs
Who is Dave Ramsey?
This is the point at which your revenue and expenses equal one another
What is Break-Even Point?
This is a clause in a loan contract that makes you pay an extra fee for paying off your loan early
What is a Prepayment Penalty?
This type of coverage helps when the other party in an accident lacks any form of vehicle insurance
What is Uninsured Motorist Protection?
This is a request for payment for medical services and benefits you have received
What is a Claim?
This refers to you money you make before taxes, insurance, or any other deductions
What is Gross Income?
This is a type of business ownership where you get the liability protection of a corporation and the tax benefits of a partnership
What is an LLC?
A=P(1+rn)^nt
This is the compound interest formula; in this formula, P stands for
What is the Principal?
This insurance benefit stops your premium from raising after your first at-fault accident
What is Accident Forgiveness?
This occurs in an instance where your doctor recommends you to another physician to offer services more specialized towards your issue
What is a Referral?
This is a budgeting plan in which expenses and revenue are equal; every dollar is accounted for
What is Zero-Based Budgeting?
This business accounting statement explains how money has moved in and out of a company
What is a Cash Flow Statement?
This term refers to the process by which a loan is spread into separate payments over a long period of time; most notable with mortgages; more money is applied to the interest at first and the principal later; starts with an a
What is Amortization?