Cover Your Assets
This type of insurance covers damage to your own car when you hit another vehicle or object
What is collision insurance?
The percentage of a home’s price you pay upfront
What is a down payment?
A required payment to the government based on income
What is an income tax?
The basic economic problem caused by limited resources
What is scarcity?
Money kept in savings for emergencies should ideally cover this length of expenses
What is 3–6 months?
This type of insurance covers events like theft, vandalism, or weather damage—
What is comprehensive insurance?
Monthly payment that combines loan repayment, taxes, and insurance
What is a mortgage payment?
This reduces the amount of income that is taxed
What is a tax deduction?
The Quantity consumers demand of a product goes down as the price goes up.
What is the law of demand?
This type of account usually offers interest but less access to funds
What is a savings account?
Choosing a higher deductible will usually cause this part of your policy to decrease
What is a premium?
This type of mortgage has an interest rate that can change over time
What is an adjustable-rate mortgage (ARM)?
This form reports your annual wages and the taxes withheld by your employer
What is a W-2 form?
When producers increase output as prices rise
What is the law of supply?
This estimates how many years it will take for your investment to double based on the interest rate.
What is the Rule of 72?
This type of health insurance plan requires you to use a network of doctors and get referrals to see specialists
What is an HMO (Health Maintenance Organization)?
Failing to make mortgage payments can lead to this process where the bank takes your home
What is foreclosure?
This form is typically used to report income earned without an employer, such as freelance or contract work
What is a 1099 form?
When a price is set too high and goods go unsold
What is a surplus?
This measure shows the real yearly return on savings, including the effect of compounding
What is APY (Annual Percentage Yield)?
This type of insurance replaces part of your income if you are unable to work due to injury or illness
What is disability insurance?
This additional monthly cost is required when a homebuyer puts down less than 20% on a house
What is private mortgage insurance (PMI)?
This factor on your tax return—such as single or married—affects your tax rates and deductions
What is filing status?
The total value of all final goods and services produced within a country over a specific time period
What is GDP?
This retirement account allows employees to invest pre-tax income and often includes an employer match.
What is a 401k?