Banking
how much should I save when banking?
20% of income
What is a credit card?
An account that represents short-term revolving loan
What’s a premium?
Amount you pay for insurance.
FOMO?
Fear of missing out
What are 3 common insurances?
Auto, Health and Renters
What is one function of $?
Medium of exchange
What is collateral?
Valuable item that can be taken to pay off a loan
What’s a risk?
Probability of accident or loss
What is cognitive bias?
Systematic error in thinking
What does Insurance mean?
contract for financial protection from risk of loss
What is one of the criteria for money?
Portable
What is Revolving Credit?
Open line of credit for any purchases within the limit.
What’s a limit?
Max insurance will pay for a type of coverage.
Loss aversion:
Pain of loss is twice the joy of gain
what is Health plan network?
Providers that agree to provide care for the insurance company payment rates
What’s the magic of saving?
Compound interest
Who creates credit reports? 3 answers
Equifax
Experian
TransUnion
What’s a liability?
Damage you cause when you are at fault.
Bandwagon bias is?
Conforming to the crowd.
What are the 5 factors determine auto insurance rates
What’s an important type of saving?
money market account.
How do you calculate Net Worth?
Assets minus Liabilities
What’s comprehensive?
Damage outside your control.
Disposition bias is?
Selling assets that have increased value.
What is the difference between Medicare and Medicaid?