Personal Finance Vocab Flashcards
Cost Benefit Analysis
The act of comparing the cost and benefits of an economic choice before making a decision.
Whole Life Insurance
Provides coverage your entire life and pays benefits to your family upon your death
Renters Insurance
Provides coverage for an individual’s personal belongings while they are in a rented home.
HOPE Scholarship
Provides Georgia students with financial assistance for college if they meet the GPA and rigor requirements
Workers’ Earning
Is the income received from an employer.
Social Media Footprint
Is the trail left behind each time a person uses a digital device, is tagged by a friend, or has information posted about them.
Auto Insurance
Provides coverage for damage to your automobile in case of an accident
Negative Incentive
Is a punishment that one wants to avoid for failing to behave in a certain manner .
Phishing
It occurs when someone sends a fraudulent message designed to trick a person into revealing sensitive information.
Term Life Insurance
Pays benefits to your family upon your death, but only provides coverage for a specific amount of time.
Liability Insurance
Provides payments to individuals if you are found legally liable for an accident or injuries to others.
Disability Insurance
Provides an individual with money should he/she become disabled and unable to work.
Earning Potential
Is influenced by one’s education, skills, and training.
Flood Insurance
Is a type of property coverage that protects homeowners from water damage to the structure and/or contents of their property.
Better Business Bureau
Is a private organization that provides the public information on businesses and charities and handles consumer complaints about individual firms.
Homeowners Insurance
Provides coverage for damages to one’s home and personal property.
Positive Incentive
Is a reward that a person is likely to receive if they behave in a certain manner.
Health and Medical Insurance
Is used to share the cost of health and medical expenses between the covered person and the insurance company.
Dumpster Diving
Is an act of digging through somone’s garbage to obtain personal information that can be used to steal an individuals identity.
Ration Decision-Making Model
Is the five-step process used to make economic choices.
Deductible
Is the portion of a covered loss that the person must pay before the insurance company pays their portion.
Premium
The fee or price a person pays to have insurance.
Shared Liability
Is the relationship between the insurance company and the insured relative to responsibility for a covered loss.
