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buisiness 2
| Term | Definition |
|---|---|
| Personal cash flow | lists cash inflow and outflow |
| Net worth | difference of assets plus liabilities |
| FSA(Flexible Spending Account) | allows employees to set aside money to help pay for medical expenses that insurance does not cover |
| HSA(Health Savings Account) | a U.S. tax-advantaged savings account for medical expenses, |
| Liability Coverage | pays for damage or injuries you cause to others if you are found at fault. |
| Unfavorable variance | when you earn or save less than estimated |
| Favorable | when you earn more then you estimated or spent less than you planned. |
| PPO ( preferred provider organization | network of independent health care providers that band together to provide health care services for a set fee. |
| HMO( health maintenance organization | a group plan that provides prepaid medical care for members. |
| Risk Assumption | accepting the risk |
| risk transfer | passes risk o another party |
| risk avoidance | stopping the behavior that leads to a risk |
| risk reduction | finding ways to lower the chance of a loss |
| risk assessment | process of identifying your risks and deciding how serious they are. |
| 100/300/50 | coverage of injury for one person/ coverage of injury for all/ paid for property. |
| net income | cash inflow exceeds cash outflow |
| net loss | cash outflow exceeds cash inflow |
| appreciate | assets growing in value |
| depreciate | assets that decrease in value |
| check | written order to a bank to pay a certain amount to someone. |
| postdated check | check written with a future date. not allowed in the bank. |
| debit. card | with draw money frm accounts |
| endorsement | signature with or without instructions written on the back of a check |
| restrictive endorsement | restricts the use of a check |
| special endorsement | transfers the right to cash someone else check |
| us savings bond | pays a guaranteed minimum rate of interest |
| cashiers check | check issued against bank funds |
| certified check | personal check that the bank garentees to be good |
| stop payment | tells banks not to honor a check you issued a lost |
| overdraft protection | a bank service that covers a shortage in your account |
| bounced check | check not honored and is returned to the payees bank |
| self insure | setting aside money to be used in the event of an injury |
| a fee for service plan | allows patients to choose any doctor |
| stop loss provision | insurance clause that sets a max that the insured has to pay out of their own pocket during the year. |
| disability insurance | income to replace a portion of normal earnings. |
| life insurance | pays money to a beneficiary upon the death of the insured person |
| homeowners insurance | protects property owners from risk of loss to their real and personal property. |
| renters insurance | protects renters from personal property and liability risk |
| auto insurance | protects a car owner from losses as a result of accidents and other events. |
| collision coverage | protects against damage to your own vehicle if you hit another car. |
| comprehensive coverage | protection against car damages that are not caused by collision. |
| uninsured moterist coverage | provides protection against damages caused by a motorist with no or little insurance. |
| umbrella liability insurance | supplements your basic auto and homeowner coverage by expanding limits and including additional risks. |
Created by:
Marsinajar