I think, in general, a small handful of knots will get you through most situations where cordage is a suitable material. The trick is knowing when to use each knot, and why you're NOT using a different one.
I really like the Figure 8 Follow-through/On a Bight, instead of the bowline, when using 550 or small cord/rope. They often serve the same purpose in this context, which is either to go around something being lifted or around something upon which you're pulling. The Figure 8 is really easy to tie (and fairly easy to untie) with 550 cord. It's easy to adjust, and it does not require a finish knot to keep from untying. The bowline usually requires a finish knot or a Yosemite finish.
The Figure 8 also plays right into the inline figure 8, which is one of the other knots I think you should know for 550 cord. The inline figure 8 is a directional knot that can be tied in the middle of the line and used as part of the modified trucker's hitch, which you need for putting up tarp shelters, and general line tensioning.
The double overhand is a good finish knot to know, but I use two half hitches more often, because I can untie them a lot easier. For permanent loops, double overhands made into a bend make a Prussik loop. It works fine for your dummy cord use, too. A prussik loop can be used for a bunch of tension holding or anchoring options on a line, outsde of the normal climbing and rescue uses.
Generally, this entire thread should help most folks recognize that if they don't know what the above knots are, and how to use them correctly, they may want to learn more.