Cognitive Bias where we start to agree with beliefs just because many other people have that opinion/view

occurs when we agree with things just because others do

money you get from work, investments, or ownerships/transfers

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Unit 1 Review

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Questions 13

Answers

1
Base Rate Fallacy
occurs when we assign more value to individual events than objective stats
believing things because someone you trust said it and you trust their word
holding two opposite beliefs at once
believing things just because others said it
2
Need
Something your sibling wants
Something you want
Something you can live without
something you can't live without
3
Gross Pay
money you steal from a bank
income after taxes
income before taxes
household's total income
4
Cognitive Bias
An error in thinking
A concussion
A brain
A plan of action
5
50/30/20 budget
50% needs/20%wants/30/Savings
30% needs/50%wants/20/Savings
50% needs/30%wants/30/Savings
50% needs/30%wants/20/Savings
6
Want
Something you can't live without
Something vital
a vestigial organ
Something you can live without
7
Expenses
things we spend our money on
things we make up in our head
a spreadsheet
8
Net Pay
income before taxes
basketball rims
fishing tools
income after taxes
9
Zero-Based Budgeting
allocate your money tosaving all of your money
allocate your money to not spending any money
allocate your first spending of each paycheck to savings.
allocate all of your money to your expenses such that you are left with $0
10
Value
Something you care about
Something you detest
Something you loathe
Something you hate
11
Cognitive Bias where we start to agree with beliefs just because many other people have that opinion/view
occurs when we agree with things just because others do
occurs when we hold two contradictory beliefs at once
occurs when we assign greater value to individual events than, statistics
12
Budget
Something cheap
Something expensive
a Spending Plan
A thrift store
13
Income
money you spend on bills, wants, and luxuries
money from another planet
money stored in other countries' banks
money you get from work, investments, or ownerships/transfers

Unit 1 Review Flashcards | StudBud