Vocab
nonessential purchases a person makes to feel happy, make life convenient, fit in with peers, etc.
WANTS
How much does Lila have to pay for her Federal Income tax if it is 10% of her current gross pay of $1800?
$180
Social Security Tax
MANDATORY
The tendency to feel anxiety that an exciting or interesting event may be happening elsewhere
Fear of Missing Out
What is the tariff percentage on Canada?
35%
a plan of your expected income and how you will use it to meet you expected expenses over a period of time
What is David's net pay if his gross pay is $400,000 and 25% of his earnings are deducted?
$300,000
Health Insurance
Voluntary/Opt-In
The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence
Confirmation Bias
What is the average cost of a house in Massachusetts? (Round to the nearest thousand)
$636,000 (1.5% increase over the past year)
total earnings before payroll taxes and other deductions
GROSS PAY
How much does Tyler have to pay for Medicare Tax if it is 1.5% of his current gross pay of $2000?
$30
Federal Income Tax
MANDATORY
When someone values items more simply because they own them
Endowment Effect
What was the percentage increase of homelessness in 2024?
18%
an independent contractor who provides a specific service for a certain period of time so after the service is fulfilled they no longer work with the company
FREELANCER
What is Sally's gross pay after 2 weeks if she works 20 hours a week with a wage of $18 per hour?
$720
Retirement Savings
Voluntary/Opt-in
When a person has an exaggerated certainty that an answer is correct
Overprecision
California (199), New York (136), Florida (117)
Financial plan where every anticipated earning is assigned, so there is no "leftover" money with no purpose
ZERO BASED BUDGET
What is Piper's net pay after 4 weeks if she works 35 hours a week with a wage of $16 per hour, and also ends up paying 20% in deductions?
$1792
Self-Employment Tax
MANDATORY (for next earnings over $400)
The tendency to return to a baseline level of happiness regardless of a positive or negative experience or event
Hedonic Adaptation
How many Americans has Trump lifted off of food stamps?
2.4 Million