Which of the following is a basic factor that can affect your income when choosing a career?

What is one way market value can determine wages and salaries?

Which of the following is a strategic way to obtain income from multiple sources?

What is a simple procedure to start applying rational decision making in daily life?

Which concept is important to understand when considering how market value affects wages?

How can you strategically plan for future earnings growth?

What is a basic concept of obtaining income from multiple sources?

How can strategic thinking be applied to career decisions to maximize income potential?

The value of the next best alternative when a decision is made.

You can earn a higher wage rate by

What are the steps in the PACED decision-making model?

You had three options for the evening: play football, go bowling, or watch TV. You really wanted to get some exercise. You chose to go bowling. What was your opportunity cost?

This is an example of a human resource

Using the PACED decision-making model, which alternative will not be a reasonable solution to the problem of where to eat dinner?

Everyone using the PACED decision-making model will end up making the same decision

What is a good way to combat confirmation bias?

Cognitive bias is...

The tendency to interpret new evidence as confirmation of one's existing beliefs or theories

Searching for sources that confirm what you already believe is an example of:

What is the Sunk Cost Fallacy?

Blake's friends are all going to a music concert. Blake hasn't saved up enough money to buy the expensive tickets, but they are afraid they'll miss out on the experience if they don't go. They're tempted to take out a personal loan to buy the tickets. What is this cognitive bias called?

Javier is a part of an online social media group that encourages investing in trending stocks. He always hears about how these stocks are performing really well and wants to invest in some of the stocks that have been mentioned in recent posts. What is this cognitive bias called?

Naomi is considering taking a gap year after graduating high school to travel and do a coding bootcamp. However, she's doubting her decision because most people from her high school plan to go to a 4-year university after graduating. What is this cognitive bias called?

The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

Daniel has heard stories of how people invested in the stock market and lost lots of money when the market crashed. As a result, he's decided he doesn't want to invest at all since it seems so risky. What is this cognitive bias called?

The tendency to conform to the behaviors and beliefs of the people around you

Riley is learning about investing in their personal finance class. After learning the basics of stocks and bonds, they feel confident they can pick winning stocks and want to invest half of their savings in stocks they select. What is this cognitive bias called?

Malik finds himself scrolling on social media and making small, frequent purchases for things he doesn't really need. He likes the feeling of ordering something and getting it delivered within a few days, but then finds that he keeps coming back for more. What is this cognitive bias called?

The tendency to regard losses as considerably more important than gains of comparable magnitude

Grace and her friends have had a long week and have decided to treat themselves to an expensive meal. Unfortunately the food isn't very good but Grace feels like she needs to finish her meal because she already paid for it. What is this cognitive bias called?

The tendency people have to be more confident in their own abilities

An employee's fixed yearly income.

Amount paid in addition to the regular rate for a job well done. Typically anywhere from 10 - 20%

Percentage amount earned by an employee based on sales made.

8. Priya has recently started working part-time at a local bookstore. The money she earns from this job is considered as:

William works part-time at a local cafe and earns a weekly wage. He also receives tips from customers and a monthly salary from his other job. What type of income does this represent?

Daniel received some money from his bank account as interest, Ava got some dividends from her investments, and Arjun won a lottery. What type of income is this?

Ethan is working at a local cafe where he gets paid based on the number of hours he works. What is this type of pay called?

David, Kai, and Emma are working at a company. They are paid a fixed rate regardless of the number of hours they work in a week, month, or year. What is this type of payment called?

What would be an example of a wage paying job?

Which income is defined as, "Money earned from someone's labor."

Student loans are .....

You must begin paying back a student loan ...

Which student loan does NOT charge you interest while you're in school as an undergraduate?

Sarah is trying to decide which college to attend. She identifies her problem (choosing the right college), lists her options (schools she was accepted to), sets her criteria (cost, location, programs), evaluates each school based on her criteria, and makes a decision. Which decision-making model is Sarah using?

John is considering investing in a new business. However, he knows there’s a chance the business might not succeed, and he could lose the money he invests. What is John concerned about?

Samantha always chooses the same grocery store because she remembers one bad experience at another store, even though it happened years ago and might not be relevant anymore. Which concept is affecting Samantha's decision?

David has $50 and wants to buy a book, but he also needs a new backpack. He chooses to buy the book and gives up getting the backpack for now. What is the opportunity cost of David’s decision?

Maria works part-time at a coffee shop and is paid based on the number of hours she works each week. What type of income is Maria earning?

Carlos is a software engineer at a tech company. He receives the same amount of money each month, regardless of how many hours he works. What type of income is Carlos earning?

Jane earns money from her job as a teacher, from renting out her apartment, and from the stock investments she made years ago. What are these sources of money collectively called?

Megan has always loved helping people, so she decided to become a nurse. After completing her education and training, she has been working in hospitals for over 10 years. What is Megan’s work considered?

Lisa is taking classes at a university to earn a degree in accounting so that she can work as a certified public accountant. What is Lisa pursuing?

Ben just started a new job as a mechanic. To learn how to repair engines, his company is teaching him specific techniques and skills. What is Ben receiving?

Rebecca works in marketing and knows how to create advertisements, write content, and analyze data. These abilities help her succeed at her job. What are these abilities called?

After working in retail for five years, John applies for a job in management. He highlights his customer service and leadership skills, which he developed in his previous job. What is John emphasizing in his application?

Jessica invested in a company’s stock a few years ago. Recently, the company made a profit and sent her a portion of that profit as a payment. What did Jessica receive?

Mike deposits money into a savings account at his bank. At the end of the year, the bank adds a small amount of extra money to his account as a reward for keeping his money there. What is this extra money called?

Tom started his own business selling handmade jewelry. After paying for materials, rent, and other expenses, he has $500 left over. What is the $500 called?

Emma is looking for a new job as a graphic designer. At the same time, several companies in her city are looking to hire graphic designers. What is this situation an example of?

Mark decides to buy shares in a new technology company, hoping that the company will grow, and his shares will increase in value. What is Mark making?

Sarah wants to buy shares in a company and has opened an account to purchase stocks. She tracks the value of the company’s stock through an online marketplace. What is Sarah participating in?

To reduce risk, Jacob invests his money in a variety of different stocks, bonds, and mutual funds rather than putting all his money into one company. What is Jacob practicing?

Samantha is choosing between two jobs. One job offers a higher starting salary, but the other offers more opportunities for promotions and salary increases over time. She decides to take the second job because it has more potential for increased income. What is Samantha thinking about?

After receiving her paycheck, Linda notices that a portion of her earnings was taken out to be paid to the government. What is this portion of her earnings called?

Jake decides to quit his job and start his own company designing websites for small businesses. He understands there’s a chance his company may fail, but he’s willing to take that risk. What is Jake engaging in?

Laura receives a monthly paycheck and makes a plan to manage her spending on rent, groceries, utilities, and entertainment so she can save money each month. What is Laura creating?