What does it mean to "pay yourself first"? The last speaker in the video says something that's factually not true. What makes him wrong? Which option would YOU prefer: automatic or manual? What are one benefit AND one disadvantage of using your preferred method?


Answer 1


1. What does it mean to "pay yourself first"?

Putting money in savings while the other first

2. The last speaker in the video says something that's factually not true. What makes him wrong?

You could either lose your money or make a system error, although with a direct deposit it would occur.

3. Which option would YOU prefer: automatic or manual? What are one benefit AND one disadvantage of using your preferred method?

Automatic. There's no profit in seeing it, so if you're measuring how much you have made, I'm not going to spend it at the cost of automatic saving, so you'd think some of your money has been wasted.

Related Questions

Thad, a single taxpayer, has taxable income before the QBI deduction of $173,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship generates qualified business income of $138,400, W-2 wages of $103,800, and $13,600 of qualified property. What is Thad's qualified business income deduction?


Thad's qualified business income would be $17,741.


The qualified business income deduction (QBI) permits qualified independently employed and entrepreneurs to deduct up to 20% of their certified business pay on their assessments.

QBI is determined by netting the aggregate sum of qualified salary, increase, derivation and misfortune from any certified exchange or business. This just incorporates things that are assessable salary and are associated with an exchange or business in the United States.

Based on this​ analysis, a large portion of product cost relates to direct material. Managers should determine whether the direct labor can be automated with machines. A few other ways management can reduce costs is to reduce the number of setups and the cost per setup because producing in small lots increase the setup and shipping costs. True or false?




A large portion of product cost relates to direct materials and the number if setups is directly proportional to the length if time require to carry out production. When producing I Small lots,production will take place in small scale and transported in small scale so bearing goods to a consumer with large will involve repeated production and multiple shipping to meet up .

A bag contains 9 red marbles, 5 white marbles, and 6 blue marbles. You draw 4 marbles out at random, without replacement. Find the following probabilities and round to 4 decimal places.


a) 0.0260

b) 0.0681



The bag contains:

r = 9 (number of red marbles)

w = 5 (number of white marbles)

b = 6 (number of blue marbles)

So, the total number of marbles in the bag at the beginning is:

At the 1st attempt, the probability of choosing a red marble is:


At the 2nd attempt, the 1st red marble is not placed back, so now the number of marbles is (n-1), while the number of red marbles left is (r-1). So the probability of choosing another red marble at the 2nd attempt is


With a similar argument, the probabilities of selecting a red marble in the 3rd and 4th attempt are



Therefore, the probability of drawing 4 red marbles in the first 4 attempts without replacing is:


At the 1st draw, the probability that the marble is not red is:

At the 2nd draw, there are 9 red marbles left and 19 total marble left. So, the probability of NOT drawing a red marble is:

At the 3rd draw, there are 9 red marbles left and 18 total marbles left. So, the probability of NOT drawing a red marble is:

Finally, with a similar argument the probability of NOT drawing a red marble at the 4th and last attempt is:

So, the total probability of drawing 4 non-red marbles in the first 4 attempts is:

Elasticity is _______ A. a measure of how much buyers and sellers respond to changes in market conditions.
B. the study of how the allocation of resources affects economic well-being.
C. the maximum amount that a buyer will pay for a good.
D. the value of everything a seller must give up to produce a good



OPTION A        


In economics elasticity refers to the calculation of an empirical parameter's relative shift in reaction to a change in the other. It depicts how difficult it is for both distributor and customer to change their habits and replace another product, the power of an opportunity over options per the relative price of opportunities.                        

Elasticity could be measured as proportion of variation in magnitude in one parameter to change in magnitude in an other parameter if the latter variable has a substantive effect on the previous. In form of the algebra a more precise description is provided. This is a tool to measure one factor's sensitivity to variations in the other, correlative static.                

Which of the following encompasses the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets? A. Marketing strategy
B. Marketing objective
C. Marketing mix
D. Market opportunity analysis



A. Marketing strategy


Based on the information provided within the question it can be said that the term that is being described is called a Marketing Strategy. This term (like mentioend in the quesiton) refers to thinking ahead and planning everything that needs to be done in order to obtain a maintainable competitive advantage in the targeted markets that the organization/company is entering.

A furniture factory's employees work overtime to finish an order that is sold on January 31. The office sends a statement to the customer in early February and payment is received by mid-February. The overtime wages should be expensed in:





The overtime wages should be expensed in January as in the month of february, wages will be accrued and it will be liablity for employer.

The overtime worked in month on january should be paid in january itself and overtime expense should be included in wages payable in the month of January. When wages are paid, the owner of the factory should debit the wages payable account and cash account should be credited as amount of casg paid to the employees. Wages are considered as operating expenses of factory.

After signing up for a 30-day free trial of a travel coupon company, Dan did not see the fine print which stated that he would be charged right away and refunded if he chose not to continue with the subscription. This is an example of marketing that was ________.



deceptive to the customer    


False advertising or deceptive marketing is the use of material that is false, deceptive or untested to sell products to consumers. The willingness of customers to detect inaccurate advertising is influenced by the sentiments. People with positive emotions are much more vulnerable to false publicity.

     To regulate deceptive advertising many policymakers use legislation. Furthermore, a false advertising can be defined as misleading if the advertiser intentionally misleads the customer, rather than making a reasonable error Whether advertisement breaches laws is hard to judge. It is difficult to determine if any tiny deceptive words are false advertising.                                                  

If Joe were to introduce himself as Dr. Early to sell to Gensol, knowing that people would assume that he was a medical doctor, but never tell anyone that he was, would contracts entered into be considered to be fraudulent? A. Probably not because there is no statement of a material fact since he did not say he was a medical doctor.
B. Probably not because he would have scienter.
C. Probably since he is giving his opinions of the merits of Gensol.
D. Probably because he would have scienter.





Yes if he is giving his opinions on Gensol just to increase the sales and he is not a medical doctor, and people will assume that he is, then he will enter in fraudulent activity. Obviously this is not a criminal offense but its not ethical.

Just to increase sales he must not introduce himself as doctor of anything, considering the fact that people will consider him medical doctor and rely on his opinion. Its purely unethical and immoral.  

Gordon Jones is considering purchasing a computer from Best Buy. He has created a scale for rating eight different computers on three different charateristics. He plans to make a short list of those computers that score at least a 7 on his scale on all three characteristics. Which of the following choice heuristics has he chosen?a) Anchoring and adjustment heuristicb) Conjunctive heuristicc) Lexicographic heuristicd) Elimination-by-aspects heuristic



C) Conjunctive heuristic


When a consumer (Mr. Jones) uses a conjunctive heuristic approach, he will set a minimum cutoff level for the attributes that he considers important, and will decide to purchase the good that meets that minimum threshold or cutoff level for every desirable attribute.

In this case, Mr. Jones has three desirable attributes and designed a scale with a minimum cutoff level of 7.

Pepsi-Cola made "freshness" an important product attribute when it stamped freshness dates on its cans. Prior to doing so, few consumers considered freshness a relevant issue for soft drinks. Pepsi-Cola tried to change consumers' attitudes toward its soft drinks by:___________.



changing the perceived importance of a specific attribute.


Pepsi-Cola made freshness an important product attribute in cola by using dates stamped on their cans and advertising and promotion. (Prior to doing so, few consumers considered freshness a relevant issue for soft drinks.) As a result of the campaign, 61 percent of cola drinkers believed freshness dating was an important attribute. By this, Pepsi-Cola has tried to change consumers' attitudes toward its soft drinks by changing the perceived importance of a specific attribute, which is freshness.

Partially amortizing mortgage loans require periodic payments of principal, but are not paid off completely over the loan's term to maturity. Instead, the balance of the principal amount is paid at maturity in what is commonly referred to as a:_______________.



A. balloon payment


Based on the information provided within the question it can be said that the term being described is known as a balloon payment. In this context, balloon payment refers to paying back the outstanding principal sum that must be made at the end of a loan period (maturity), with the interest only having been paid at the time of paying this sum.

Startup firms that find new markets attractive but do not yet have products ready for delivery preannounce efforts causing potential adaptors to delay a purchasing decision until the new effort rolls out. True or false?


Answer: False


A startup firm is a company that is in the first stage of its operations. These firms are often initially bankrolled by their entrepreneurial founders as they make effort as they take chance on developing a product or service for which they believe there is a demand.

Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was $25 and 60 units, respectively. In 2014, the equilibrium price of Z had decreased to $15 and the equilibrium quantity had also decreased to 50 units. Other things remaining the same, which of the following could explain this change?a. Shift of the supply curve of Z to the rightb. Shift of the supply curve of Z to the leftc. Shift of the demand curve for Z to the rightd. Shift of the demand curve for Z to the left



D) Shift of the demand curve for Z to the left

Since both the equilibrium quantity and price decreased.


A rightward shift of the demand curve should increase both the equilibrium price and quantity.

A rightward shift of the supply curve should increase the equilibrium quantity and decrease the equilibrium price.

A leftward shift of the supply curve should increase the equilibrium price and decrease the equilibrium quantity.

According to the FASB, recognition of a liability is required when the projected benefit obligation exceeds the fair value of plan assets. Conversely, when the fair value of plan assets exceeds the projected benefit obligation, the Board a. requires recognition of an asset.
b. requires recognition of an asset if the excess fair value of plan assets exceeds the corridor amount.
c. recommends recognition of an asset but does not require such recognition.
d. does not permit recognition of an asset.



a. requires recognition of an asset.


If the fair value of plan assets exceeds the projected benefit obligation of the plan, an asset is recognized equal to the net overfunded projected benefit obligation.

Susan Marciano invested part of her $ 33 comma 000 bonus in a fund that paid a 10 % profit and invested the rest in stock that suffered a 3 % loss. Find the amount of each investment if her overall net profit was $ 2 comma 260.



$25,000(In fund)

$8,000(In stock)



Total Amount Invested = $33,000

Net profit = $2,260


Amount invested in fund = a

So, Amount invested in stock = $33,000 - a

Net Profit = Profit in Fund  - Loss in stock

$2,260 = 10% of (a) - [3% of ($33,000 - a)]

$2,260 = 0.10a - ($990 - 0.03a)

$2,260 = 0.10a - $990 + 0.03a)

$3250 = 0.13a

$25,000 = a

Amount invested in fund = $25,000

Amount invested in stock = $33,000 - a

Amount invested in stock = $33,000 - $25,000

Amount invested in stock = $8,000

Suppose you are a manager of a factory. You purchase five (5) new machines at one million dollars each. If you can resell two of the machines for $500,000 and three of the machines for $200,000, what are the sunk costs of purchasing the machines?



The sunk costs of purchasing the machines is $3,400,000


The concept of sunk costs refer to costs that have been incurred by the entity which are not recoverable.

From the definition, it is clear since the machines have second-hand values,the portion of the costs not covered by the second-hand value is the sunk cost

Hence sunk costs could be derived by the formula below:

Sunk costs=Initial acquisition cost-Second-hand value

Initial acquisition costs=5*$1000000

Initial costs of acquisition =$5000000

Second-hand value=($500000*2)+($200000*3)

Second-hand value=$1600000

Sunk costs=$5000000-$1600000

Sunk costs=$3400000

Accounts ___.a.are not used by entities that manufacture products b.do not reflect money amounts c.are only used by large entities with many transactions d.are records of increases and decreases in individual financial statement items



are records of increases and decreases in individual financial statement items


The accounts are the day to day records that the individual, company and the business organization handles. It can be classified into various accounts like - cash accounts, purchase accounts, sales accounts, etc

The cash account is the account which records the payment and receipt of the cash

And, the purchase and sales accounts tracks the purchase of the fixed asset, inventory, and sales of the fixed asset, inventory, etc

There is an end number of transactions that can be either increase or decrease

You are the founder of Shadow Skateboards, and you are considering methods of gaining and sustaining a competitive advantage. Which of the following changes has the best chance of quickly creating a sustainable advantage? A. devoting significant resources to researching and developing new products that will bemore durable than competitors'
B. automating the manufacturing process to reduce production costs
C. allowing customers to upload their own image designs and help assemble the finishedproduct at retail locations
D. switching to a just-in-time inventory system to reduce inventory costs



The correct option is A,devoting resources to researching and developing new products that will be more durable than competitors'


Creating sustainable advantage means that the company is able to do something very difficult for competitors to copy.

Sustainable advantage is not about cost reductions,is about a perceived  value added to products or services not seen anywhere else.

If customers upload their designs for the company to produce, it does not necessarily mean the product is fit for purpose, as the company does not have full control over it.

A stock is expected to return 13 percent in an economic boom, 10 percent in a normal economy, and 3 percent in a recessionary economy. Which one of the following will lower the overall expected rate of return on this stock? -An increase in the probability of an economic boom
-A decrease in the probability of a recession occurring
-An increase in the rate of return for a normal economy
-An increase in the rate of return in a recessionary economy
-A decrease in the probability of an economic boom


Answer:-A decrease in the probability of an economic boom

Explanation:When the probability of an economic boom is decreased it will cause investors to loss interest investing in an economy because the rate of return will be expected by the investing public to be low.

The higher the probability of an economic boom occuring the higher the rate of return expected on the stocks, this is a normal economic situation where investors follow the trends available to take economic decisions.

Zoe runs a flower shop. She recently made some changes so that one employee answers phones and completes the order and payment process, while another creates arrangements, and a third packages and delivers floral arrangements. Previously, each employee was responsible for the order from the phone call through the delivery. Zoe has made changes to:_______.a. feedback. b. autonomy.
c. task significance.
d. skill variety.
e. task identity.


Answer:E. Task Identity

Explanation: Task identity is a term used to describe the distribution of the various stages of a task to separate individuals in order for each person to have a clear focus on his or her own task.

Task Identity is one of the five parts of job characteristics which includes,skill variety, task identity, task significance, autonomy and feedback. Task identity ensures that each person is identified According to the task he or she is involved in.

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