WRP Week 1-3 Recap

Higher Income=More Savings

• True

• False

What does Financial Literacy refer to?

• Ability to record and tabulate financial data for later analysis

• Ability to capitalise on one's skills to share their money with other stakeholders

• Ability to interpret the stock market and predict future changes

• Ability to exercise financial management skills

What does Opportunity Cost refer to?

• The discounted cost of a good for a limited period of time

• Opportunities that we forsake in favour of an alternate option

• Opportunities which require us to sacrifice what we value for potential gain

• The subjective value of an opportunity to an individual

Sunk Costs are non-refundable

• False

• True

• Rewards that encourage a behavourial change

• Stonks

• Controversial

• Punishments that dissuade a certain manner of behaviour