Examlex
Brett,a single taxpayer with no dependents,earns salary of $500,000 and dividend income of $50,000. Itemized deductions for home mortgage interest,property taxes and charitable contributions total $35,000. Calculate Brett's total federal income taxes for 2014.
Complete Stranger
A person whom one does not know or with whom one is not familiar.
Expected Loss
The predicted amount of loss a business might suffer due to risks, calculated as the sum of all possible losses multiplied by their respective probabilities.
Weak Axiom
A principle used in consumer choice theory that stipulates if a consumer chooses bundle A over bundle B when both are affordable, then the consumer should not choose B over A when prices change, holding income constant.
Risk Inconsistency
The phenomenon where an individual's tolerance for risk changes in unpredictable ways over time or across different contexts.
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