Arun Paid the Following Taxes This Year: What Amount

question 681

Multiple Choice

Arun paid the following taxes this year: What amount can Arun deduct as an itemized deduction on his tax return?

• A) $7,500
• B) $19,500
• C) $15,000
• D) $15,500

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.

Confirmation Biases

The habit of seeking out, understanding, preferring, and remembering information in a manner that reinforces one's already held beliefs or theories.

Self-Serving Bias

A cognitive bias that leads individuals to attribute their successes to internal factors and their failures to external factors, enhancing their self-esteem.

Recognition Heuristic

A decision-making process where familiarity with a subject or thing makes it more likely to be chosen over unfamiliar options.