You Started an Online Business Two Weeks Ago

question 46

Multiple Choice

You started an online business two weeks ago. Thus far, you have averaged ten sales a day, which is one sale for every five hits. You are now considering giving up your day job and becoming a full-time online retailer. You have calculated the amount of income you can earn based on ten sales a day and know that level of income would support you in a comfortable fashion. The belief that you will have ten sales per day if this becomes your full-time occupation is based on which one of the following?

• A) Mental accounting
• B) Anchoring and adjustment
• C) Law of small numbers
• D) Bubble and crash theory
• E) Confirmation bias

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Definitions:

Wisdom

Wisdom is the ability to think and act using knowledge, experience, understanding, common sense, and insight, often seen as the culmination of ethical and reflective decision-making.

Coping

A set of emotional, cognitive, and behavioral strategies used to manage stressors or challenging situations.

Adapting

The process of adjusting or changing behavior, strategies, or approaches to better meet new conditions or challenges.

Harmful

Causing or likely to cause damage or negative consequences to someone or something.