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Read the Paragraph Below and Answer the Questions That Follow

question 9

Multiple Choice

Read the paragraph below and answer the questions that follow.
(1) Learning to make a budget is the key to managing your hard-earned money. (2) First, select your budget period, usually a week or a month. (3) Second, estimate your income for that time period as accurately as you can. (4) Include not only your salary after payroll deductions, but the least you expect to make from other sources, such as tips, bonuses, and commissions. (5) Third, add up all your expenses for the budget period. (6) Be sure to add in your fixed costs ⎯ like rent, utilities, tuition, and taxes ⎯ as well as savings. (7) Also include your variable expenses. (8) The most difficult ones to estimate, variable expenses include all your nonfixed living costs, from money for food and transportation to planned events like vacations and less predictable ones like medical and home repair bills. (9) Fourth, subtract your expenses from your income to see whether you need to adjust your budget. (10) If your expenses are greater than your income, look for ways to cut costs ⎯ for example, on clothing. (11) If your income is greater than your expenses, you have the luxury of splurging or saving extra money for that car or trip you have always wanted. Select the number of the topic sentence in the paragraph above.

Understand the practical application of financing concepts in seasonal businesses and the overall effect on the company's financial structure.

Understand the concept of inflation, its consequences, and the basic mechanisms of anti-inflation policies.

Recognize the role and limitations of central banks in targeting inflation and their impact on the economy.

Identify the assumptions and expectations before the implementation of economic policy.

Definitions:

Observational Learning

A learning process whereby individuals acquire new behaviors or information by watching the actions of others, also known as social learning or modeling.

Apple Pie

A traditional pie or dessert made from apples, typically seasoned with cinnamon, sugar, and sometimes butter, enclosed in pastry.

Variable-Ratio Schedule

A reinforcement schedule in behaviorist psychology where a response is reinforced after an unpredictable number of responses, making it very resistant to extinction.

Nonreinforced Responses

Responses that are not strengthened by reinforcement in the learning process, potentially leading to their extinction.