Mona Farrow Has $2,000 of Liquid Assets and $12,000 of Take-Home

question 20

True/False

Mona Farrow has $2,000 of liquid assets and $12,000 of take-home pay.Mona has two months of liquid reserves and most financial advisors would consider this inadequate.

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Definitions:

Irreversibility

Piaget’s term for a preoperational child’s failure to understand that an operation can go in two or more directions.

Clay

A natural, earthy material composed of minerals with fine particles, used in making pottery, bricks, and sculptures.

Conservation

In psychology, it's the understanding that quantities remain the same even when they are arranged or shaped differently, a concept developed by Jean Piaget.

Irreversibility

The inability to mentally reverse a sequence of events or logical operations back to the starting point.