The fair value for an asset or liability is measured as the appraised value of the asset or liability. the price that would be paid to acquire the asset or received to assume the liability in an orderly transaction between market participants. the price that would be received when selling an asset or paid when transferring a liability in an orderly transaction between market participants. the cost of the asset less any accumulated depreciation or the carrying value of the liability on the date of the sale.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; break-even analysis;

answermeasured by how well she or he does the job'; /