Larry Bomser has been asked to evaluate sizes of tire inventories for retail outlets of a major tire manufacturer. From a sample of 120 stores he has found a mean of 310 tires. The industry average is 325. If the standard deviation for the sample was 72, would you say that the inventory level maintained by this manufacturer is significantly different from the industry norm?

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.

engaging in financial planning?

just took my test