question 8 of 14 when someone decides to keep their vacation savings separate from their debt repayment…

question 8 of 14 when someone decides to keep their vacation savings separate from their debt repayment funds, which cognitive bias are they demonstrating? select an answer from the options below a sunk cost fallacy b endowment effect c anchoring bias d mental accounting question 9 of 14 how can individuals mitigate the negative influence of cognitive biases on financial decisions? select an answer from the options below a make decisions quickly b avoid setting financial goals c boost financial literacy d ignore other opinions

question 8 of 14 when someone decides to keep their vacation savings separate from their debt repayment funds, which cognitive bias are they demonstrating? select an answer from the options below a sunk cost fallacy b endowment effect c anchoring bias d mental accounting question 9 of 14 how can individuals mitigate the negative influence of cognitive biases on financial decisions? select an answer from the options below a make decisions quickly b avoid setting financial goals c boost financial literacy d ignore other opinions

Answer

Brief Explanations:

For the first question, mental accounting is the cognitive - bias where people separate money into different mental accounts. Keeping vacation savings separate from debt - repayment funds is an example of this. For the second question, boosting financial literacy helps individuals understand and recognize cognitive biases in financial decision - making, thus mitigating their negative influence.

Answer:

Question 8: D. Mental accounting Question 9: C. Boost financial literacy