Question 20 Which of the following is incorrect with respect to heuristics in the realm of financial advice? In the financial adviser-client relationship, one challenge lles in delivering good advice that is accepted by the client Recommendations must pass through the wealth of emotions, biases and heuristics that the client possesses. O All of these There is no benefit to the adviser to have a general understanding of the cognitive biases that are prevalent in the realm of financial decision- Question 21 Which of the following is not considered a critical element of an engagement letter? The scope of the work agreed upon A description of the fees and costs All options are considered to be a critical clement of an engagement letter The time horizon for the work Question 22 Which of the following is probably the start of a closed question? Please explain whether ... Why... How .. Isn't it true that ... Question 23 Behavioral Finance rejects Traditional Finance's views or methods. O True O False Samantha has the following transactions: She purchases $5,000 worth of a mutual fund with cash from her savings account . She spends $6,000 on a vacation with cash from her money market account She spends $10,000 on new furniture and uses her credit card to make the purchase. What is the combined impact of these transactions on her net worth? O $6,000 increase O $15,000 Increase O $6,000 decrease O $21.000 decrease Question 25 1 pts Susan's annual salary is $80,000. She contributes 10% of her salary to her 401(k) plan; and her employer contributes 5% of her salary to a profit-sharing plan. She also contributes $2,500 per year to an IRA. What is Susan's approximate savings rate? O 18% 10% 05 O 15%