
Cognitive Biases Quiz
Authored by Travis Grandt
Financial Education
10th Grade

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following signs of cognitive bias from the infographic do you recognize in the scenario where Jerome is frustrated with his parents for stopping his weekly allowance due to his expensive spending habits?
Only tuning in to news and stories that confirm your opinions
Attributing other people’s success to luck
Constantly blaming others if things don’t go your way
Assuming you are always correct
Assuming that everyone else shares the same opinions or beliefs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is TRUE about cognitive biases?
It is easy to recognize when cognitive biases are influencing our own decisions
There is rarely anything you can do to combat a cognitive bias’ influence
There are only a handful of cognitive biases that exist
Awareness is often the first step to overcoming the influence of a cognitive bias
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Andrew wants to buy a specific model of a new car. He conducts research and finds many resources that highlight the benefits of that car model. Which cognitive bias might be influencing Andrew’s decision making?
Confirmation Bias
Hedonic Adaptation
The Sunk Cost Fallacy
Overconfidence
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are things Mina can do to overcome cognitive biases EXCEPT...
Take time to reflect and identify why she is so eager to use the app
Watch a positive video about the app, download the app, and start using it that day
Ask people outside her friend group for their opinions and perspectives
Seek out reviews that talk about the disadvantages of using the app
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the cognitive bias called when a person feels anxiety or fear about missing out on an exciting or interesting event?
Loss Aversion
Confirmation Bias
FOMO (Fear of Missing Out)
Sunk Cost Fallacy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which cognitive bias might cause someone to overestimate their abilities after just learning the basics of a subject?
FOMO (Fear of Missing Out)
Overconfidence
Hedonic Adaptation
Endowment Effect
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which cognitive bias is illustrated by someone feeling compelled to continue an event because of the time or money already spent on it?
FOMO (Fear of Missing Out)
Overconfidence
Sunk Cost Fallacy
Hedonic Adaptation
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