Cognitive Biases Quiz

What is Loss Aversion?

• A phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain.

• People's tendency to retain an object they own.

• A response to uncertainty and individuals' perceptions of their own ignorance.

• Fear of missing out.

Which cognitive bias describes people's tendency to retain an object they own?

• Loss Aversion

• Endowment Effect

• Sunk Cost Fallacy

• Herd Mentality

What is the Sunk Cost Fallacy?

• A phenomenon where a real or potential loss is perceived as more severe than an equivalent gain.

• People's tendency to retain an object they own.

• The phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it.

• A response to uncertainty and individuals' perceptions of their own ignorance.

Which cognitive bias is described as a response to uncertainty and individuals' perceptions of their own ignorance?

• Loss Aversion

• Endowment Effect

• Sunk Cost Fallacy

• Herd Mentality

What does FOMO stand for?

• Fear of missing out

• Fear of making opinions

• Fear of monetary loss

• Fear of moving on

Which cognitive bias involves people's tendency to process information by looking for, or interpreting, information that is consistent with their existing beliefs?

• Loss Aversion

• Endowment Effect

• Confirmation Bias

• Herd Mentality

What is Overconfidence?

• The quality of being too confident; excessive confidence.

• The phenomenon whereby a person is reluctant to abandon a strategy.

• A response to uncertainty and individuals' perceptions of their own ignorance.

• Fear of missing out.

What does Hedonic Adaptation refer to?

• A phenomenon where a real or potential loss is perceived as more severe than an equivalent gain.

• The notion that after positive or negative events, people return to a relatively stable, baseline level of affect.

• People's tendency to retain an object they own.

• A response to uncertainty and individuals' perceptions of their own ignorance.

Sarah started a new job and is having some of her paycheck deposited into a savings account. Which of the following values BEST explains this?

• Inner

• Social

• Physical

• Financial

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Which social values are about trusting your gut as well as what others think of you?

• Inner

• Social

• Financial

• Physical