You overhear your friend Ginny say, "I made a budget for myself in my personal finance class and used my values to decide how I want to use my money." What does Ginny mean by this?

EXIT TICKET Your Values and Money

Quiz
•
Financial Education
•
9th Grade
•
Hard
LUDWIG MICHAEL CONCEPCION
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ginny used the value of her bank account balance to decide how to use her money
Ginny asked her friends and family for advice to decide how to use her money
Ginny followed recommendations she saw on social media to decide how to use her money
Ginny identified what is important to her and used that knowledge to decide how to use her money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Behavioral economics...
Is a field of economics that studies people who make rational and objective decisions
Analyzes how different economies around the world behave over time
Tracks and examines stock market trends over a certain period of time
Combines economics and psychology to study why people behave the way they do in the real world
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cognitive bias is...
An error in the way we think that can influence our decisions
The desire to seek out information that confirms our existing beliefs
The belief that our abilities are better than they actually are
The concept of placing more value on an item when we own it
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You go to a restaurant and order a big meal. Even though you’re full, you keep eating because it was expensive. This is an example of...
Mental Accounting
The Sunk Cost Fallacy
Fear of Missing Out
The Endowment Effect
5.
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
6.
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mina wants to start using an investment app that all of her friends are raving about. She hasn’t done any research on the app, but she trusts her friends’ judgment. At home, Mina’s mom points out that Mina is being influenced by FOMO and herd mentality. All of the following are things Mina can do to overcome these 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
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can individuals reduce the impact of cognitive biases on their financial decisions?
By following trends without question
By seeking diverse perspectives and information
By relying solely on gut feelings
By ignoring past experiences
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are reasons to open a checking account EXCEPT
Making it easier to pay bills
The ability to make purchases with a debit card
Access to cash at an ATM
Saving money for retirement
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