
PFMM - Final Review
Authored by Michael Strycker
Social Studies
9th - 12th Grade
Used 25+ times

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70 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
Which of the following best describes what a cognitive bias is?
A rational decision that is based on research and facts
The belief that we are right until someone provides information that contradicts our belief
An error in the way we think that can influence our decisions
The belief that a person should change their opinions when new facts arise
2.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
Unlike traditional economics, behavioral economics believes that…
People do not always behave in a rational way when making economic decisions
People will always update their viewpoints based on new information
There is no way to predict how people will make economic decisions
People behave in a rational way when making economic decisions
3.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
People who experience FOMO may...
Save a percentage of their paycheck each month
Go into debt to keep up with everyone else
Donate money to a cause they care about
Create and stick to a monthly budget
4.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
When using social media, it's important to remember that...
Marketers have your best interests in mind and want you to be financially responsible
The more likes a post has, the more trustworthy and accurate the information is likely to be
People typically only post about the best parts of their lives on social media
Social media ads are trying to get you to buy stuff you NEED, not want
5.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
The pain of losing a $20 bill is felt more than the joy of finding it.
This is a result of...
Loss aversion
Overconfidence
Sunk cost
Endowment effect
6.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
Overconfidence bias may lead the majority of Americans to think that they are…
Below average drivers
Extremely poor drivers
Average drivers
Above average drivers
7.
MULTIPLE CHOICE QUESTION
15 mins • 5 pts
Investments of time, effort, and money that cannot be recovered are...
Opportunity costs
Avoidable costs
Sunk costs
Relevant costs
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