Cognitive Biases Quiz

Javier is a part of an online social media group that encourages investing in trending stocks. He always hears about how these stocks are performing really well and wants to invest in some of the stocks that have been mentioned in recent posts. What is this cognitive bias called?

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

The tendency to put more value on things you already own

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

Naomi is considering taking a gap year after graduating high school to travel and do a coding bootcamp. However, she's doubting her decision because most people from her high school plan to go to a 4-year university after graduating. What is this cognitive bias called?

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

Suli takes a car out for a test drive and starts to imagine herself as the new owner of the car. When she comes back to the dealership, she is so excited about the car that she is willing to pay over her budget for the car. What is this cognitive bias called?

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website

• Hedonic Adaptation

• Herd Mentality

• Fear of Missing Out

• Sunk Cost Fallacy

Daniel has heard stories of how people invested in the stock market and lost lots of money when the market crashed. As a result, he's decided he doesn't want to invest at all since it seems so risky. What is this cognitive bias called?

• Confirmation Bias

• Herd Mentality

• Endowment Effect

• Loss Aversion

The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

• Loss Aversion

• Herd Mentality

• Endowment Effect

• Hedonic Adaptation

Blake's friends are all going to a music concert. Blake hasn't saved up enough money to buy the expensive tickets, but they are afraid they'll miss out on the experience if they don't go. They're tempted to take out a personal loan to buy the tickets. What is this cognitive bias called?

• FOMO (Fear of Missing Out)

• Overconfidence

• Hedonic Adaptation

• Sunk Cost Fallacy

The tendency to make decisions about a current situation based on what resources you have already invested in the situation

• FOMO (Fear of Missing Out)

• Loss Aversion

• Hedonic Adaptation

• Sunk Cost Fallacy