Cognitive Biases Quiz

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

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

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

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

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

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

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

What is the term for the bias where a person values something more simply because they own it?

• Confirmation Bias

• Endowment Effect

• Herd Mentality

• Loss Aversion

Which cognitive bias is characterized by the fear of losing something being more influential than the prospect of gaining something of equal value?

• Sunk Cost Fallacy

• FOMO (Fear of Missing Out)

• Overconfidence

• Loss Aversion

What cognitive bias might influence a person to follow a group decision or trend, doubting their own different plan?

• Confirmation Bias

• Loss Aversion

• Herd Mentality

• Endowment Effect