
Psychological Concepts Quiz
Business
12th Grade
Used 6+ times

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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Sunk Cost Fallacy?
The tendency to make decisions based on future potential
The tendency to make decisions based on past investments
The tendency to avoid making decisions altogether
The tendency to make decisions based on peer pressure
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Sunk Costs?
Costs that can be recovered
Costs that have not yet been incurred
Costs that have already been incurred and cannot be recovered
Costs that are planned for the future
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Overnight Test?
A strategy to combat loss aversion by imagining an item replaced with cash
A test to determine sleep quality
A method to evaluate overnight stock market changes
A strategy to improve memory retention
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Overestimation mean?
Believing one is worse at something than they are
Believing one is better at something than they are
Accurately assessing one's abilities
Ignoring one's abilities
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Overconfidence Bias?
The tendency to be less confident in one's abilities
The tendency to be more confident in one's abilities
The tendency to avoid making decisions
The tendency to rely on others' opinions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Loss Aversion?
The tendency to regard gains as more important than losses
The tendency to regard losses as more important than gains
The tendency to ignore losses
The tendency to focus only on potential gains
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Herd Mentality?
The tendency to act independently
The tendency to conform to the behaviors and beliefs of others
The tendency to lead others
The tendency to avoid social interactions
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