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Personal Finance Test 1: Unit 1 and 2

Authored by Nicole Schielka

Social Studies

9th - 12th Grade

Used 6+ times

Personal Finance Test 1: Unit 1 and 2
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40 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes loss aversion?

Preferring to spend money now rather than save it

Feeling a loss more strongly than an equivalent gain

Making decisions based on group behavior

Believing current information is always accurate

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The endowment effect refers to

Assigning more value to something you already own

Buying something just because everyone else is

Focusing only on information that supports your opinion

Ignoring early information when making decisions

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which scenario best demonstrates present bias?

Choosing to spend money on a concert instead of saving for college

Selling stock that is losing value to avoid a loss

Shopping based on customer reviews

Changing careers for better long-term pay

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When looking for a used car, Mia first sees one listed for $15,000. Later, she finds a similar car for $12,000 and feels like it's a bargain, even though the market value is $10,500. Which cognitive bias is influencing her decision?

Present Bias

Anchoring

Confirmation Bias

Loss Aversion

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Herd Mentality in financial decisions means:

Following your budget strictly

Making decisions based on what others are doing

Avoiding advice from others

Investing only in safe options

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which cognitive bias may cause someone to overlook negative reviews of a product they want?

Present Bias

Anchoring

Confirmation Bias

Loss aversion

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a student decides to skip building an emergency fund because they "need" the newest phone, they are showing

Anchoring

Loss Averesion

Present Bias

Endowment Effect

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