WorksheetsFinancial Behaviors and Values, Cognitive Bias Quiz
Total questions: 20
Worksheet time: 10mins
How do strong inner values affect money habits?
They lead to more charitable donations to religious organizations and community clubs.
They translate to trusting one's gut and feeling more confident in financial transactions.
They result in more spending on luxury items.
They cause people to avoid financial planning and instead focus on themselves.
What is the effect of social values on money habits?
They lead to a preference for working alone all of the time.
They influence money habits based on family and social relationships.
They influence money habits based on a need for personal space.
They cause people to focus on outer success.
What does the sense of belonging and relatedness with family, neighbors, and friends describe?
Inner values
Social values
Physical values
Financial values
Which of the following is an effect of strong feelings of autonomy and security on money habits?
Increased spending on luxury items
More confidence in financial transactions
Avoidance of financial planning
Increased charitable donations
What is one of the areas of influence for social values?
Desire for freedom and independence
Control over goals and priorities
Charitable giving and public service work
Need for personal space
What do physical values primarily relate to?
The tangible aspects of life, the external world, our physical health and well-being
How much money we have
Our emotional well-being
Our social relationships
Which of the following is NOT an area of influence for physical values?
Amount of space we need to feel comfortable
Sufficiency of money
Health of our bodies
Appreciation of art, fashion, architecture and design
What might strong physical values lead to if left unchecked?
Overspending on material possessions
Saving more money
Investing in stocks
Avoiding material possessions
Which of the following is an area of influence for financial values?
Sufficiency of money
Health of our bodies
Desire for pleasure and comfort
Appreciation of art
What becomes easier when you remain true to your values and goals?
Making hard choices
Making more money
Improving physical health
Building social relationships
Malik frequently scrolls on social media, making small, frequent purchases for things he doesn’t really need. He enjoys ordering something and getting quick deliveries, but then finds that he keeps coming back for more. Which Cognitive Bias is probably affecting Malik's thinking?
Endowment Affect
Herd Mentality
Hedonic Adaptation
Naomi is considering a gap year after high school to travel and do a coding bootcamp that seems like a great opportunity based on her interests and goals.. However, she’s doubting her decision because most people from her high school plan to go to a 4-year university.
What cognitive bias is most likely causing her to rethink her plans?
Herd Mentality
Endowment Affect
FOMO
Blake wants to join friends at a one-night only concert but hasn’t saved enough money. After seeing all of her friends post about the concert on IG, she takes out a personal loan at a high interest rate to buy her concert ticket. What cognitive bias most likely Blake to make his decision?
Endowment Affect
FOMO
Grace and her friends splurge on an IMAX movie, but the movie isn’t very good. She still feels compelled to finish it since she already paid. What cognitive bias makes her think she needs to suffer through the rest of the movie?
FOMO
Endowment Effect
Daniel has heard stories losing lots of money when the stock market crashed. He decides it’s too risky to invest and avoids it entirely. Which cognitive bias is affecting Daniel's decision?
Loss Aversion
FOMO
Sally is shopping at a thrift store. She sees the same Jacket that she is wearing for with a tag of $50. She decides that the Jacket is not worth that amount of money. She visits another thrift store and the owner offers her $75 for her jacket, but Sally decides her jacket is worth more than that. What cognitive bias is affecting Sally's decision making?
FOMO
Edgar in interesting in purchasing an new cryptocurrency. He watches videos and infomercials that tell him that the cryptocurrency is a great buy. He also reads articles in financial magazines that encourage the purchase of the cryptocurrency. He decides to make the purchase. What cognitive bias is influencing his decision?
Endowment Effect
FOMO
Isabella is new to investing but is convinced she can choose the next popular stock and make millions without any research. She ignores all advice to start slowly with diversified funds. What cognitive bias is this?
Herd Mentality
FOMO
What is cognitive bias?
Cognitive bias is a systematic error in thinking.
What causes cognitive bias?
Cognitive bias is caused by our brain's desire to be efficient.
