WorksheetsYour Brain and Money Vocabulary
Total questions: 15
Worksheet time: 8mins
What is the tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence?
Endowment Effect
Confirmation Bias
Herd Mentality
Overconfidence Bias
What is the tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere?
Hedonic Adaptation
FOMO
Overconfidence Bias
Loss Aversion
Oliver often feels anxious that his friends might be having fun at a party he didn't attend. What is this tendency called?
Hedonic Adaptation
FOMO
Overconfidence Bias
Loss Aversion
Overestimation is defined as:
An accurate assessment of a situation
An assessment that is lower than the actual value
An assessment that is higher than the actual value
A complete misunderstanding of a situation
Overprecision means:
A tendency to be more confident than correct in one's beliefs or judgments.
A tendency to underestimate the time required to complete a task.
A tendency to overestimate the likelihood of positive outcomes.
What is Social Media Marketing?
A strategy to connect with audiences using social media platforms
A type of traditional marketing using print media
A method of marketing through television commercials
A form of direct mail marketing
Sunk Costs are:
Costs that have already been incurred and cannot be recovered
Future costs that will be incurred
Costs that can be recovered
Costs that are variable
Olivia invested in a project last year, and the money she spent cannot be recovered. These are known as:
Sunk Cost Fallacy
Sunk Costs
Overestimation
Loss Aversion
The Sunk Costs Fallacy is:
a decision-making error where past investments influence current decisions
a strategy to recover lost investments
an economic principle that focuses on future costs
a method to calculate sunk costs
Abigail is researching for her school project on climate change. She tends to only look for articles and data that support her belief that human activity is the primary cause, while ignoring studies that suggest natural factors also play a role. What is this tendency called?
Confirmation Bias
Endowment Effect
FOMO (Fear of Missing Out)
Overconfidence Bias
Larry believes he is an excellent driver and far superior to others on the road despite several tickets and close calls. What bias is Larry exhibiting?
Confirmation Bias
Overestimation
Overprecision
Herd Mentality
What best describes sunk cost fallacy?
A subconscious error in thinking that leads to irrational decision making is called a _______
Cognitive Bias
Confirmation Bias
Hedonic Adaptation
Overnight Test
A strategy used to combat loss aversion by imagining that overnight something you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back.
Social Media Marketing
Sunk Costs Fallacy
Endowment Effect
Overnight Test
Abbie decided not to try a new activity because of fear of embarrassment. Abbie is experiencing _____.
Overprecision
Herd Mentality
Loss Aversion
Hedonic Adaptation
