Global: The Role of Personal and Societal Values in Financial Behaviour Quiz

1 point(s)

How can personal and societal values affect financial decisions?

They have no impact on financial choices

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They only influence large, complex investments

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They shape priorities like saving, spending, and investing, aligning decisions with moral and cultural beliefs

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They force everyone to invest in the same products

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1 point(s)

Which factor is a common situational influence on consumer decisions, as discussed in the figure “Factors Influencing Consumer Decisions”?

Social class

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Market offerings and buying tasks

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Long-standing cultural norms

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Genetic predispositions

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1 point(s)

What is an example of a cognitive bias that might affect financial decision-making?

Careful analysis of all available data

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Seeking professional advice before investing

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Anchoring Bias, where the first piece of information overly influences decisions

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Considering only long-term investment strategies

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1 point(s)

How might understanding loss aversion help an investor?

It will ensure they never lose money

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It helps recognize that fear of losses may prevent them from selling underperforming assets

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It encourages impulsive trading decisions

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It makes them ignore professional financial advice

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1 point(s)

What is a key component of a successful financial partnership, such as in marriage or business?

Total secrecy about income and expenses

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Avoiding any conversation about financial goals

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Joint decision-making and transparency

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Making all financial decisions individually without input

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1 point(s)

Herd mentality in financial decisions means following others’ choices without conducting personal research.

True

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False

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1 point(s)

Personal values and cultural norms have zero influence on how individuals approach saving and investing.

True

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False

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3 point(s)

Please match the word with its definition.

Sort elements

Overreliance on the first piece of information encountered
Preferring to avoid losses more than achieving equivalent gains
Following others’ financial actions without independent analysis

Anchoring Bias

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Loss Aversion

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Herd Mentality

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3 point(s)

Please match the word with its definition.

Sort elements

A cultural value emphasizing group goals and shared wealth
A cultural value prioritizing personal independence and individual wealth accumulation
Financial responsibility and assistance provided among family members

Collectivism

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Individualism

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Familial Support

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1 point(s)

Arrange these steps in the consumer decision-making process from first (#1) to last (#4). Available choices: Information searching and processing / Need recognition / Purchase decision / Post-purchase behavior

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1 point(s)

Arrange these influences on financial decisions from the most personal (#1) to the more external (#4). Available choices: Personal values / Family traditions / Societal norms / Global market trends

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1 point(s)

Reflecting on the cognitive biases and cultural influences discussed, what is one strategy you can use to make more objective and values-aligned financial decisions in your life?

This response will be reviewed and graded after submission.