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Mental Accounting Quiz

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1. What is mental accounting?

2. Who introduced the concept of Mental Accounting?

3. What is one of the main criticisms of mental accounting?

4. Mental accounting can cause individuals to deal with losses and gains differently, a phenomenon known as what?

5. Which of the following scenarios best illustrates the concept of mental accounting?

6. When someone spends differently with a credit card than with cash because these are considered 'different money', this is an example of what?

7. What can the practice of mental accounting lead to?

8. Mental accounting can lead to the 'sunk cost fallacy'. What does this mean?

9. When does mental accounting become behavioral finance?

10. Who claimed that 'mental accounting' violates the economic principle that money is fungible?