In this study, we have asked respondents to rank ten different waste fractions that are both common in manufacturing industry and easily recognizable. The purpose of the study has been to clarify to what extent individuals are able to identify the waste fractions that are most important to recycle from an environmental perspective. The individuals’ perception has then been correlated with a life cycle assessment of the ten materials. In addition, the respondents were also asked to rank the fractions according to cost. The results show that metals are consistently considered most important to recycle, and plastics are commonly among the top five amongst the ten waste fractions together with glass. The cellulose based fractions, cotton, and compost are commonly rated low. In addition, there is a perceived correlation between the environmental and economic impact.