|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7.
Multiple Choice Questions
1. What should the amount started with at the beginning of the month, plus total income, minus total expenses equal?
(a) Gross income.
(b) The amount shown on a bank statement.
(c) The amount of money they have left at the end of the month.
(d) Net worth.
2. What must people do in order to make Step 3 work?
(a) Work more hours.
(b) Work fewer hours.
(c) Be as truthful as possible.
(d) Reduce spending.
3. Why should people try not to turn their job into an identity?
(a) Only volunteerism creates an identy.
(b) So that their lives could be about something different.
(c) Changing careers could cause an identity crisis.
(d) Identity comes from friends and family.
4. What are piggy banks and cookie jars examples of?
(a) Savings categories.
(b) Symbols to place next to money-saving items in a monthly chart.
(c) Places where a person should never keep money.
(d) Items too fragile to hold anything but paper money.
5. What can cause some people to stop buying any extras at all, after starting to use the wall chart?
(a) Shock at their spending habits.
(b) Shock over actual income.
(c) Desire to change thier life purpose.
(d) Running out of room on the wall chart.
Short Answer Questions
1. What is the purpose of dividing income and expenses into categories?
2. Being financially independent requires what?
3. What should people do about unusual extra expenses, such as medical bills or birthday parties?
4. A line should be drawn connecting the current month's income to what?
5. Prestige, status, and power can be reasons for what?
This section contains 338 words
(approx. 2 pages at 300 words per page)