Your Money or Your Life Test | Mid-Book Test - Easy

Joe Dominguez
This set of Lesson Plans consists of approximately 131 pages of tests, essay questions, lessons, and other teaching materials.
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Why should clothing be broken down into smaller categories, such as informal, work, sports, etc.?
(a) To encourage participation in sports.
(b) To allow for a greater volume of work-related purchases.
(c) To encourage donations of older clothes to charity.
(d) To avoid purchases that are worn only once.

2. Why should people not budget their money?
(a) Budgeting takes time away from family activities.
(b) Budgeters are inclined to mathematical error.
(c) Budgeting increases spending.
(d) Budgeters feel as if they are giving up something they love.

3. Which perspective is the notion of "keeping up with the neighbors" part of?
(a) Personal responsibility and transformation.
(b) Inflation.
(c) Emotional and psychological.
(d) Step 2.

4. Earning, saving, and spending money are part of which perspective?
(a) Life energy.
(b) Emotional and psychological.
(c) Physical.
(d) Inflation.

5. Why should readers not use premade categories from other budget books?
(a) Some categories are difficult to track.
(b) Some categories may be out of date.
(c) Everyone has different spending habits.
(d) Other budget books are inferior.

6. For Question 3 under what circumstance would one enter a minus sign on the chart?
(a) If the expense category will most likely cease after retirement.
(b) If the expense category does not fit with values.
(c) If monthly expenses exceed monthly income.
(d) If that expense category will most likely be reduced after retirement.

7. On average, what do Americans have less of than ever before?
(a) Education.
(b) Children.
(c) Debt.
(d) Savings.

8. What does the physical perspective of money include?
(a) Using PIN numbers.
(b) Personal responsibility and transformation.
(c) Gold.
(d) Balancing a checkbook.

9. Why are small, specific categories recommended over traditional, broad categories?
(a) Broad categories work only for high-income individuals.
(b) Smaller categories allow people to determine which purchases bring only temporary happiness.
(c) Specific categories are easier to place on a chart.
(d) Broad categories cost more life energy.

10. How many perspectives of money are there?
(a) One for each person.
(b) Six.
(c) An infinite number.
(d) Four.

11. What does Chapter 4 help people to figure out?
(a) How to reduce expenses.
(b) How to increase income.
(c) How to save life energy.
(d) What is fulfilling for them.

12. What is the term for the unnecessary things, activities, and noise in our lives?
(a) Luxuries.
(b) Comforts.
(c) Clutter.
(d) Security.

13. What are bare necessities, as defined in Chapter 1?
(a) All items needed to meet basic physical needs.
(b) Food and water.
(c) A house and car.
(d) Everything owned by an individual.

14. What items are included in everything owned?
(a) All items in the garage and basement.
(b) Add together everything owned, then subtract everything owed.
(c) All items purchased during a lifetime.
(d) Estimated current sale price of all items currently owned, plus other assets such as cash and investments.

15. What should participants do if the answer to Question 2 is "no" for a particular item?
(a) Either change actions to align with values or change values to align with actions.
(b) Find a new life purpose.
(c) Donate the item to charity.
(d) Find a new career path.

Short Answer Questions

1. What does Question 1 help people figure out?

2. What should be included in the "miscellaneous" category?

3. What three columns should record-keeping include?

4. What makes the difference between a good life and a great life?

5. What is one of the main economic principles most businesses follow?

(see the answer keys)

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