|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What should people do as soon as possible?
(b) Complete the wall chart.
(c) Find supplemental income.
(d) Get out of debt.
2. What should participants do if they don't make a living from their passion?
(a) Abandon their passion until retirement.
(b) Find a new job.
(c) Follow their passion unpaid.
(d) Find a new passion.
3. What should be repeatedly placed along the x-axis of the wall chart?
(a) J F M A M J J A S O N D.
(b) M T W T F S S.
(c) 1 2 3 4 5 6 7 8 9 10 11 12.
(d) 1 2 3 4 5 6 7.
4. What should people be willing to do?
(a) Sacrifice income for a job that matches a passion.
(b) Work more than 40 hours per week.
(c) Sacrifice family time for more income.
(d) Work for what they want.
5. What do the authors describe as "having a high joy-to-stuff ratio?"
(a) Life energy.
(b) Being frugal.
6. How many credit cards should program participants keep?
(a) One, to be used only in emergencies.
(b) One for everyday use and one for emergencies.
(c) One for business use, one for personal use, and one for emergencies.
7. How should investment income be tracked?
(a) Subtracted from monthly expenses.
(b) Combined with monthly expenses.
(c) Separately from other income.
(d) Combined with other income.
8. What is Step 6?
(a) Creating a wall chart.
(b) Planning for retirement.
(c) Determining net worth.
(d) Minimizing spending.
9. Why do people feel very free when volunteering?
(a) Because they do not have to be there, and can do things their way.
(b) Volunteering requires no skill.
(c) Volunteer work is unpaid.
(d) Volunteering can lead to job offers.
10. When can program participants consider retirement?
(a) After reaching the crossover point.
(b) When total income exceeds expenses.
(c) At age 65.
(d) After working for 20 years in the same field.
11. What is the crossover point?
(a) When the amount of total income is as high as normal monthly expenses.
(b) When the amount of total income is lower than normal monthly expenses.
(c) When the amount of investment income is as high as normal monthly expenses.
(d) When the amount of investment income is lower than normal monthly expenses.
12. What is the true definition of work?
(a) Life energy spent.
(b) Full-time employment.
(c) Anything that is not enjoyable.
(d) It varies depending on who is defining it.
13. In the 101 SURE WAYS TO SAVE MONEY section, what do the authors advise people to do in order to save on housing?
(a) Avoid non-traditional housing.
(b) Buy a larger home as a hedge against inflation.
(c) Buy and manage multiple rental properties.
(d) Consider non-traditional housing.
14. What is the meaning of the Spanish word, "aprovechar?"
(a) Achieving early retirement.
(b) To approve of all spending choices.
(c) To get full use or full enjoyment out of something.
(d) Having a successful career.
15. How should program participants adjust their medical insurance?
(a) Cancel insurance and maintain a medical savings account.
(b) Cancel insurance and make healthier lifestyle choices.
(c) Accept a higher deductible.
(d) Accept a lower deductible.
Short Answer Questions
1. How does eating a proper diet make sense financially?
2. Prestige, status, and power can be reasons for what?
3. What are some good alternatives to buying what is needed?
4. What should frugal people research before purchasing items?
5. If people invest more money each month, what happens to the monthly interest?
This section contains 604 words
(approx. 3 pages at 300 words per page)