|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What is the most important strategy in following Step 7?
(a) Choosing a job with high pay.
(b) Following a passion.
(c) Conserving life energy.
(d) Reducing monthly expenses.
2. In the 101 SURE WAYS TO SAVE MONEY section, what do the authors advise people to do in order to save on housing?
(a) Buy a larger home as a hedge against inflation.
(b) Buy and manage multiple rental properties.
(c) Consider non-traditional housing.
(d) Avoid non-traditional housing.
3. Which of the following is the one and only thing that a job should be about?
(b) Duty or desire to be of service.
(c) Earning money.
(d) Learning valuable information or skills.
4. Participants will end up making more money than they spend if they do what?
(a) Follow the philosophy of "no shame, no blame."
(b) Retire early.
(c) Conserve life energy.
(d) Maximize income and minimize expenses.
5. If people invest more money each month, what happens to the monthly interest?
(a) The interest increases each month.
(b) The interest must be withdrawn from the account.
(c) The interest decreases each month.
(d) The interest becomes tax-deductible.
6. The wall chart's time span is a rough deadline for what?
(a) Finding a life purpose.
(c) Finding a new career.
(d) Achieving financial independence.
7. Why should people try not to turn their job into an identity?
(a) Changing careers could cause an identity crisis.
(b) Identity comes from friends and family.
(c) Only volunteerism creates an identy.
(d) So that their lives could be about something different.
8. What should participants do if they don't make a living from their passion?
(a) Find a new job.
(b) Find a new passion.
(c) Abandon their passion until retirement.
(d) Follow their passion unpaid.
9. What is Step 8 of the program?
(a) Further reduce monthly expenses.
(c) Estimate when the crossover point will take place.
(d) Track investment income.
10. Taking care of possessions and avoiding shopping are part of which list?
(a) 101 SURE WAYS TO SAVE MONEY.
(b) 10 SURE WAYS TO SAVE MONEY.
(c) 1,001 SURE WAYS TO SAVE MONEY.
(d) 3 SURE WAYS TO SAVE MONEY.
11. What should a participant plot on their wall chart each month?
(a) Life energy spent.
(b) Income and expenses.
(c) Hours worked.
(d) All purchases.
12. The top number on the y-axis should be at least how large?
(a) Twice as large as the participant's expected income.
(b) Equal to the participant's expected income.
(c) Twice as large as the participant's expected expenses.
(d) Three times as large as the participant's expected income.
13. What can cause some people to stop buying any extras at all, after starting to use the wall chart?
(a) Desire to change thier life purpose.
(b) Running out of room on the wall chart.
(c) Shock over actual income.
(d) Shock at their spending habits.
14. Participants should always remain conscious of what?
(a) Life energy.
(b) Impending retirement.
(d) All the job opportunities around them.
15. What encourages family, friends, and neighbors to support the participant's goals in following this program?
(a) Asking them for a loan.
(b) Making wall charts for them to use.
(c) Placing the wall chart in a public place.
(d) Making retirement plans with them.
Short Answer Questions
1. What is one advantage of estimating the likely timing of the crossover point?
2. What percentage of useful life objects could people add if they were not so anxious to replace them?
3. What are some good alternatives to buying what is needed?
4. How does eating a proper diet make sense financially?
5. What are two tips for reducing transportation expenses?
This section contains 662 words
(approx. 3 pages at 300 words per page)