|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What may reaching the crossover point cause participants to do?
(a) Increase spending.
(b) Continue working or choose a new job.
(c) Explore other routes to work.
(d) Start a new wall chart.
2. Paying attention to every thought and deciding whether to act on each thought is crucial to what?
(a) 1,000,001 SURE WAYS TO SAVE MONEY.
(c) 1,001 SURE WAYS TO SAVE MONEY.
(d) Life energy.
3. What should participants do if they don't make a living from their passion?
(a) Find a new passion.
(b) Follow their passion unpaid.
(c) Abandon their passion until retirement.
(d) Find a new job.
4. Why do people feel very free when volunteering?
(a) Volunteer work is unpaid.
(b) Volunteering requires no skill.
(c) Because they do not have to be there, and can do things their way.
(d) Volunteering can lead to job offers.
5. What are 1,001 SURE WAYS TO SAVE MONEY?
(a) A list of strategies to achieve early retirement.
(b) Participants should look at their own expense lists and make their own list of ways to save.
(c) A list of contacts for business networking.
(d) A list of coupon resources.
6. A line should be drawn connecting the current month's income to what?
(a) The previous year's income.
(b) The previous month's expenses.
(c) The current month's expenses.
(d) The previous month's income.
7. What mistake do people often make, when describing their jobs?
(a) Playing down their true talents.
(b) Revealing annual income.
(c) Saying uncomplimentary things about thier supervisors.
(d) Identifying themselves by their careers.
8. How should investment income be tracked?
(a) Separately from other income.
(b) Subtracted from monthly expenses.
(c) Combined with monthly expenses.
(d) Combined with other income.
9. What should people be willing to do?
(a) Work for what they want.
(b) Sacrifice family time for more income.
(c) Work more than 40 hours per week.
(d) Sacrifice income for a job that matches a passion.
10. What do the authors describe as "having a high joy-to-stuff ratio?"
(a) Being frugal.
(b) Life energy.
11. What encourages family, friends, and neighbors to support the participant's goals in following this program?
(a) Placing the wall chart in a public place.
(b) Making wall charts for them to use.
(c) Asking them for a loan.
(d) Making retirement plans with them.
12. Monthly investment income is calculated by determining current excess money each month, then doing what?
(a) Multiplying it by the current short-term interest rate for U.S. Treasury bonds, then dividing by 12.
(b) Multiplying it by the current short-term interest rate for U.S. Treasury bonds, then multiplying by 12.
(c) Multiplying it by the current long-term interest rate for U.S. Treasury bonds, then multiplying by 12.
(d) Multiplying it by the current long-term interest rate for U.S. Treasury bonds, then dividing by 12.
13. What percentage of useful life objects could people add if they were not so anxious to replace them?
(a) Ten percent.
(b) Twenty to fifty percent.
(c) One hundred percent.
(d) Fifty to eighty percent.
14. Statistically, how many Americans are overweight?
15. What is Step 6?
(a) Creating a wall chart.
(b) Planning for retirement.
(c) Determining net worth.
(d) Minimizing spending.
Short Answer Questions
1. What is one difference a frugal person should consider when choosing between two similar vehicles?
2. What should people do about unusual extra expenses, such as medical bills or birthday parties?
3. What are two tips for reducing transportation expenses?
4. A person's crossover point is an estimate based on which type of expenses?
5. What are some good alternatives to buying what is needed?
This section contains 640 words
(approx. 3 pages at 300 words per page)