Your Money or Your Life Test | Final 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. What should people do as soon as possible?
(a) Retire.
(b) Find supplemental income.
(c) Complete the wall chart.
(d) Get out of debt.

2. What is the best thing to do with the interest received?
(a) Purchase rental properties.
(b) Put the money under a mattress for a rainy day.
(c) Reinvest it.
(d) Purchase a larger home as a hedge against inflation.

3. The numbers along the y-axis should increase by what increment?
(a) 10 or 20.
(b) 1,000 or 2,000.
(c) 100 or 200.
(d) 1 or 2.

4. The top number on the y-axis should be at least how large?
(a) Twice as large as the participant's expected income.
(b) Twice as large as the participant's expected expenses.
(c) Equal to the participant's expected income.
(d) Three times as large as the participant's expected income.

5. The wall chart's time span is a rough deadline for what?
(a) Finding a life purpose.
(b) Finding a new career.
(c) Retirement.
(d) Achieving financial independence.

6. What is the main purpose of the wall chart?
(a) To define values and purpose.
(b) To define commitment to the program.
(c) Keep finances on the person's mind, to help them make more conscious choices when spending money.
(d) To replace the monthly chart created previously.

7. Participants will end up making more money than they spend if they do what?
(a) Follow the philosophy of "no shame, no blame."
(b) Conserve life energy.
(c) Retire early.
(d) Maximize income and minimize expenses.

8. What is one sure way to save money?
(a) Find a higher-paying job.
(b) Retire early.
(c) Find alternative housing.
(d) Stop trying to impress other people.

9. Participants should always remain conscious of what?
(a) Impending retirement.
(b) All the job opportunities around them.
(c) Life energy.
(d) Inflation.

10. A line should be drawn connecting the current month's income to what?
(a) The previous year's income.
(b) The current month's expenses.
(c) The previous month's income.
(d) The previous month's expenses.

11. What is the main pitfall of combining work with true passion or enjoyment?
(a) Enjoyable jobs don't command respect.
(b) Having to compromise in order to satisfy someone else.
(c) Passion doesn't always make up for lack of talent.
(d) Enjoyment goes against the puritan work ethic.

12. When can program participants consider retirement?
(a) After working for 20 years in the same field.
(b) When total income exceeds expenses.
(c) After reaching the crossover point.
(d) At age 65.

13. What should people do with their extra money, once they earn more per month than they spend?
(a) Work fewer hours per week.
(b) Purchase a long-desired luxury.
(c) Retire.
(d) Turn it into an interest-bearing investment.

14. What is the meaning of the Spanish word, "aprovechar?"
(a) Achieving early retirement.
(b) Having a successful career.
(c) To get full use or full enjoyment out of something.
(d) To approve of all spending choices.

15. What should people do about unusual extra expenses, such as medical bills or birthday parties?
(a) Create an extra chart to track them.
(b) Accept them as a normal part of financial life.
(c) Categorize them as "gazingus pins."
(d) Avoid them whenever possible.

Short Answer Questions

1. What generally happens to monthly expenses, when tracked by program participants?

2. What may reaching the crossover point cause participants to do?

3. Why do people feel very free when volunteering?

4. What are some good alternatives to buying what is needed?

5. If people invest more money each month, what happens to the monthly interest?

(see the answer keys)

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