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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3.

Multiple Choice Questions

1. What does the amount spent divided by real hourly wage equal?
(a) The real amount of life energy spent.
(b) Total allowable expenses.
(c) Net worth.
(d) Money saved at the end of the month.

2. What must a person do to become financially independent?
(a) Inherit from rich relatives.
(b) Save as much as possible.
(c) Let go of everything they have learned about money.
(d) Work harder.

3. What should the amount started with at the beginning of the month, plus total income, minus total expenses equal?
(a) Gross income.
(b) The amount of money they have left at the end of the month.
(c) The amount shown on a bank statement.
(d) Net worth.

4. Which of the following does the emotional and psychological perspective of money include?
(a) Personal responsibility.
(b) Using credit cards.
(c) The tendency to spend quickly or cautiously.
(d) Fear of unemployment.

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

Short Answer Questions

1. Why do many people give up time with family, working on hobbies, and fulfilling dreams?

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

3. What are bare necessities, as defined in Chapter 1?

4. If people spend half of their time sleeping, eating, and doing everything necessary for maintaining their bodies, then the other half is available for what?

5. What is the second half of Step 2?

(see the answer key)

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