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

Multiple Choice Questions

1. Why are expensive convenience foods considered to be a work expense?
(a) Factories employ people to produce convenience foods.
(b) People are too tired after work to make dinner.
(c) Unemployed people cannot afford convenience foods.
(d) Convenience foods promote life energy.

2. Why should clothing be broken down into smaller categories, such as informal, work, sports, etc.?
(a) To encourage participation in sports.
(b) To encourage donations of older clothes to charity.
(c) To allow for a greater volume of work-related purchases.
(d) To avoid purchases that are worn only once.

3. Why should people not budget their money?
(a) Budgeting increases spending.
(b) Budgeters are inclined to mathematical error.
(c) Budgeting takes time away from family activities.
(d) Budgeters feel as if they are giving up something they love.

4. What do most people claim to value more than money?
(a) Their talents.
(b) Their lives.
(c) Their health.
(d) Their jobs.

5. Which perspective is the notion of "keeping up with the neighbors" part of?
(a) Personal responsibility and transformation.
(b) Emotional and psychological.
(c) Step 2.
(d) Inflation.

Short Answer Questions

1. How should people reduce spending?

2. How is a real hourly wage figured?

3. Attitude toward buying groceries is part of which perspective of money?

4. On average, what do Americans have less of than ever before?

5. What items are included in everything owned?

(see the answer key)

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