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

Multiple Choice Questions

1. Each person has only a limited amount of what?
(a) Money.
(b) Life energy.
(c) Intrinsic value.
(d) Emotional energy.

2. What determines mastery of Step 3?
(a) When gross income has been determined.
(b) When income exceeds spending.
(c) When life energy equals net worth.
(d) When the actual money left at the end of the month equals the amount shown by recordkeeping.

3. Some people reach the top of their profession and make good money, yet are still not what?
(a) Happy.
(b) Wealthy.
(c) Married.
(d) Secure.

4. What should be included in the "miscellaneous" category?
(a) Items purchased less than once a month.
(b) Gazingus pins.
(c) Items under $10.
(d) Nothing.

5. What is the intrinsic value of money?
(a) Physical.
(b) Real hourly wage.
(c) Money has no intrinsic value.
(d) Emotional and psychological.

Short Answer Questions

1. Why should clothing be broken down into smaller categories, such as informal, work, sports, etc.?

2. What is one of the main economic principles most businesses follow?

3. What is the real amount of life energy?

4. What items are included in everything owned?

5. What three columns should record-keeping include?

(see the answer key)

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