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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9.

Multiple Choice Questions

1. How is net worth determined?
(a) Estimated current sale price of all items currently owned, plus other assets such as cash and investments.
(b) All items purchased during a lifetime.
(c) Multiply monthly income by 12.
(d) Add together everything owned, then subtract everything owed.

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

3. What is one of the main economic principles most businesses follow?
(a) Technology is good.
(b) Growth is good.
(c) Debt is good.
(d) Going green is good.

4. What do advertisements teach Americans?
(a) Buy low, sell high.
(b) Consume, consume, and comsume some more.
(c) Work, work, and work some more.
(d) Relax, relax, and relax some more.

5. How many credit cards should program participants keep?
(a) One for everyday use and one for emergencies.
(b) One, to be used only in emergencies.
(c) None.
(d) One for business use, one for personal use, and one for emergencies.

Short Answer Questions

1. 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?

2. What is Step 6?

3. If "work" is different from "paid employment," then which of the following is true?

4. If people earn more than the minimum needed to pay bills, what should they do with the extra money?

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

(see the answer key)

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