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.

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.
Buy the Your Money or Your Life Lesson Plans
Name: _________________________ Period: ___________________

This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What do the authors describe as "having a high joy-to-stuff ratio?"
(a) Retirement.
(b) Life energy.
(c) Being frugal.
(d) Success.

2. What is Step 7?
(a) Increasing life energy.
(b) Minimizing debt.
(c) Maximizing income.
(d) Reducing clutter.

3. How should program participants adjust their medical insurance?
(a) Cancel insurance and maintain a medical savings account.
(b) Accept a higher deductible.
(c) Accept a lower deductible.
(d) Cancel insurance and make healthier lifestyle choices.

4. What should people do as soon as possible?
(a) Complete the wall chart.
(b) Find supplemental income.
(c) Get out of debt.
(d) Retire.

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

6. What is the crossover point?
(a) When the amount of investment income is as high as normal monthly expenses.
(b) When the amount of investment income is lower than normal monthly expenses.
(c) When the amount of total income is as high as normal monthly expenses.
(d) When the amount of total income is lower than normal monthly expenses.

7. What can cause some people to stop buying any extras at all, after starting to use the wall chart?
(a) Desire to change thier life purpose.
(b) Running out of room on the wall chart.
(c) Shock over actual income.
(d) Shock at their spending habits.

8. The wall chart should accommodate data for how long?
(a) Five to seven years.
(b) Until retirement.
(c) Five to seven months.
(d) Seven to ten years.

9. Why should people try not to turn their job into an identity?
(a) So that their lives could be about something different.
(b) Changing careers could cause an identity crisis.
(c) Only volunteerism creates an identy.
(d) Identity comes from friends and family.

10. What do the authors warn job-hunters to avoid?
(a) Taking a job that requires relocation.
(b) Spending a lot of money on schemes to find the perfect job.
(c) Taking the first offer that comes along.
(d) Taking a job too closely connected to a hobby or passion.

11. 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.

12. Where do the authors recommend finding job-hunting advice?
(a) The Internet.
(b) "What Color Is Your Safety Net?"
(c) "What Color Is Your Parachute?"
(d) Friends and family.

13. What are two tips for reducing transportation expenses?
(a) Walking to do local errands and retiring early.
(b) Retiring early and buying a new car.
(c) Walking to do local errands and learning to do basic auto maintenance.
(d) Buying a new car and learning to do basic auto maintenance.

14. What should participants do if they don't make a living from their passion?
(a) Find a new job.
(b) Abandon their passion until retirement.
(c) Find a new passion.
(d) Follow their passion unpaid.

15. If "work" is different from "paid employment," then which of the following is true?
(a) Retirement is the absence of work.
(b) Work includes anything people do to provide a service, including cleaning the house.
(c) Cleaning is only work when it's done by a paid professional.
(d) Volunteer jobs are not work.

Short Answer Questions

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

2. What is the best method of choosing which expenses to reduce or eliminate?

3. What is Step 8 of the program?

4. A line should be drawn connecting the current month's income to what?

5. How does the realization that not all work is paid add life to retirement?

(see the answer keys)

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