
Rich Dad Poor Dad
Authored by Mark Williams
Business
Professional Development
Used 6+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
What is the primary lesson from Chapter 3 of Rich Dad Poor Dad?
The importance of getting a high-paying job.
The importance of investing in real estate.
The importance of understanding the difference between assets and liabilities.
The importance of working for others.
Answer explanation
The Author emphasizes the need for financial literacy and understanding the difference between purchasing assets and liabilities.
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is a Asset?
Credit Card Balance
Home
Car Loan
Rental Property
Answer explanation
A rental property creates income, making it an asset. You could argue that a home could be an asset, but the author states that unless it generates income it is a liability
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What does the author say about the role of education in financial success?
Formal education guarantees financial success
Financial education is more important than academic education
Only highly educated people become rich
The school system teaches everything you need to know about money
Answer explanation
Financial literacy helps people distinguish between assets and liabilities, which is a concept that is essential to building wealth and being able to live comfortable.
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the major cause of financial struggle for people?
Lack of Job opportunities
Lack of education
Confusing assets with liabilities
Overspending on vacation
Answer explanation
Many people struggle with their liabilities, like their house and car, as assets, leading them to spend more than they should.
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the first step in achieving financial independance?
Reducing expenses
Earning a higher salary
Buying a bigger house
Acquiring income generating assets
Answer explanation
Acquiring income-generating assets provide cash flow without requiring active work.
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What does this quote mean?
"the rich buy assets, the poor only have expenses, and the middle class buys liabilities they think are assets"?
The middle class focuses too much on saving
The middle class invests in real estate
The middle class mistakenly believes liabilities like a house are assets
The rich do not worry about expenses
Answer explanation
Middle-class people think their home is an asset when it actually requires ongoing expenses, making it a liability in his view.
7.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
What classifies as a liability?
Stocks and bonds
Investment properties
Credit card debt
A business
Answer explanation
Credit card debt is a liability because it requires regular payments and interest, taking money out of your pocket.
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