LAWSON // rich dad poor dad 2

Which of the following is lesson five in Rich Dad, Poor Dad?

the rich invent money

*Put the following items in the proper order.

Business owners with corporations - 1 Earn - 4 Pay taxes - 3 Spend - 2

"The skills of selling and marketing are difficult for most people primarily due to their fear of ___"

rejection

"The first lesson of having money work for me, as opposed to working for money, is really all about power. If you work for money, you give the power up to your employer. If your money works for you, you keep and control the power". Is this statement true or false of the book?

true

*Put the following items in the proper order.

Employees who work for corporations - 1 Earn - 2 pay taxes - 4 spend - 3

Which of the following broad areas of a financial I.Q allows a person to have the ability to identify the strengths and weaknesses of any business?

accounting

"A problem with school is that you often become what you study. So if you study, say, cooking, you become a chef. If you study the law, you become an attorney, and a study of auto mechanics makes you a mechanic. The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else's business and making that person rich". Is this a true or false quote from the book?

true

List seven of the author's categories of assets.

1. businesses that do not require my presence. I own them, but they are not managed is run by other people. I have to work there, it's not a business. It becomes my job. 2. stocks 3. bonds 4. mutual funds 5. income-generating real estate 6. notes (IOUs) 7. royalties from intellectual property such a music, scripts, patents

List five reason why the author uses examples in the book.

1. fear 2. cynicism 3. laziness 4. bad habits 5. arrogance

In the book, the author discusses two types of investors, list three ways that an individual becomes the second type of investor.

1. legal 2. ethical 3. moral

identify two advantages of owning a corporation.

1. tax advantages 2. advantages from lawsuits

What are the three management skills needed for success according to the book?

1. the management of cash flow 2. the management of systems (including yourself and family) 3. the management of people. the most important specialized skills are sales and understanding marketing

What is lesson three in the book Rich Dad, Poor Dad?

Mind your own business

Briefly describe Ray Kroc's advice regarding his diagram.

Most people Your Profession -> Your Income The Rich Your Assets -> Your Income

What is the title of lesson four in Rich Dad, Poor Dad?

The History of Taxes and the Power of Corporations

Which of the following board areas of a financial I.Q. deals with "the science of making money; this involves strategies and formulas"?

investing

true luxury

is a reward for investing in and developing a real asset

What is the primary reason why the majority of the poor and middle class are fiscally conservative?

no financial foundation

Which of the following occurs second for someone who is an employee of a corporation?

paying personal expenses

*Which of the following occurs last for someone who owns a corporation?

paying taxes

"The most important specialized skills are sales and understanding marketing. It is ability to sell-therefore, to communicate to anothe human being, be it a customer, employee, boss, spouse or child-that is the base skill of personal success. It is communication skills such as writing, speaking, and negotiating that are crucial to a life success". Is this a true or false statement in the book

true

*In the book, the author describes two types of investors, briefly describe who those two types of investors are.

wise investors and timid investors