TOEFL TEST SECTION 3(READING)
ASSESSING PROGRESS—3.1 through 3.2
Quiz 2(Time— 13 minutes)
Read the following passages and choose the one best answer to each question. Answer all questions on the basis of what is stated or implied in that passage.
Questions 1-5
At the turn o ftha twentieth century, people’s attitudes toward money were far more conservative than they are today. Borrowing and being in debt were viewed as a moral failing, almost as a disgrace. Thrift and saving were highly prized, and people who needed to borrow to make ends meet were seen as careless, unreliable, or extravagant. The focus in the economy as a whole was on developing large corporations like railroads, oil companies, and other companies that produced basic goods and services.
Then, in the 1920s, the economy changed. A huge network of banks and financial institutions developed, helping money to move more quickly and easily through the economy. At the same time, the economy was increasing its focus on consumer goods—clothing, cars, household appliances, and other things that individuals buy. To help promote the sale of these items, consumers were encouraged to buy on credit. If they could not afford an item right away, a store or a bank might lend them the money, which they could pay back in installments
With the development of consumer credit and installment purchases, people’s attitudes toward debt and spending changed. The model citizen was no longer someone who was thrifty, buying only what he or she needed. People were respected less for being thrifty than for knowing how to use their money to buy as many things as possible—an attitude that persists at the turn of the twenty-first century.
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1. What is the main point the author makes in the passage?
(A) People are generally less conservative than they were in the past.
(B) Being thrifty is a value that persists at the turn of the twenty-first century.
(C) In the 1920s, the economy focused more on consumer goods than on corporations.
(D) Changes in the economy and consumer credit have altered attitudes toward money.
2. According to the passage, which of the folowing is NOT a belief that was commonly held in the early twentieth century?
(A) Owing someone money is a moral failing.
(B) People who save their money are respectable.
(C) People who buy as amny things as possible are respectable.
(D) People who borrow money for necessities are careless and unreliable.
3. What helped money move more quickly through the economy in the 1920s?
(A) The growth og railroads
(B) The growth of banks and financial institutions
(C) The rate at which people paid back their loans
(D) The increase in installment purchases
4. The author mentions cars as an example of
(A) a consumer good
(B) a household appliance
(C) an extravagant purchase
(D) a new invention
5. According to the passage, how did the rise of consumer credit change people’s attitudes toward debt and spending?
(A) Attitudes toward debt and spending became more conservative.
(B) People used credit to buy only what they needed.
(C) Extravagant borrowing and spending became highly prized.
(D) Spending wisely became more respectable than being thrifty.