Affectometer 2 is a 5-minute inventory of general happiness or sense of well-being based on measuring the balance of positive and negative feelings in recent experience. Since this scale is directly derived from its parent scale, Affectometer 1, psychometric findings on the longer scale are reported along with initial data on Affectometer 2. These results indicate high reliability, high validity, and slight contamination by current mood and social desirability. Among the findings of special interest are: (a) the independence of positive and negative affect proposed by Bradburn is not confirmed; (b) well-being is highly and inversely related to neuroticism, anxiety, depression and somatic complaints; (c) the relationship of well-being to depression is curvilinear; (d) well-being scores are determined more by short-term states than long-term traits; (e) well-being can be characterized by 10 “qualities of happiness”.