Ernest Hemingway was previously referenced in Shelf Life.
Moral lesson don't cut class and do not drop off school.
The Old Man and the Sea - The title of the episode is a reference to the novel by Ernest Hemingway. Another reference is that Mr. Turner and Timmy Turner are references to the two main characters of the book. Timmy is a reference to the little boy who helps the fisherman catch fish named Santiago and Mr. Turner can be a reference to the fisherman who couldn't catch fish. The episode is also a parody of the whole story.
Rocky Balboa - When Timmy is training Dad for the big test, the montage is a reference to Rocky's training montage.
When Timmy yells at Mr. Turner for skipping school and then he told the latter that he wasn't proud of the former anymore. This is a reference to Rocky III, where Apollo Creed shouted at Rocky that there is no tomorrow.
Macaroni without cheese on it being seen and eaten.
Dad saying "sea cucumber" and giving the wrong answers.
Someone TP-ing the Turners' house.
In this episode, Dad says he dropped out of school in the fifth grade while in his childhood, he attended High School and University in Dimmsdale. It is unknown which is true but since he passed the test, he passed school.
When Wink Winkydink was showing a price for Mr. Turner, the date is February 29, 2009 or 02-29-2009. There's no way that day exists because 2009 isn't a leap year. A leap year needs to be divisible by 4 with no remainder (and has to be divisible by 400 if the year is divisible by 100), and 9 divided by 4 is 2 with a remainder of 1.
Mrs. Turner makes Timmy get a job for her even though the previous episodes showed her working in Dimmsdale Real Estate.
On the Verizon FiOs channel guide this episode's title is missing the "-" after the "C".