Tufts asks prospective students to explain "YOLO"

I googled it too, and after learning that it is You Only Live Once, remembered citation from How the Steel Was Tempered:

Man's dearest possession is life, and it is given to him to live but once. He must live so as to feel no torturing regrets for years without purpose, never know the burning shame of a mean and petty past; so live that, dying, he can say: all my life, all my strength were given to the finest cause in all the world – the fight for the Liberation of Mankind. And one must make use of every moment of life, lest some sudden illness or tragic accident cut it short.

Tufts admissions officers may have included the question because they're genuinely curious as to the meaning of the popular phrase.

This is clearly not true, since the first part of the question shows they understand the meaning pretty well.

http://xkcd.com/1234/

This certainly shows my age. I had to google YOLO.

The question says right in the middle: You Only Live Once (YOLO)