Question 1

Which of the following is a limitation of the CPP given in the text?

Accepted Answer

A)  The CPP pays benefits to more Canadians than ever before, costing the country more money. 
B)  The CPP cannot replace a great deal of the average person's income. 
C)  People who never worked for a wage do not receive the CPP. 
D)  People can only keep their CPP benefits if they are eligible for and receive GIS. 
A)  The CPP pays benefits to more Canadians than ever before, costing the country more money. 
B)  The CPP cannot replace a great deal of the average person's income. 
C)  People who never worked for a wage do not receive the CPP. 
D)  People can only keep their CPP benefits if they are eligible for and receive GIS.

Question 2

According to Marshall (2011),what percentage of Canadian people within an age group do not feel that they are financially secure?

Accepted Answer

A)  1/4 
B)  1/3 
C)  2/3 
D)  3/4 
A)  1/4 
B)  1/3 
C)  2/3 
D)  3/4

Question 3

The Old Age Security (OAS)and the Guaranteed Income Supplement (GIS)are examples of which of the following?

Accepted Answer

A)  income security programs 
B)  the Canada Pension Plan 
C)  income maintenance programs 
D)  social assistance programs 
A)  income security programs 
B)  the Canada Pension Plan 
C)  income maintenance programs 
D)  social assistance programs

Question 4

What is a registered retirement savings plan (RRSP)?

Accepted Answer

Student Answer should include the follow

Question 5

Georgina is a 63-year-old widower.She was a homemaker all of her life.Which special payment does she receive until she reaches the age of 65?

Accepted Answer

A)  the Allowance 
B)  the OAS 
C)  the HST Rebate 
D)  the Canada Pension Plan Death Benefit 
A)  the Allowance 
B)  the OAS 
C)  the HST Rebate 
D)  the Canada Pension Plan Death Benefit

Question 6

Why is the CPP an important financial program for Canadians?

Accepted Answer

A)  It maintains an older person's income near pre-retirement levels and guarantees pensions for self-employed people. 
B)  It ensures that workers have some pension beyond OAS/GIS/ALW, and saves the money on transfer payments. 
C)  It keeps retirees above the poverty line, and ensures that the widows of workers receive benefits. 
D)  It ensures adequate pensions for the poorest seniors and creates incentives for wage earners to use RRSPs. 
A)  It maintains an older person's income near pre-retirement levels and guarantees pensions for self-employed people. 
B)  It ensures that workers have some pension beyond OAS/GIS/ALW, and saves the money on transfer payments. 
C)  It keeps retirees above the poverty line, and ensures that the widows of workers receive benefits. 
D)  It ensures adequate pensions for the poorest seniors and creates incentives for wage earners to use RRSPs.

Question 7

As a result of the low payment rates of the CPP,what do most people need in order to maintain their preretirement life style?

Accepted Answer

A)  a part-time job 
B)  help from family members 
C)  private pensions and savings 
D)  more education 
A)  a part-time job 
B)  help from family members 
C)  private pensions and savings 
D)  more education

Question 8

What is intergenerational family transfer?

Accepted Answer

A)  the quality of interpersonal relationships in a family 
B)  the amount of money that passes from one generation of family members to another 
C)  the study of age differences between generations at different time periods 
D)  the quantity of money required to firmly establish the next generation of family members in a given social class 
A)  the quality of interpersonal relationships in a family 
B)  the amount of money that passes from one generation of family members to another 
C)  the study of age differences between generations at different time periods 
D)  the quantity of money required to firmly establish the next generation of family members in a given social class

Question 9

Which of the following is an example of an "unattached" individual?

Accepted Answer

A)  Josie, a never-married female 
B)  Ralph, a transient 
C)  Frank, a senior who lives in a nursing home 
D)  Sarah, a recently widowed senior 
A)  Josie, a never-married female 
B)  Ralph, a transient 
C)  Frank, a senior who lives in a nursing home 
D)  Sarah, a recently widowed senior

Question 10

Mrs.Brown wants to have extra income for her retirement and she decides to invest up to $5,000 in a relatively new government program for which she will not be taxed when she requires the use of her money.What is the name of this program?

Accepted Answer

A)  Registered Income Savings 
B)  Retirement Investment Fund 
C)  Tax Free Income Account 
D)  Tax Free Savings Account 
A)  Registered Income Savings 
B)  Retirement Investment Fund 
C)  Tax Free Income Account 
D)  Tax Free Savings Account

Question 11

Which of the following is a characteristic of the CPP?

Accepted Answer

A)  The plan pays lower rates to women than to men because women tend to live longer. 
B)  The CPP is a fixed-income plan. 
C)  The CPP cannot protect people from inflation and requires personal savings or other supplements to ensure the pensioner's income remains stable. 
D)  The CPP guarantees up to 25% of the pensioner's pre-retirement earnings to a maximum of 25% of the year's Average Industrial Wage. 
A)  The plan pays lower rates to women than to men because women tend to live longer. 
B)  The CPP is a fixed-income plan. 
C)  The CPP cannot protect people from inflation and requires personal savings or other supplements to ensure the pensioner's income remains stable. 
D)  The CPP guarantees up to 25% of the pensioner's pre-retirement earnings to a maximum of 25% of the year's Average Industrial Wage.

Question 12

Why is it important that all CPP members get survivor and disability benefits?

Accepted Answer

A)  because the Widowed Spouses Allowance (WSP
A)  does not cover the loss of the SPA 
B)  because women receive fewer benefits than men because of differing work patterns and a longer life expectancy 
C)  because the reduction in OAS payments from the married to the single rate places many older people below the poverty line 
D)  because women often outlive their husbands, but many do not have pensions of their own 
A)  because the Widowed Spouses Allowance (WSP
A)  does not cover the loss of the SPA 
B)  because women receive fewer benefits than men because of differing work patterns and a longer life expectancy 
C)  because the reduction in OAS payments from the married to the single rate places many older people below the poverty line 
D)  because women often outlive their husbands, but many do not have pensions of their own

Question 13

Russell has a pension plan that is not indexed to the cost of living.He needs to save some extra money for his retirement so that he will maintain his current standard of living.What type of pension plan does Russell have?

Accepted Answer

A)  floating income 
B)  locked investment 
C)  portable pension 
D)  fixed pension 
A)  floating income 
B)  locked investment 
C)  portable pension 
D)  fixed pension

Question 14

Which of the following are examples of income maintenance programs?

Accepted Answer

A)  the Canada and Quebec Pension Plans (CPP and QPP) 
B)  the Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) 
C)  the Spouse's Assistance (S
A)  and the Family Allowance (F
A)  
D)  Private Retirement Savings Plans (PRSP) 
A)  the Canada and Quebec Pension Plans (CPP and QPP) 
B)  the Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) 
C)  the Spouse's Assistance (S
A)  and the Family Allowance (F
A)  
D)  Private Retirement Savings Plans (PRSP)

Question 15

Which of the following did poor people rely on for most (77%)of their income?

Accepted Answer

A)  occupational pensions 
B)  defined pension plans 
C)  public pensions 
D)  RRSPs 
A)  occupational pensions 
B)  defined pension plans 
C)  public pensions 
D)  RRSPs

Question 16

What are the best predictors of income in retirement?

Accepted Answer

A)  health and social supports 
B)  education and occupational status 
C)  ethnic group and sex 
D)  social class and pre-retirement income 
A)  health and social supports 
B)  education and occupational status 
C)  ethnic group and sex 
D)  social class and pre-retirement income

Question 17

Interview someone who is currently in the workforce and nearing retirement.What kind of financial planning has he/she done for his/her retirement? Does he/she have a pension plan through work? What types of investments/retirement plans does he/she have? (Note: you do NOT need numbers,just the types of investments: e.g.,RRSP,TFSA,work pension plan,stocks,bonds, etc.)How financially prepared does he/she feel that he/she is for his/her impending retirement?

Accepted Answer

Student Answer should include the follow

Question 18

According to federal government estimates,approximately how much money was spent in 2011-2012 on government transfers?

Accepted Answer

A)  $26.9 billion 
B)  $29.4 billion 
C)  $36.3 billion 
D)  $39.1 billion 
A)  $26.9 billion 
B)  $29.4 billion 
C)  $36.3 billion 
D)  $39.1 billion

Question 19

The government has encouraged more savings through which of the following?

Accepted Answer

A)  the Canada Pension Plan (CPP) 
B)  Pre-retirement Bursary Subsidies (PBSs) 
C)  Registered Retirement Savings Plans (RRSPs) 
D)  the Quantitative Pension Program (QPP) 
A)  the Canada Pension Plan (CPP) 
B)  Pre-retirement Bursary Subsidies (PBSs) 
C)  Registered Retirement Savings Plans (RRSPs) 
D)  the Quantitative Pension Program (QPP)

Question 20

What is the term for programs designed to help people maintain their pre-retirement income and lifestyle?

Accepted Answer

A)  public pension plans 
B)  Private Retirement Savings Plans (PRSPs) 
C)  income security programs 
D)  income maintenance programs 
A)  public pension plans 
B)  Private Retirement Savings Plans (PRSPs) 
C)  income security programs 
D)  income maintenance programs

Which of the following is a limitation of the CPP given in the text?

According to Marshall (2011),what percentage of Canadian people within an age group do not feel that they are financially secure?

The Old Age Security (OAS)and the Guaranteed Income Supplement (GIS)are examples of which of the following?

What is a registered retirement savings plan (RRSP)?

Georgina is a 63-year-old widower.She was a homemaker all of her life.Which special payment does she receive until she reaches the age of 65?

Why is the CPP an important financial program for Canadians?

As a result of the low payment rates of the CPP,what do most people need in order to maintain their preretirement life style?

What is intergenerational family transfer?

Which of the following is an example of an "unattached" individual?

Mrs.Brown wants to have extra income for her retirement and she decides to invest up to $5,000 in a relatively new government program for which she will not be taxed when she requires the use of her money.What is the name of this program?

Which of the following is a characteristic of the CPP?

Why is it important that all CPP members get survivor and disability benefits?

Russell has a pension plan that is not indexed to the cost of living.He needs to save some extra money for his retirement so that he will maintain his current standard of living.What type of pension plan does Russell have?

Which of the following are examples of income maintenance programs?

Which of the following did poor people rely on for most (77%)of their income?

What are the best predictors of income in retirement?

According to federal government estimates,approximately how much money was spent in 2011-2012 on government transfers?

The government has encouraged more savings through which of the following?

What is the term for programs designed to help people maintain their pre-retirement income and lifestyle?

Aging Today

Theories and Methods

Aging in Canada and the World Today

Aging and Ethnicity

Personal Health and Illness

The Psychology of Aging and the Social Psychology of Aging

Healthcare

Retirement and Work

Leisure, recreation, and Service

Housing and Transportation

Family Life

Social Support

Death, dying, and Bereavement

Filters

Exam 8: Finances and Economics

Which of the following is a limitation of the CPP given in the text?

According to Marshall (2011),what percentage of Canadian people within an age group do not feel that they are financially secure?

The Old Age Security (OAS)and the Guaranteed Income Supplement (GIS)are examples of which of the following?

What is a registered retirement savings plan (RRSP)?

Georgina is a 63-year-old widower.She was a homemaker all of her life.Which special payment does she receive until she reaches the age of 65?

Why is the CPP an important financial program for Canadians?

As a result of the low payment rates of the CPP,what do most people need in order to maintain their preretirement life style?

What is intergenerational family transfer?

Which of the following is an example of an "unattached" individual?

Mrs.Brown wants to have extra income for her retirement and she decides to invest up to $5,000 in a relatively new government program for which she will not be taxed when she requires the use of her money.What is the name of this program?

Which of the following is a characteristic of the CPP?

Why is it important that all CPP members get survivor and disability benefits?

Russell has a pension plan that is not indexed to the cost of living.He needs to save some extra money for his retirement so that he will maintain his current standard of living.What type of pension plan does Russell have?

Which of the following are examples of income maintenance programs?

Which of the following did poor people rely on for most (77%)of their income?

What are the best predictors of income in retirement?

According to federal government estimates,approximately how much money was spent in 2011-2012 on government transfers?

The government has encouraged more savings through which of the following?

What is the term for programs designed to help people maintain their pre-retirement income and lifestyle?

Aging Today

Theories and Methods

Aging in Canada and the World Today

Aging and Ethnicity

Personal Health and Illness

The Psychology of Aging and the Social Psychology of Aging

Healthcare

Retirement and Work

Leisure, recreation, and Service

Housing and Transportation

Family Life

Social Support

Death, dying, and Bereavement

Filters