Question 1

According to Statistics Canada figures from 2007,what percentage of men received the CPP?

Accepted Answer

A)  96% 
B)  59% 
C)  84% 
D)  98% 
A)  96% 
B)  59% 
C)  84% 
D)  98%

Question 2

In 1985,the federal government announced changes to the Canada Pension Benefits Standards Act. What were the five new standards that were put into place in 1985?

Accepted Answer

Student Answer should include the follow

Question 3

Why did the federal government keep payments of early pension programs low?

Accepted Answer

A)  to provide incentive for people to provide for their own old age 
B)  to meet the minimum requirements for older people 
C)  to keep the cost of the program to wage earners low enough to encourage people to join 
D)  to prevent people from relying excessively on government support 
A)  to provide incentive for people to provide for their own old age 
B)  to meet the minimum requirements for older people 
C)  to keep the cost of the program to wage earners low enough to encourage people to join 
D)  to prevent people from relying excessively on government support

Question 4

According to Statistics Canada figures from 2007,what percentage of women received the CPP?

Accepted Answer

A)  86% 
B)  75% 
C)  47% 
D)  67% 
A)  86% 
B)  75% 
C)  47% 
D)  67%

Question 5

Interview someone who has a tax-free savings account.Why did this individual choose this savings method? What are the benefits of a TFSA?

Accepted Answer

Student Answer should include the follow

Question 6

Which of the following is one reason only a small percentage of people belonging to occupational pension plans ever collect a full pension?

Accepted Answer

A)  Many plans have a variety of conditions that effectively prevent full payment. 
B)  Most plans use vesting (using pension plan money to reinvest in the company) to keep up with inflation, but the government does not insure against bankruptcy. 
C)  The majority of plans lack portability, and as workers change jobs much of their pension is lost. 
D)  Most plans are indexed to private savings and investments, and pay full pensions only to the poorest recipients. 
A)  Many plans have a variety of conditions that effectively prevent full payment. 
B)  Most plans use vesting (using pension plan money to reinvest in the company) to keep up with inflation, but the government does not insure against bankruptcy. 
C)  The majority of plans lack portability, and as workers change jobs much of their pension is lost. 
D)  Most plans are indexed to private savings and investments, and pay full pensions only to the poorest recipients.

Question 7

The money paid in today by a worker does not go into a private account,but instead goes to pay the pensions of retired plan members today.Thus,the Canada Pension Plan (CPP)works in part like which of the following?

Accepted Answer

A)  a transfer plan 
B)  a savings plan 
C)  an RIP (Retroactive Income Payment) 
D)  an RRSP (Registered Retirement Savings Plan) 
A)  a transfer plan 
B)  a savings plan 
C)  an RIP (Retroactive Income Payment) 
D)  an RRSP (Registered Retirement Savings Plan)

Question 8

Which of the following makes up Tier Three of the pension system?

Accepted Answer

A)  government transfers 
B)  public pension plans 
C)  private income 
D)  provincial assistance 
A)  government transfers 
B)  public pension plans 
C)  private income 
D)  provincial assistance

Question 9

Statistics Canada (2011)reports that in 2009,what percentage of all Canadians aged 25 to 64 contributed to an RRSP?

Accepted Answer

A)  17% 
B)  40% 
C)  51% 
D)  84% 
A)  17% 
B)  40% 
C)  51% 
D)  84%

Question 10

According to McDonald and Robb (2004),the pension system needs reform to meet the needs of which of the following groups?

Accepted Answer

A)  older men 
B)  older women 
C)  younger men 
D)  younger women 
A)  older men 
B)  older women 
C)  younger men 
D)  younger women

Question 11

What is the OAS indexed to?

Accepted Answer

A)  interest rates 
B)  the inflation rate 
C)  the cost of living 
D)  tax revenues 
A)  interest rates 
B)  the inflation rate 
C)  the cost of living 
D)  tax revenues

Question 12

Julia is 63 and she receives this payment,which is a component of tier one of Canada's government transfer program.Which of the following payments does Julia receive?

Accepted Answer

A)  Canada Pension Plan (CPP) 
B)  HST Rebate 
C)  Federal Income Tax Rebate 
D)  the Allowance (ALW) 
A)  Canada Pension Plan (CPP) 
B)  HST Rebate 
C)  Federal Income Tax Rebate 
D)  the Allowance (ALW)

Question 13

In 2009,which percentage of women were public pension plan members?

Accepted Answer

A)  25% 
B)  47% 
C)  59% 
D)  62% 
A)  25% 
B)  47% 
C)  59% 
D)  62%

Question 14

Adjustments made by the federal government to the income security system over the years include which of the following?

Accepted Answer

A)  indexing the CPP against the Consumer Price Index 
B)  improving the OAS so that it is more of a means-tested plan 
C)  reducing clawbacks to ensure that poorer older people retain more of their benefits 
D)  increasing OAS benefits to older single women 
A)  indexing the CPP against the Consumer Price Index 
B)  improving the OAS so that it is more of a means-tested plan 
C)  reducing clawbacks to ensure that poorer older people retain more of their benefits 
D)  increasing OAS benefits to older single women

Question 15

According to Brown (2010),what percentage of private sector workers has a defined benefit pension plan?

Accepted Answer

A)  20% 
B)  40% 
C)  60% 
D)  80% 
A)  20% 
B)  40% 
C)  60% 
D)  80%

Question 16

What is the term used to describe how much an employee can expect to earn in retirement,based on a formula that takes into account one's years of service and highest salary?

Accepted Answer

A)  employer pension plan 
B)  defined benefit pension plan 
C)  defined occupational pension 
D)  employer contribution pension plan 
A)  employer pension plan 
B)  defined benefit pension plan 
C)  defined occupational pension 
D)  employer contribution pension plan

Question 17

Which group will still have to consider some tough issues in the future such as the rising costs of OAS pensions and the indexation of private pension plans?

Accepted Answer

A)  provincial government 
B)  federal government 
C)  younger people 
D)  seniors 
A)  provincial government 
B)  federal government 
C)  younger people 
D)  seniors

Question 18

According to Mo and colleagues (2006),which of the following is the major part of the majority of older Canadians' pension income?

Accepted Answer

A)  investments and savings 
B)  private income 
C)  private pensions 
D)  government transfers and private pensions 
A)  investments and savings 
B)  private income 
C)  private pensions 
D)  government transfers and private pensions

Question 19

Compare and contrast the defined benefit pension plan and the defined contribution pension plan.

Accepted Answer

Student Answer should include the follow

Question 20

Ryan is 26 years old and is just starting to work.He has a good pension plan at his new job.Why do young people such as Ryan continue to support a stronger pension system in the future?

Accepted Answer

A)  Payments into the CPP help to reduce the national debt. 
B)  They can withdraw money saved in their pension plans to pay for post-retirement amenities. 
C)  It creates social and economic stability. 
D)  Without it, they would have to care for their parents themselves. 
A)  Payments into the CPP help to reduce the national debt. 
B)  They can withdraw money saved in their pension plans to pay for post-retirement amenities. 
C)  It creates social and economic stability. 
D)  Without it, they would have to care for their parents themselves.

According to Statistics Canada figures from 2007,what percentage of men received the CPP?

In 1985,the federal government announced changes to the Canada Pension Benefits Standards Act. What were the five new standards that were put into place in 1985?

Why did the federal government keep payments of early pension programs low?

According to Statistics Canada figures from 2007,what percentage of women received the CPP?

Interview someone who has a tax-free savings account.Why did this individual choose this savings method? What are the benefits of a TFSA?

Which of the following is one reason only a small percentage of people belonging to occupational pension plans ever collect a full pension?

The money paid in today by a worker does not go into a private account,but instead goes to pay the pensions of retired plan members today.Thus,the Canada Pension Plan (CPP)works in part like which of the following?

Which of the following makes up Tier Three of the pension system?

Statistics Canada (2011)reports that in 2009,what percentage of all Canadians aged 25 to 64 contributed to an RRSP?

According to McDonald and Robb (2004),the pension system needs reform to meet the needs of which of the following groups?

What is the OAS indexed to?

Julia is 63 and she receives this payment,which is a component of tier one of Canada's government transfer program.Which of the following payments does Julia receive?

In 2009,which percentage of women were public pension plan members?

Adjustments made by the federal government to the income security system over the years include which of the following?

According to Brown (2010),what percentage of private sector workers has a defined benefit pension plan?

What is the term used to describe how much an employee can expect to earn in retirement,based on a formula that takes into account one's years of service and highest salary?

Which group will still have to consider some tough issues in the future such as the rising costs of OAS pensions and the indexation of private pension plans?

According to Mo and colleagues (2006),which of the following is the major part of the majority of older Canadians' pension income?

Compare and contrast the defined benefit pension plan and the defined contribution pension plan.

Ryan is 26 years old and is just starting to work.He has a good pension plan at his new job.Why do young people such as Ryan continue to support a stronger pension system in the future?

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

According to Statistics Canada figures from 2007,what percentage of men received the CPP?

In 1985,the federal government announced changes to the Canada Pension Benefits Standards Act. What were the five new standards that were put into place in 1985?

Why did the federal government keep payments of early pension programs low?

According to Statistics Canada figures from 2007,what percentage of women received the CPP?

Interview someone who has a tax-free savings account.Why did this individual choose this savings method? What are the benefits of a TFSA?

Which of the following is one reason only a small percentage of people belonging to occupational pension plans ever collect a full pension?

The money paid in today by a worker does not go into a private account,but instead goes to pay the pensions of retired plan members today.Thus,the Canada Pension Plan (CPP)works in part like which of the following?

Which of the following makes up Tier Three of the pension system?

Statistics Canada (2011)reports that in 2009,what percentage of all Canadians aged 25 to 64 contributed to an RRSP?

According to McDonald and Robb (2004),the pension system needs reform to meet the needs of which of the following groups?

What is the OAS indexed to?

Julia is 63 and she receives this payment,which is a component of tier one of Canada's government transfer program.Which of the following payments does Julia receive?

In 2009,which percentage of women were public pension plan members?

Adjustments made by the federal government to the income security system over the years include which of the following?

According to Brown (2010),what percentage of private sector workers has a defined benefit pension plan?

What is the term used to describe how much an employee can expect to earn in retirement,based on a formula that takes into account one's years of service and highest salary?

Which group will still have to consider some tough issues in the future such as the rising costs of OAS pensions and the indexation of private pension plans?

According to Mo and colleagues (2006),which of the following is the major part of the majority of older Canadians' pension income?

Compare and contrast the defined benefit pension plan and the defined contribution pension plan.

Ryan is 26 years old and is just starting to work.He has a good pension plan at his new job.Why do young people such as Ryan continue to support a stronger pension system in the future?

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