Question 1

Your estate consists of everything you own.

Accepted Answer

A) True 
 B)False

Question 2

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

Accepted Answer

A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix. 
A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix.

Question 3

This chapter on estate planning provides all the answers to estate planning questions.

Accepted Answer

A) True 
 B)False

Question 4

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Accepted Answer

A) True 
 B)False

Question 5

A living will describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them.

Accepted Answer

A) True 
 B)False

Question 6

It is always easy to plan for your family's financial security in the event of your death.

Accepted Answer

A) True 
 B)False

Question 7

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

Accepted Answer

A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) encroachment clause 
E) testimonium and attestation clause 
A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) encroachment clause 
E) testimonium and attestation clause

Question 8

What percentage of adults age 50 and older do not have a will?

Accepted Answer

A) None.You legally must have a will in Canada. 
B) One percent. 
C) Ten percent. 
D) Forty percent. 
E) Eighty percent. 
A) None.You legally must have a will in Canada. 
B) One percent. 
C) Ten percent. 
D) Forty percent. 
E) Eighty percent.

Question 9

Estate planning has two parts.The first part consists of

Accepted Answer

A) deciding on who is going to get what. 
B) transferring your estate in the manner you have specified. 
C) building your estate through savings, investments, and insurance. 
D) evaluating your assets and liabilities. 
E) Meeting your financial planner. 
A) deciding on who is going to get what. 
B) transferring your estate in the manner you have specified. 
C) building your estate through savings, investments, and insurance. 
D) evaluating your assets and liabilities. 
E) Meeting your financial planner.

Question 10

A large percentage of people do little or nothing to provide for those who will survive them.

Accepted Answer

A) True 
 B)False

Question 11

Which one of the following statements is correct?

Accepted Answer

A) A large percentage of people do little or nothing to provide for those who will survive them. 
B) Most people do plan their estates. 
C) Most people think that they will live forever. 
D) Most people don't worry about estate planning until they are 65. 
E) Estate planning is mandatory in some provinces. 
A) A large percentage of people do little or nothing to provide for those who will survive them. 
B) Most people do plan their estates. 
C) Most people think that they will live forever. 
D) Most people don't worry about estate planning until they are 65. 
E) Estate planning is mandatory in some provinces.

Question 12

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

Accepted Answer

A) True 
 B)False

Question 13

If you die without a valid will, you die

Accepted Answer

A) intestate. 
B) in peace. 
C) in trust. 
D) prenuptially. 
E) in turmoil. 
A) intestate. 
B) in peace. 
C) in trust. 
D) prenuptially. 
E) in turmoil.

Question 14

A will is:

Accepted Answer

A) a legal arrangement through which your assets are held by someone. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) the legal declaration of a person's mind as to the disposition of his or her property after his or her death. 
A) a legal arrangement through which your assets are held by someone. 
B) a synonym for a prenuptial agreement. 
C) a legal document authorizing someone to act on your behalf. 
D) a synonym for a letter of last instruction. 
E) the legal declaration of a person's mind as to the disposition of his or her property after his or her death.

Question 15

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 16

A guardian is a person or an institution that holds property for the benefit of someone.

Accepted Answer

A) True 
 B)False

Question 17

What percentage of Canadians believe that they can afford a will?

Accepted Answer

A) 23% 
B) 29% 
C) 47% 
D) 56% 
E) 61% 
A) 23% 
B) 29% 
C) 47% 
D) 56% 
E) 61%

Question 18

A formal will creates lower overall taxation.

Accepted Answer

A) True 
 B)False

Question 19

If you die without a will, you die intestate.

Accepted Answer

A) True 
 B)False

Question 20

Estate planning is not a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Accepted Answer

A) True 
 B)False

Your estate consists of everything you own.

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

This chapter on estate planning provides all the answers to estate planning questions.

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

A living will describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them.

It is always easy to plan for your family's financial security in the event of your death.

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

What percentage of adults age 50 and older do not have a will?

Estate planning has two parts.The first part consists of

A large percentage of people do little or nothing to provide for those who will survive them.

Which one of the following statements is correct?

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

If you die without a valid will, you die

A will is:

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

A guardian is a person or an institution that holds property for the benefit of someone.

What percentage of Canadians believe that they can afford a will?

A formal will creates lower overall taxation.

If you die without a will, you die intestate.

Estate planning is not a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Filters

Exam 15: Estate Planning

Your estate consists of everything you own.

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

This chapter on estate planning provides all the answers to estate planning questions.

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

A living will describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them.

It is always easy to plan for your family's financial security in the event of your death.

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

What percentage of adults age 50 and older do not have a will?

Estate planning has two parts.The first part consists of

A large percentage of people do little or nothing to provide for those who will survive them.

Which one of the following statements is correct?

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

If you die without a valid will, you die

A will is:

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

A guardian is a person or an institution that holds property for the benefit of someone.

What percentage of Canadians believe that they can afford a will?

A formal will creates lower overall taxation.

If you die without a will, you die intestate.

Estate planning is not a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Filters