Question 1

Your spending patterns during retirement will probably not change.

Accepted Answer

A) True 
 B)False

Question 2

As of 2015 what of the following is the smallest percentage of household expenditures in Canada?

Accepted Answer

A) Food 
B) Transportation 
C) Household operation 
D) Clothing 
E) Education 
A) Food 
B) Transportation 
C) Household operation 
D) Clothing 
E) Education

Question 3

Which of these statements is correct about the Canada Pension Plan (CPP)?

Accepted Answer

A) The CPP dates back to 1996. 
B) CPP contribution is based on your age. 
C) CPP benefits decrease by 0.5 percent for each month earlier than the month of your 65thbirthday should you start your benefits before age 65. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) You can begin receiving your CPP benefits at the age of 59. 
A) The CPP dates back to 1996. 
B) CPP contribution is based on your age. 
C) CPP benefits decrease by 0.5 percent for each month earlier than the month of your 65thbirthday should you start your benefits before age 65. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) You can begin receiving your CPP benefits at the age of 59.

Question 4

How many years can you expect to spend in retirement?

Accepted Answer

A) 1 to 5 years 
B) 6 to 10 years 
C) 10 to 12 years 
D) 12 to 16 years 
E) up to 16 to 20 years 
A) 1 to 5 years 
B) 6 to 10 years 
C) 10 to 12 years 
D) 12 to 16 years 
E) up to 16 to 20 years

Question 5

The contribution you are required to make to the CPP is fixed.

Accepted Answer

A) True 
 B)False

Question 6

A CMHC program that helps homeowners pay for minor modifications, such as adding handrails and grab bars is called __________________

Accepted Answer

A) Canada Pension Plan 
B) Home Adaptations for Seniors' Independence Program 
C) Old Age Security 
D) Emergency Repair Program 
E) Residential Rehabilitation Assistance Program 
A) Canada Pension Plan 
B) Home Adaptations for Seniors' Independence Program 
C) Old Age Security 
D) Emergency Repair Program 
E) Residential Rehabilitation Assistance Program

Question 7

Which type of housing is designed to allow people to stay in their homes as they grow older?

Accepted Answer

A) Accessory apartment 
B) ECHO unit 
C) Rooming house 
D) universal design 
E) professional companionship arrangement 
A) Accessory apartment 
B) ECHO unit 
C) Rooming house 
D) universal design 
E) professional companionship arrangement

Question 8

Your net worth is equal to your assets minus liabilities.

Accepted Answer

A) True 
 B)False

Question 9

Your expenses for leisure activities will probably increase during retirement.

Accepted Answer

A) True 
 B)False

Question 10

When I retire, my pension benefits will increase to keep pace with inflation.

Accepted Answer

A) True 
 B)False

Question 11

What percentage of recent retiree want to continue to work?

Accepted Answer

A) 5% 
B) 10% 
C) 20% 
D) 40% 
E) 50% 
A) 5% 
B) 10% 
C) 20% 
D) 40% 
E) 50%

Question 12

A housing alternative run by private businesses that provide seniors various combinations of accommodation, support services, and personal care is called __________________

Accepted Answer

A) a retirement home 
B) the Home Adaptations for Seniors' Independence Program 
C) life lease housing 
D) Adult retirement community 
E) the Residential Rehabilitation Assistance Program 
A) a retirement home 
B) the Home Adaptations for Seniors' Independence Program 
C) life lease housing 
D) Adult retirement community 
E) the Residential Rehabilitation Assistance Program

Question 13

Which one of the following expenditures for retirees is likely to decrease?

Accepted Answer

A) food and medical care 
B) expenses for leisure activities 
C) work related expenses 
D) medical expenses 
E) insurance 
A) food and medical care 
B) expenses for leisure activities 
C) work related expenses 
D) medical expenses 
E) insurance

Question 14

Which of these statements is correct about the Canada Pension Plan (CPP)?

Accepted Answer

A) You must start receiving CPP at age 65. 
B) CPP contribution is based on your age. 
C) You can begin receiving your CPP benefits at the age of 59. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) CPP benefits increase by 0.5 percent for each month later than the month of your 65thbirthday should you start your benefits later. 
A) You must start receiving CPP at age 65. 
B) CPP contribution is based on your age. 
C) You can begin receiving your CPP benefits at the age of 59. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) CPP benefits increase by 0.5 percent for each month later than the month of your 65thbirthday should you start your benefits later.

Question 15

One of the following is not an advantage of the Canada Pension Plan retirement income:

Accepted Answer

A) earned income partially offsets benefits. 
B) forced savings. 
C) portable from job to job. 
D) cost shared with employer. 
E) survivorship rights. 
A) earned income partially offsets benefits. 
B) forced savings. 
C) portable from job to job. 
D) cost shared with employer. 
E) survivorship rights.

Question 16

Your current assets include everything you own that has value.

Accepted Answer

A) True 
 B)False

Question 17

You can qualify for reduced CPP retirement benefits at age 60.

Accepted Answer

A) True 
 B)False

Question 18

When I retire, I can depend on the government and my company pension to pay for my basic living expenses.

Accepted Answer

A) True 
 B)False

Question 19

Possible sources of income for many retirees include

Accepted Answer

A) government benefits. 
B) public pension plans. 
C) employer pension plans. 
D) personal retirement plans and annuities. 
E) government benefits, public pension plans, employer pension plans, personal retirement plans and annuities are possible sources of income. 
A) government benefits. 
B) public pension plans. 
C) employer pension plans. 
D) personal retirement plans and annuities. 
E) government benefits, public pension plans, employer pension plans, personal retirement plans and annuities are possible sources of income.

Question 20

Which employer pension plan has an individual account for each employee?

Accepted Answer

A) undefined-contribution plan 
B) defined-contribution plan 
C) defined-benefit plan 
D) undefined-benefit plan 
E) surplus-employee plan 
A) undefined-contribution plan 
B) defined-contribution plan 
C) defined-benefit plan 
D) undefined-benefit plan 
E) surplus-employee plan

Your spending patterns during retirement will probably not change.

As of 2015 what of the following is the smallest percentage of household expenditures in Canada?

Which of these statements is correct about the Canada Pension Plan (CPP)?

How many years can you expect to spend in retirement?

The contribution you are required to make to the CPP is fixed.

A CMHC program that helps homeowners pay for minor modifications, such as adding handrails and grab bars is called __________________

Which type of housing is designed to allow people to stay in their homes as they grow older?

Your net worth is equal to your assets minus liabilities.

Your expenses for leisure activities will probably increase during retirement.

When I retire, my pension benefits will increase to keep pace with inflation.

What percentage of recent retiree want to continue to work?

A housing alternative run by private businesses that provide seniors various combinations of accommodation, support services, and personal care is called __________________

Which one of the following expenditures for retirees is likely to decrease?

Which of these statements is correct about the Canada Pension Plan (CPP)?

One of the following is not an advantage of the Canada Pension Plan retirement income:

Your current assets include everything you own that has value.

You can qualify for reduced CPP retirement benefits at age 60.

When I retire, I can depend on the government and my company pension to pay for my basic living expenses.

Possible sources of income for many retirees include

Which employer pension plan has an individual account for each employee?

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

Estate Planning

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Exam 14: Retirement Planning

Your spending patterns during retirement will probably not change.

As of 2015 what of the following is the smallest percentage of household expenditures in Canada?

Which of these statements is correct about the Canada Pension Plan (CPP)?

How many years can you expect to spend in retirement?

The contribution you are required to make to the CPP is fixed.

A CMHC program that helps homeowners pay for minor modifications, such as adding handrails and grab bars is called __________________

Which type of housing is designed to allow people to stay in their homes as they grow older?

Your net worth is equal to your assets minus liabilities.

Your expenses for leisure activities will probably increase during retirement.

When I retire, my pension benefits will increase to keep pace with inflation.

What percentage of recent retiree want to continue to work?

A housing alternative run by private businesses that provide seniors various combinations of accommodation, support services, and personal care is called __________________

Which one of the following expenditures for retirees is likely to decrease?

Which of these statements is correct about the Canada Pension Plan (CPP)?

One of the following is not an advantage of the Canada Pension Plan retirement income:

Your current assets include everything you own that has value.

You can qualify for reduced CPP retirement benefits at age 60.

When I retire, I can depend on the government and my company pension to pay for my basic living expenses.

Possible sources of income for many retirees include

Which employer pension plan has an individual account for each employee?

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

Estate Planning

Filters