Question 1

In a reverse annuity mortgage, a lender uses your house as collateral to buy an annuity for you from a life insurance company.

Accepted Answer

A) True 
 B)False

Question 2

There are hardly any psychological benefits of working part-time during your retirement.

Accepted Answer

A) True 
 B)False

Question 3

Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

Accepted Answer

A) True 
 B)False

Question 4

The housing needs of people do not change much as they grow older.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) clothing expenses 
B) federal income taxes 
C) medical expenses 
D) work-related expenses 
E) provincial income taxes 
A) clothing expenses 
B) federal income taxes 
C) medical expenses 
D) work-related expenses 
E) provincial income taxes

Question 6

A retirement home is.

Accepted Answer

A) Independent living residences for retirees or semi-retirees in a community of healthy seniors. 
B) A form of housing tenure. 
C) A private business that provide seniors various combinations of accommodation, support services, and personal care. 
D) A public business that provide seniors various combinations of accommodation, support services, and personal care. 
E) A form of housing ownership. 
A) Independent living residences for retirees or semi-retirees in a community of healthy seniors. 
B) A form of housing tenure. 
C) A private business that provide seniors various combinations of accommodation, support services, and personal care. 
D) A public business that provide seniors various combinations of accommodation, support services, and personal care. 
E) A form of housing ownership.

Question 7

Which statement is correct about retirement planning of young professionals?

Accepted Answer

A) They don't want to retire with plenty of money. 
B) They would rather save money now for retirement than spend it. 
C) They are not worried about having enough money to retire comfortably. 
D) Young people are in the best position to save. 
E) Saving money does not come naturally to many young people. 
A) They don't want to retire with plenty of money. 
B) They would rather save money now for retirement than spend it. 
C) They are not worried about having enough money to retire comfortably. 
D) Young people are in the best position to save. 
E) Saving money does not come naturally to many young people.

Question 8

What is a RAM?

Accepted Answer

A) Reverse annuity mortgage 
B) Residential annual mortgage 
C) Royalty annuity mortgage 
D) Risky annuity mortgage 
E) Real estate annual mortgage 
A) Reverse annuity mortgage 
B) Residential annual mortgage 
C) Royalty annuity mortgage 
D) Risky annuity mortgage 
E) Real estate annual mortgage

Question 9

Even if it is a life annuity, payments cannot continue until death.

Accepted Answer

A) True 
 B)False

Question 10

At age 65, what is the average life expectancy of a man?

Accepted Answer

A) 4 years 
B) 7 years 
C) 9 years 
D) 12 years 
E) 18 years 
A) 4 years 
B) 7 years 
C) 9 years 
D) 12 years 
E) 18 years

Question 11

Unless it is indexed, an annuity provides no protection from inflation.

Accepted Answer

A) True 
 B)False

Question 12

The exact amount of money you will need in retirement can be predicted accurately.

Accepted Answer

A) True 
 B)False

Question 13

It is vital to engage in basic retirement planning activities through your working years.

Accepted Answer

A) True 
 B)False

Question 14

The Canada Pension Plan (CPP) includes disability, retirement, and survivor benefits.

Accepted Answer

A) True 
 B)False

Question 15

You can determine your net worth by

Accepted Answer

A) subtracting your assets from your liabilities. 
B) subtracting the value of your home from the mortgage balance. 
C) adding your liabilities and assets. 
D) subtracting your liabilities from your assets. 
E) subtracting your expenses from your income. 
A) subtracting your assets from your liabilities. 
B) subtracting the value of your home from the mortgage balance. 
C) adding your liabilities and assets. 
D) subtracting your liabilities from your assets. 
E) subtracting your expenses from your income.

Question 16

If you save $300 per month and earn 9 percent interest per year you will have approximately how much money after 40 years?

Accepted Answer

A) $1.4 million 
B) $900,000 
C) $1.7 million 
D) $2.1 million 
E) $3.25 million 
A) $1.4 million 
B) $900,000 
C) $1.7 million 
D) $2.1 million 
E) $3.25 million

Question 17

A CMHC program that helps low-income homeowners, or landlords who own units occupied by low-income tenants, pay for repairs to bring their properties up to minimum health and safety standards and helps owners modify their homes to make them accessible to those who are disabled 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 18

During your retirement, your employer's health insurance plan and provincial health insurance will cover your medical expenses.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) clothing expenses 
B) federal income taxes 
C) provincial income taxes 
D) work-related expenses 
E) leisure activity expenses 
A) clothing expenses 
B) federal income taxes 
C) provincial income taxes 
D) work-related expenses 
E) leisure activity expenses

Question 20

Which one(s) of the following is(are) tips from retirement specialists on how to uncover hidden taxes and other costs of a retirement area?

Accepted Answer

A) Contact the local Chamber of Commerce to get an economic profile. 
B) Contact the provincial tax department to find out provincial, sales, and inheritance taxes. 
C) Call a local accountant to find out which taxes are rising. 
D) Rent for a while instead of buying immediately. 
E) Contact the local Chamber of Commerce to get an economic profile, contact the provincial tax department to find out provincial, sales, and inheritance taxes, call a local accountant to find out which taxes are rising, and rent for a while instead of buying immediately are correct. 
A) Contact the local Chamber of Commerce to get an economic profile. 
B) Contact the provincial tax department to find out provincial, sales, and inheritance taxes. 
C) Call a local accountant to find out which taxes are rising. 
D) Rent for a while instead of buying immediately. 
E) Contact the local Chamber of Commerce to get an economic profile, contact the provincial tax department to find out provincial, sales, and inheritance taxes, call a local accountant to find out which taxes are rising, and rent for a while instead of buying immediately are correct.

In a reverse annuity mortgage, a lender uses your house as collateral to buy an annuity for you from a life insurance company.

There are hardly any psychological benefits of working part-time during your retirement.

Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

The housing needs of people do not change much as they grow older.

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

A retirement home is.

Which statement is correct about retirement planning of young professionals?

What is a RAM?

Even if it is a life annuity, payments cannot continue until death.

At age 65, what is the average life expectancy of a man?

Unless it is indexed, an annuity provides no protection from inflation.

The exact amount of money you will need in retirement can be predicted accurately.

It is vital to engage in basic retirement planning activities through your working years.

The Canada Pension Plan (CPP) includes disability, retirement, and survivor benefits.

You can determine your net worth by

If you save $300 per month and earn 9 percent interest per year you will have approximately how much money after 40 years?

During your retirement, your employer's health insurance plan and provincial health insurance will cover your medical expenses.

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

Which one(s) of the following is(are) tips from retirement specialists on how to uncover hidden taxes and other costs of a retirement area?

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

Exam 14: Retirement Planning

In a reverse annuity mortgage, a lender uses your house as collateral to buy an annuity for you from a life insurance company.

There are hardly any psychological benefits of working part-time during your retirement.

Staying in their present home is the alternative preferred by most of the persons who are approaching retirement.

The housing needs of people do not change much as they grow older.

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

A retirement home is.

Which statement is correct about retirement planning of young professionals?

What is a RAM?

Even if it is a life annuity, payments cannot continue until death.

At age 65, what is the average life expectancy of a man?

Unless it is indexed, an annuity provides no protection from inflation.

The exact amount of money you will need in retirement can be predicted accurately.

It is vital to engage in basic retirement planning activities through your working years.

The Canada Pension Plan (CPP) includes disability, retirement, and survivor benefits.

You can determine your net worth by

If you save $300 per month and earn 9 percent interest per year you will have approximately how much money after 40 years?

During your retirement, your employer's health insurance plan and provincial health insurance will cover your medical expenses.

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

Which one(s) of the following is(are) tips from retirement specialists on how to uncover hidden taxes and other costs of a retirement area?

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