Question 1

You can get a reverse mortgage annuity if:

Accepted Answer

A) you are at least 55 years old. 
B) you are five years from retirement. 
C) your mortgage is largely or completely paid off. 
D) you are recently retired. 
E) you need a loan. 
A) you are at least 55 years old. 
B) you are five years from retirement. 
C) your mortgage is largely or completely paid off. 
D) you are recently retired. 
E) you need a loan.

Question 2

Your first step in retirement planning is to analyze your current assets and liabilities.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

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

Question 4

When you are nearing retirement, it is a good idea to:

Accepted Answer

A) increase the face value of your life insurance. 
B) increase your property insurance coverage. 
C) keep your life insurance intact. 
D) decrease the face value of your life insurance. 
E) swap your old life insurance policy with a new one. 
A) increase the face value of your life insurance. 
B) increase your property insurance coverage. 
C) keep your life insurance intact. 
D) decrease the face value of your life insurance. 
E) swap your old life insurance policy with a new one.

Question 5

How many years will it take for an inflation rate of 2% to double prices?

Accepted Answer

A) 10 
B) 20 
C) 36 
D) 45 
E) 50 
A) 10 
B) 20 
C) 36 
D) 45 
E) 50

Question 6

Which of the following statements is false?

Accepted Answer

A) Payments for a life annuity can continue until death. 
B) Transfers between annuity companies are tax-free. 
C) Annuities are legitimate tax shelters. 
D) An annuity has no investment limit. 
E) Annuities provide opportunities for retirement income to grow. 
A) Payments for a life annuity can continue until death. 
B) Transfers between annuity companies are tax-free. 
C) Annuities are legitimate tax shelters. 
D) An annuity has no investment limit. 
E) Annuities provide opportunities for retirement income to grow.

Question 7

Be certain you don't let your 45thbirthday roll by without a comprehensive retirement plan.

Accepted Answer

A) True 
 B)False

Question 8

As of 2015 what of the following is the largest 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 9

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) The CPP dates back to 1996. 
B) There are three types of CPP benefits. 
C) CPP contribution is based on your age. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) If you can begin receiving your CPP benefits at the age of 50. 
A) The CPP dates back to 1996. 
B) There are three types of CPP benefits. 
C) CPP contribution is based on your age. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) If you can begin receiving your CPP benefits at the age of 50.

Question 11

An employee who is seeking the greatest security in her pension income would choose which of the following?

Accepted Answer

A) Deferred Profit Sharing Plan (DPSP) 
B) Defined Contribution Pension Plan (DCPP) 
C) Group Registered Retirement Savings Plan (Group RRS)) 
D) Defined Benefit Pension Plan (DBPP) 
E) Dividend Reinvestment Plan (DRIP) 
A) Deferred Profit Sharing Plan (DPSP) 
B) Defined Contribution Pension Plan (DCPP) 
C) Group Registered Retirement Savings Plan (Group RRS)) 
D) Defined Benefit Pension Plan (DBPP) 
E) Dividend Reinvestment Plan (DRIP)

Question 12

The first step in stretching your retirement income is to make sure you are receiving all the income to which you are entitled.

Accepted Answer

A) True 
 B)False

Question 13

Your retirement will last only about 15 years.

Accepted Answer

A) True 
 B)False

Question 14

You can expect to spend about 16 to 20 years in retirement.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following requires mandatory contributions from workers earning in excess of $3,500 a year?

Accepted Answer

A) Quebec Pension Plan (QPP) 
B) Old Age Security (OAS) 
C) Defined Benefit Pension Plan (DBPP) 
D) Registered Retirement Savings Plan (RRSP) 
E) Dividend Reinvestment Plan (DRIP) 
A) Quebec Pension Plan (QPP) 
B) Old Age Security (OAS) 
C) Defined Benefit Pension Plan (DBPP) 
D) Registered Retirement Savings Plan (RRSP) 
E) Dividend Reinvestment Plan (DRIP)

Question 16

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) You can begin receiving your CPP benefits at the age of 50. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) You can begin receiving your CPP benefits at the age of 60. 
A) The CPP dates back to 1996. 
B) CPP contribution is based on your age. 
C) You can begin receiving your CPP benefits at the age of 50. 
D) The federal government matches the CPP contributions of self-employed individuals. 
E) You can begin receiving your CPP benefits at the age of 60.

Question 17

Some experts suggest starting estate planning while you are still in school.

Accepted Answer

A) True 
 B)False

Question 18

Only saving now and curtailing current spending can ensure comfortable retirement later.

Accepted Answer

A) True 
 B)False

Question 19

Which employer retirement plan specifies the benefits promised to the employee at the normal retirement age?

Accepted Answer

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

You can get a reverse mortgage annuity if:

Your first step in retirement planning is to analyze your current assets and liabilities.

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

When you are nearing retirement, it is a good idea to:

How many years will it take for an inflation rate of 2% to double prices?

Which of the following statements is false?

Be certain you don't let your 45^thbirthday roll by without a comprehensive retirement plan.

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

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

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

An employee who is seeking the greatest security in her pension income would choose which of the following?

The first step in stretching your retirement income is to make sure you are receiving all the income to which you are entitled.

Your retirement will last only about 15 years.

You can expect to spend about 16 to 20 years in retirement.

Which of the following requires mandatory contributions from workers earning in excess of $3,500 a year?

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

Some experts suggest starting estate planning while you are still in school.

Only saving now and curtailing current spending can ensure comfortable retirement later.

Which employer retirement plan specifies the benefits promised to the employee at the normal retirement age?

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

You can get a reverse mortgage annuity if:

Your first step in retirement planning is to analyze your current assets and liabilities.

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

When you are nearing retirement, it is a good idea to:

How many years will it take for an inflation rate of 2% to double prices?

Which of the following statements is false?

Be certain you don't let your 45thbirthday roll by without a comprehensive retirement plan.

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

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

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

An employee who is seeking the greatest security in her pension income would choose which of the following?

The first step in stretching your retirement income is to make sure you are receiving all the income to which you are entitled.

Your retirement will last only about 15 years.

You can expect to spend about 16 to 20 years in retirement.

Which of the following requires mandatory contributions from workers earning in excess of $3,500 a year?

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

Some experts suggest starting estate planning while you are still in school.

Only saving now and curtailing current spending can ensure comfortable retirement later.

Which employer retirement plan specifies the benefits promised to the employee at the normal retirement age?

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

Be certain you don't let your 45^thbirthday roll by without a comprehensive retirement plan.