Question 1

Your spending patterns during retirement will probably not change.

Accepted Answer

A) True 
 B)False  False

Question 2

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  True

Question 3

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. D

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

A(n) ____________ is appealing because it allows people to stay in their homes as they grow older and frail.

Accepted Answer

A)  accessory apartment 
B)  caretaker arrangement 
C)  commercial rental 
D)  universal design home 
E)  congregate housing 
A)  accessory apartment 
B)  caretaker arrangement 
C)  commercial rental 
D)  universal design home 
E)  congregate housing

Question 7

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 8

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

Accepted Answer

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

Question 9

Your expenses for leisure activities will probably increase during retirement.

Accepted Answer

A) True 
 B)False

Question 10

To stretch your income during retirement, you could

Accepted Answer

A)  skip leisure activities. 
B)  cut your food expenditures. 
C)  cancel your life and property insurance. 
D)  use your skills and time instead of your money. 
E)  not travel. 
A)  skip leisure activities. 
B)  cut your food expenditures. 
C)  cancel your life and property insurance. 
D)  use your skills and time instead of your money. 
E)  not travel.

Question 11

The first step in stretching your retirement income is to make sure that you are

Accepted Answer

A)  contributing to the CPP. 
B)  covered by an employer pension plan. 
C)  contributing to a RRIF. 
D)  saving funds in a RRSP. 
E)  receiving all of the income to which you are entitled. 
A)  contributing to the CPP. 
B)  covered by an employer pension plan. 
C)  contributing to a RRIF. 
D)  saving funds in a RRSP. 
E)  receiving all of the income to which you are entitled.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Which statement is correct regarding retirement living expenses?

Accepted Answer

A)  It is impossible to estimate your spending needs. 
B)  Your spending patterns will probably change. 
C)  You'll use a smaller amount of money for food, housing, and medical care. 
D)  Your spending patterns will probably not change. 
E)  The exact amount of money you'll need can be accurately predicted. 
A)  It is impossible to estimate your spending needs. 
B)  Your spending patterns will probably change. 
C)  You'll use a smaller amount of money for food, housing, and medical care. 
D)  Your spending patterns will probably not change. 
E)  The exact amount of money you'll need can be accurately predicted.

Question 14

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 15

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

Accepted Answer

A)  25th 
B)  35th 
C)  45th 
D)  55th 
E)  65th 
A)  25th 
B)  35th 
C)  45th 
D)  55th 
E)  65th

Question 16

Your first step in retirement planning is to:

Accepted Answer

A)  estimate your spending needs. 
B)  analyze your current assets and liabilities. 
C)  adjust your spending needs for inflation. 
D)  evaluate your planned retirement income. 
E)  determine if you'll have to work during retirement. 
A)  estimate your spending needs. 
B)  analyze your current assets and liabilities. 
C)  adjust your spending needs for inflation. 
D)  evaluate your planned retirement income. 
E)  determine if you'll have to work during retirement.

Question 17

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 65th birthday 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 65th birthday 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 18

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 19

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 20

What types of expenses might increase during retirement?

Accepted Answer

Medical expenses and

Your spending patterns during retirement will probably not change.

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

You can determine your net worth by

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

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

A(n) ____________ is appealing because it allows people to stay in their homes as they grow older and frail.

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

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

Your expenses for leisure activities will probably increase during retirement.

To stretch your income during retirement, you could

The first step in stretching your retirement income is to make sure that you are

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

Which statement is correct regarding retirement living expenses?

Which of the following statements is false?

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

Your first step in retirement planning is to:

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

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

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

What types of expenses might increase during retirement?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source 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

Your spending patterns during retirement will probably not change.

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

You can determine your net worth by

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

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

A(n) ____________ is appealing because it allows people to stay in their homes as they grow older and frail.

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

A housing alternative for seniors that provides independent living residences for retirees or semi-retirees in a community of healthy seniors is called __________________

Your expenses for leisure activities will probably increase during retirement.

To stretch your income during retirement, you could

The first step in stretching your retirement income is to make sure that you are

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

Which statement is correct regarding retirement living expenses?

Which of the following statements is false?

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

Your first step in retirement planning is to:

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

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

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

What types of expenses might increase during retirement?

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source 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