Question 1

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 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

What types of retirement living expenses can be lowered or eliminated?

Accepted Answer

Work-related expenses, clothing expenses

Question 5

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 6

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

Accepted Answer

A)  RRIF 
B)  Annuity 
C)  Mutual fund 
D)  Cash 
E)  GIC 
A)  RRIF 
B)  Annuity 
C)  Mutual fund 
D)  Cash 
E)  GIC

Question 7

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 8

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 65th birthday 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 65th birthday should you start your benefits later.

Question 9

Saving just a little bit today for your retirement won't help.

Accepted Answer

A) True 
 B)False

Question 10

What are the possible sources of income for retirees?

Accepted Answer

Possible sources of income for

Question 11

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 12

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 13

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

Accepted Answer

A)  9 years 
B)  12 years 
C)  15 years 
D)  21 years 
E)  30 years 
A)  9 years 
B)  12 years 
C)  15 years 
D)  21 years 
E)  30 years

Question 14

What is the principal difference between a life annuity and a fixed-term annuity?

Accepted Answer

The principal difference between a life

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

What is the most popular personal retirement plan?

Accepted Answer

A)  Deferred Profit Sharing Plan 
B)  Registered Pension Plan 
C)  Registered Retirement Savings Plan 
D)  Canada Pension Plan 
E)  New Seniors Benefit 
A)  Deferred Profit Sharing Plan 
B)  Registered Pension Plan 
C)  Registered Retirement Savings Plan 
D)  Canada Pension Plan 
E)  New Seniors Benefit

Question 18

The most common ones are adult lifestyle/retirement communities, life lease housing, and retirement homes. Briefly describe the characteristics of each of these alternatives.

Accepted Answer

Adult lifestyle/retirement communities p

Question 19

At age 65, the life expectancy of a woman is 13 years.

Accepted Answer

A) True 
 B)False

Question 20

At age 65, the life expectancy of a man is 18 years.

Accepted Answer

A) True 
 B)False

Which statement is correct about retirement planning of young professionals?

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

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

What types of retirement living expenses can be lowered or eliminated?

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

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

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

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

Saving just a little bit today for your retirement won't help.

What are the possible sources of income for retirees?

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

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

What is the principal difference between a life annuity and a fixed-term annuity?

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

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

What is the most popular personal retirement plan?

The most common ones are adult lifestyle/retirement communities, life lease housing, and retirement homes. Briefly describe the characteristics of each of these alternatives.

At age 65, the life expectancy of a woman is 13 years.

At age 65, the life expectancy of a man is 18 years.

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

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Exam 14: Retirement Planning

Which statement is correct about retirement planning of young professionals?

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

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

What types of retirement living expenses can be lowered or eliminated?

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

If a retiree wishes a predictable income in retirement, at the age of 71 she should transfer her RRSP into a(n) _________________.

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

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

Saving just a little bit today for your retirement won't help.

What are the possible sources of income for retirees?

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

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

What is the principal difference between a life annuity and a fixed-term annuity?

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

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

What is the most popular personal retirement plan?

The most common ones are adult lifestyle/retirement communities, life lease housing, and retirement homes. Briefly describe the characteristics of each of these alternatives.

At age 65, the life expectancy of a woman is 13 years.

At age 65, the life expectancy of a man is 18 years.

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