Question 1

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 2

In an RRSP, contributions are tax-deductible and earnings accumulate tax free.

Accepted Answer

A) True 
 B)False

Question 3

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 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

Accepted Answer

A)  50 
B)  60 
C)  70 
D)  80 
E)  90 
A)  50 
B)  60 
C)  70 
D)  80 
E)  90

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Over the last two decades, companies have switched their retirement plans from ______________ to _______________.

Accepted Answer

A)  RPPs; GRRSPs 
B)  DPSPs; defined-benefits 
C)  defined benefits; defined contributions 
D)  defined contributions; defined benefits 
E)  DPSPs; defined contributions 
A)  RPPs; GRRSPs 
B)  DPSPs; defined-benefits 
C)  defined benefits; defined contributions 
D)  defined contributions; defined benefits 
E)  DPSPs; defined contributions

Question 10

At age 65, the life expectancy of a woman is 21 years.

Accepted Answer

A) True 
 B)False

Question 11

Which statement is correct regarding retirement living expenses?

Accepted Answer

A)  It is impossible to estimate your spending needs. 
B)  The exact amount of money you'll need is impossible to predict. 
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)  The exact amount of money you'll need is impossible to predict. 
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 12

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

Accepted Answer

A)  fixed-term annuity. 
B)  life annuity. 
C)  installment refund annuity. 
D)  Registered Retirement Income Fund. 
E)  money purchase pension plan 
A)  fixed-term annuity. 
B)  life annuity. 
C)  installment refund annuity. 
D)  Registered Retirement Income Fund. 
E)  money purchase pension plan

Question 13

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 14

What are important steps in retirement planning?

Accepted Answer

The first step is to analyze your assets

Question 15

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 16

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

Accepted Answer

A) True 
 B)False

Question 17

Why is it important to review your assets and liabilities before your retirement?

Accepted Answer

Reviewing your assets and liab

Question 18

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 19

The people who are in the best position to save are:

Accepted Answer

A)  middle-aged. 
B)  young adults in their 20s. 
C)  people in their 30s. 
D)  teenagers. 
E)  elderly. 
A)  middle-aged. 
B)  young adults in their 20s. 
C)  people in their 30s. 
D)  teenagers. 
E)  elderly.

Question 20

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

How many years can you expect to spend in retirement?

In an RRSP, contributions are tax-deductible and earnings accumulate tax free.

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

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

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

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

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

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

Over the last two decades, companies have switched their retirement plans from to _.

At age 65, the life expectancy of a woman is 21 years.

Which statement is correct regarding retirement living expenses?

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

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

What are important steps in retirement planning?

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

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

Why is it important to review your assets and liabilities before your retirement?

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

The people who are in the best position to save are:

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

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

How many years can you expect to spend in retirement?

In an RRSP, contributions are tax-deductible and earnings accumulate tax free.

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

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

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

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

According to most financial planners, you will need about __________ percent of your current pre-tax income to maintain your standard of living in retirement.

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

Over the last two decades, companies have switched their retirement plans from ______________ to _______________.

At age 65, the life expectancy of a woman is 21 years.

Which statement is correct regarding retirement living expenses?

An annuity in which you receive an income for the rest of your life, but no payments are made to anyone after your death is called:

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

What are important steps in retirement planning?

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

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

Why is it important to review your assets and liabilities before your retirement?

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

The people who are in the best position to save are:

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

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

Over the last two decades, companies have switched their retirement plans from to _.