Question 1

You can expect to spend about ________ years in retirement

Accepted Answer

A)  5-10 
B)  11-15 
C)  16-20 
D)  21-25 
E)  26 or more 
A)  5-10 
B)  11-15 
C)  16-20 
D)  21-25 
E)  26 or more

Question 2

Which employer pension plan has an individual account for each employee?

Accepted Answer

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

Question 3

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

Question 4

Many people make the move into retirement housing without:

Accepted Answer

A)  considering seasonal factors. 
B)  experiencing many obstacles. 
C)  a spouse or companion. 
D)  doing enough research. 
E)  the proper accommodations. 
A)  considering seasonal factors. 
B)  experiencing many obstacles. 
C)  a spouse or companion. 
D)  doing enough research. 
E)  the proper accommodations.

Question 5

The exact amount of money you will need in retirement cannot be predicted accurately.

Accepted Answer

A) True 
 B)False

Question 6

Your current assets include everything you own that has value.

Accepted Answer

A) True 
 B)False

Question 7

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 8

You can qualify for reduced CPP retirement benefits at age 50.

Accepted Answer

A) True 
 B)False

Question 9

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

Accepted Answer

A) True 
 B)False

Question 10

Your net worth is equal to your assets minus liabilities.

Accepted Answer

A) True 
 B)False

Question 11

At age 65, the life expectancy of a man is 14 years.

Accepted Answer

A) True 
 B)False

Question 12

What is the most popular personal retirement plan? Should everyone have one? Explain.

Accepted Answer

The most popular personal retirement pla

Question 13

Possible sources of income for many retirees include

Accepted Answer

A)  government benefits. 
B)  public pension plans. 
C)  employer pension plans. 
D)  personal retirement plans and annuities. 
E)  government benefits, public pension plans, employer pension plans, personal retirement plans and annuities are possible sources of income. 
A)  government benefits. 
B)  public pension plans. 
C)  employer pension plans. 
D)  personal retirement plans and annuities. 
E)  government benefits, public pension plans, employer pension plans, personal retirement plans and annuities are possible sources of income.

Question 14

What is the importance of retirement planning?

Accepted Answer

Retirement planning is important because

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe 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 17

When a lender uses your house as collateral to buy an annuity for you from a life insurance company, it is called:

Accepted Answer

A)  an obverse annuity mortgage. 
B)  mortgage life insurance. 
C)  a reverse mortgage annuity. 
D)  a fixed annuity with level premium. 
E)  whole life insurance. 
A)  an obverse annuity mortgage. 
B)  mortgage life insurance. 
C)  a reverse mortgage annuity. 
D)  a fixed annuity with level premium. 
E)  whole life insurance.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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.

Question 20

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

Accepted Answer

A) True 
 B)False

You can expect to spend about ________ years in retirement

Which employer pension plan has an individual account for each employee?

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

Many people make the move into retirement housing without:

The exact amount of money you will need in retirement cannot be predicted accurately.

Your current assets include everything you own that has value.

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

You can qualify for reduced CPP retirement benefits at age 50.

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

Your net worth is equal to your assets minus liabilities.

At age 65, the life expectancy of a man is 14 years.

What is the most popular personal retirement plan? Should everyone have one? Explain.

Possible sources of income for many retirees include

What is the importance of retirement planning?

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

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe is called __________________

When a lender uses your house as collateral to buy an annuity for you from a life insurance company, it is called:

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

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?

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

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

You can expect to spend about ________ years in retirement

Which employer pension plan has an individual account for each employee?

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

Many people make the move into retirement housing without:

The exact amount of money you will need in retirement cannot be predicted accurately.

Your current assets include everything you own that has value.

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

You can qualify for reduced CPP retirement benefits at age 50.

Annuities are meant to provide retirement income in much the same way as a salary provides regular income.

Your net worth is equal to your assets minus liabilities.

At age 65, the life expectancy of a man is 14 years.

What is the most popular personal retirement plan? Should everyone have one? Explain.

Possible sources of income for many retirees include

What is the importance of retirement planning?

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

A CMHC program that helps low-income homeowners in rural or remote areas make emergency repairs to keep their homes safe is called __________________

When a lender uses your house as collateral to buy an annuity for you from a life insurance company, it is called:

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

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?

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

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

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