Question 1

Debt is always bad, and access to credit markets and debt is unimportant for wealth.

Accepted Answer

A) True 
 B)False

Question 2

Total debt is made up of both secured and unsecured debt. What is an example of a secured debt?

Accepted Answer

A)  Mortgage 
B)  Installment loans 
C)  Credit card balances 
D)  Student loans

Question 3

What are total assets? How do different assets affect inequality at different levels?

Accepted Answer

The answer of What are total assets? How do different...

Question 4

Sociologists often pay more attention to labour markets, but credit markets also play an important role in generating wealth inequality.

Accepted Answer

A) True 
 B)False

Question 5

What is one way in which social well-being and social standing are measured?

Accepted Answer

A)  Income 
B)  Wealth of parents 
C)  Employment situation 
D)  All of the above

Question 6

Net worth measures are:

Accepted Answer

A)  A complete measure to analyze wealth disparities 
B)  A lot of information about wealth gathered in a single number 
C)  A representation of the total assets of individuals 
D)  The total investments and non-financial assets of individuals

Question 7

What shapes people's opportunities for advancement and prospects? What is the role of the credit market in creating inequality? How does it support a system of cumulative advantage?

Accepted Answer

The answer of What shapes people's opportunities for advancement and...

Question 8

Which of the following is not an aspect of policy we need to pay attention to in order to understand wealth inequality and the wealth equation?

Accepted Answer

A)  Policy regarding wealth 
B)  Policy regarding misrepresentation 
C)  Policy regarding housing 
D)  Policy regarding redistribution

Question 9

How has homeownership affected wealth inequalities? How does this affect renters?

Accepted Answer

The answer of How has homeownership affected wealth inequalities? How...

Question 10

What are some factors that increase wealth disparities? How are Indigenous peoples, immigrants and other minorities affected by wealth disparities? Explain the challenges connected to wealth acquisition for them.

Accepted Answer

The answer of What are some factors that increase wealth...

Question 11

Wealth tells us about a person's flow of resources.

Accepted Answer

A) True 
 B)False

Question 12

The Survey of Financial Security (SFS) provides very good data on the whole population including that of very wealthy people.

Accepted Answer

A) True 
 B)False

Question 13

Which if the following is not true about wealth?

Accepted Answer

A)  It is associated with better health 
B)  It increases the likelihood of marriage 
C)  It can be useful when buying a home 
D)  It decreases people's ability to retire in old age

Question 14

How does legislation affect wealth disparities in Canada? How has the restructuring of the social assistance system toward asset-based welfare affected the population?

Accepted Answer

The answer of How does legislation affect wealth disparities in...

Question 15

What is the difference between total secured debt and unsecured debt? How can there be positive aspects of wealth?

Accepted Answer

The answer of What is the difference between total secured...

Question 16

What is one of the effects of the restructuring of the social assistance system toward asset-based welfare?

Accepted Answer

A)  It moves support for welfare away from collective institutions and toward individually held assets 
B)  It moves support away from homes and towards collective institutions 
C)  Homes and mortgages are transformed into financial assets 
D)  Mortgages are securitized and sold at the micro-level

Question 17

Wealthy people also tend to owe more than other people.

Accepted Answer

A) True 
 B)False

Question 18

What are some barriers faced by young adults to build wealth and homeownership?

Accepted Answer

The answer of What are some barriers faced by young...

Question 19

How is discrimination evident for Black, Indigenous and other minority groups in Canada when it comes to homeownership? What about women or gender and sexual minorities?

Accepted Answer

The answer of How is discrimination evident for Black, Indigenous...

Question 20

Describe the main wealth equation and its parts and the equation for home wealth. What needs to be included to effectively calculate wealth and understand the disparities that exist among levels of wealth in Canada?

Accepted Answer

The answer of Describe the main wealth equation and its...

Exam 3: Breaking Down the Wealth Equation: Housing, Assets, and Debt

Debt is always bad, and access to credit markets and debt is unimportant for wealth.

Total debt is made up of both secured and unsecured debt. What is an example of a secured debt?

What are total assets? How do different assets affect inequality at different levels?

Sociologists often pay more attention to labour markets, but credit markets also play an important role in generating wealth inequality.

What is one way in which social well-being and social standing are measured?

Net worth measures are:

What shapes people's opportunities for advancement and prospects? What is the role of the credit market in creating inequality? How does it support a system of cumulative advantage?

Which of the following is not an aspect of policy we need to pay attention to in order to understand wealth inequality and the wealth equation?

How has homeownership affected wealth inequalities? How does this affect renters?

What are some factors that increase wealth disparities? How are Indigenous peoples, immigrants and other minorities affected by wealth disparities? Explain the challenges connected to wealth acquisition for them.

Wealth tells us about a person's flow of resources.

The Survey of Financial Security (SFS) provides very good data on the whole population including that of very wealthy people.

Which if the following is not true about wealth?

How does legislation affect wealth disparities in Canada? How has the restructuring of the social assistance system toward asset-based welfare affected the population?

What is the difference between total secured debt and unsecured debt? How can there be positive aspects of wealth?

What is one of the effects of the restructuring of the social assistance system toward asset-based welfare?

Wealthy people also tend to owe more than other people.

What are some barriers faced by young adults to build wealth and homeownership?

How is discrimination evident for Black, Indigenous and other minority groups in Canada when it comes to homeownership? What about women or gender and sexual minorities?

Describe the main wealth equation and its parts and the equation for home wealth. What needs to be included to effectively calculate wealth and understand the disparities that exist among levels of wealth in Canada?