Question 1

As of 2015 what of the following is the largest percentage of household expenditures in Canada?

Accepted Answer

A)  Food
B)  Transportation
C)  Household operation
D)  Clothing
E)  Education

Question 2

How many years will it take for an inflation rate of 2% to double prices?

Accepted Answer

A)  10
B)  20
C)  36
D)  45
E)  50

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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)

Question 5

Your retirement will last only about 15 years.

Accepted Answer

A) True 
 B)False

Question 6

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)

Question 7

You can get a reverse mortgage annuity if:

Accepted Answer

A)  you are at least 55 years old.
B)  you are five years from retirement.
C)  your mortgage is largely or completely paid off.
D)  you are recently retired.
E)  you need a loan.

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Question 10

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.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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.

Question 16

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.

Question 17

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

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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.

Exam 14: Retirement Planning

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

As of 2015 what of the following is the largest percentage of household expenditures in Canada?

Correct Answer
verified

Your retirement will last only about 15 years.

Correct Answer
verified

How many years will it take for an inflation rate of 2% to double prices?

Correct Answer
verified

Which of the following statements is false?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

You can get a reverse mortgage annuity if:

Correct Answer
verified

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

Correct Answer
verified

Exam 14: Retirement Planning

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

As of 2015 what of the following is the largest percentage of household expenditures in Canada?

Correct AnswerverifiedShow Answer

Your retirement will last only about 15 years.

Correct AnswerverifiedShow Answer

How many years will it take for an inflation rate of 2% to double prices?

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In reviewing your assets for retirement, you should increase premium payments by increasing the face value of your life insurance.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

You can get a reverse mortgage annuity if:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified