Question 1

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 ProgramF) A) and E)
G) B) and E)

Question 2

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 planF) A) and E)
G) A) and D)

Question 3

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.F) B) and D)
G) A) and E)

Question 4

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 5

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

Accepted Answer

The most popular personal retirement pla...

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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 moreF) None of the above
G) C) and D)

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 taxesF) D) and E)
G) All of the above

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 planF) A) and E)
G) All of the above

Question 13

Your net worth is equal to your assets minus liabilities.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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.F) None of the above
G) B) and E)

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Your current assets include everything you own that has value.

Accepted Answer

A) True 
 B)False

Question 18

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.F) A) and B)
G) A) and C)

Question 19

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.F) B) and C)
G) A) and E)

Question 20

What is the importance of retirement planning?

Accepted Answer

Retirement planning is important because...

Exam 14: Retirement Planning

Many people make the move into retirement housing without:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Your current assets include everything you own that has value.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe most popular personal retirement pla...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

You can expect to spend about ________ years in retirement

Correct AnswerverifiedShow Answer

What is the importance of retirement planning?

Correct AnswerverifiedRetirement planning is important because...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Be certain you don't let your 45th birthday 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

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Possible sources of income for many retirees include

Correct AnswerverifiedShow Answer

Your net worth is equal to your assets minus liabilities.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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The most popular personal retirement pla...
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Retirement planning is important because...
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Be certain you don't let your 45^th birthday roll by without a comprehensive retirement plan.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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