o Remaining Time: 1 hour, 24 minutes, 16 seconds. Question Completion Status: 1 11 13 14 15 16 17 18 19 20 21 23 24 25 12 42 27 28 22 3 31 2 3 5 6 7 32 33 34 35 36 37 62 63 64 65 66 67 8 38 68 9 10 39 40 69 700 22 52 43 45 26 56 46 48 49 50 51 53 54 55 58 59 61 QUESTION 44 04314 points Save Anne Which of the following is not a form of risk management"? a. Risk assumption b. Risk avoidance c. Risk reduction d. Risk evaluation 0.4334 points QUESTION 45 Experts are divided on whether the Tax Free Savings Account or the RRSP is a better savings vehicle for retirement. Which of the following statements about TFSAs and RRSPs is false? a. Both RRSP and TFSA must be collapsed at age 71. b. The RRSP provides a higher cash flow at contribution as it is tax deductible while a TPSA contribution does not result in tax deduction oc. In both vehicles the camed income accumulates tax free d. 100% of RRSP withdrawals are taxable while 100% of TFSA withdrawals are received tax-free Chick Save and submit to save and submit Click Save All Auto alla MacBook Air False QUESTION 42 If you cancel a "whole life insurance policy, any cash value that has accumulated is forfeited to the insurance company. True O False QUESTION 43 Andrea started a RESP five years ago for her son Thomas who is now 17 years of age. In 2016, 2017 and 2018 she contributed $4,000 each year. In 2019 she did not have much extra money and so only contributed $1000. In 2020 she will make a contribution of $2,000. Which of the following statements is true? a. Total CESG given from the start of the plan until the end 2019 will be $2,600. b. In the year the beneficiary turns 16 is the last year that they can get a CESG. oc Total CESG given from the start of the plan until the end 2019 will be $1,500 d. The contributor can only put in a maximum of $2,500 in any year. Save LECTION AA Click Save and Submit to save and submit. Click Save All Answers to save all answers MacBook Air QUESTION 39 0.175 poir Investment income is included in "earned income" for the purposes of determining your RRSP annual contribution limit. True False 0.175 points QUESTION 40 A living will becomes void upon mental incapacitation (cannot make decisions on their own behalf). True False 0.175 points QUESTION 41 Withdrawals from an RRSP under the Home Buyer's Plan must be paid back over a 10 year time period or they are considered as income True False Save All Answers Sau Click Save and Submit to save and submit. Click Save All Answers to save all answers, MacBook Air The Canada Pension Plan is a mandatory, defined-benefit plan in which all Canadian workers are enrolled. True False 0.1 QUESTION 37 Excluding the cost of dependents, your expenses in retirement will always be less than when you are working. True False 0.433 QUESTION 38 The Williamson family has a gross yearly income of 80,000. They make mortgage payments of $1,400 a month and have yearly property taxes of $3,200. They also pay $400 a month on a car loan and $200 a month for student loans. What is their approximate Gross Debt Service (GDS) Ratio? O a. 34% b.31% O . 21.% O d. 25.% Save All Antwe QUESTION 34 The Canada Pension Plan was designed to replace only 25% of the income from which you made to your CPP contribution. True False QUESTION 35 Which of the following statements regarding "RESP's" is false? a. The maximum CESG for any beneficiary over the life of the plan is 87,200. b. The maximum amount that can be transferred to an RRSP is the lesser of any unused RRSP contribution room or $50,000. Oc. The total amount of withdrawals are taxed in the hands of the beneficiary, d. The maximum contribution amount to a RESP for any beneficiary is $50,000 over the life of the plan. Save Click Save and Submit to save and submit. Click Save All Answers to scrue all answers, o Remaining Time: 1 hour, 24 minutes, 16 seconds. Question Completion Status: 1 11 13 14 15 16 17 18 19 20 21 23 24 25 12 42 27 28 22 3 31 2 3 5 6 7 32 33 34 35 36 37 62 63 64 65 66 67 8 38 68 9 10 39 40 69 700 22 52 43 45 26 56 46 48 49 50 51 53 54 55 58 59 61 QUESTION 44 04314 points Save Anne Which of the following is not a form of risk management"? a. Risk assumption b. Risk avoidance c. Risk reduction d. Risk evaluation 0.4334 points QUESTION 45 Experts are divided on whether the Tax Free Savings Account or the RRSP is a better savings vehicle for retirement. Which of the following statements about TFSAs and RRSPs is false? a. Both RRSP and TFSA must be collapsed at age 71. b. The RRSP provides a higher cash flow at contribution as it is tax deductible while a TPSA contribution does not result in tax deduction oc. In both vehicles the camed income accumulates tax free d. 100% of RRSP withdrawals are taxable while 100% of TFSA withdrawals are received tax-free Chick Save and submit to save and submit Click Save All Auto alla MacBook Air False QUESTION 42 If you cancel a "whole life insurance policy, any cash value that has accumulated is forfeited to the insurance company. True O False QUESTION 43 Andrea started a RESP five years ago for her son Thomas who is now 17 years of age. In 2016, 2017 and 2018 she contributed $4,000 each year. In 2019 she did not have much extra money and so only contributed $1000. In 2020 she will make a contribution of $2,000. Which of the following statements is true? a. Total CESG given from the start of the plan until the end 2019 will be $2,600. b. In the year the beneficiary turns 16 is the last year that they can get a CESG. oc Total CESG given from the start of the plan until the end 2019 will be $1,500 d. The contributor can only put in a maximum of $2,500 in any year. Save LECTION AA Click Save and Submit to save and submit. Click Save All Answers to save all answers MacBook Air QUESTION 39 0.175 poir Investment income is included in "earned income" for the purposes of determining your RRSP annual contribution limit. True False 0.175 points QUESTION 40 A living will becomes void upon mental incapacitation (cannot make decisions on their own behalf). True False 0.175 points QUESTION 41 Withdrawals from an RRSP under the Home Buyer's Plan must be paid back over a 10 year time period or they are considered as income True False Save All Answers Sau Click Save and Submit to save and submit. Click Save All Answers to save all answers, MacBook Air The Canada Pension Plan is a mandatory, defined-benefit plan in which all Canadian workers are enrolled. True False 0.1 QUESTION 37 Excluding the cost of dependents, your expenses in retirement will always be less than when you are working. True False 0.433 QUESTION 38 The Williamson family has a gross yearly income of 80,000. They make mortgage payments of $1,400 a month and have yearly property taxes of $3,200. They also pay $400 a month on a car loan and $200 a month for student loans. What is their approximate Gross Debt Service (GDS) Ratio? O a. 34% b.31% O . 21.% O d. 25.% Save All Antwe QUESTION 34 The Canada Pension Plan was designed to replace only 25% of the income from which you made to your CPP contribution. True False QUESTION 35 Which of the following statements regarding "RESP's" is false? a. The maximum CESG for any beneficiary over the life of the plan is 87,200. b. The maximum amount that can be transferred to an RRSP is the lesser of any unused RRSP contribution room or $50,000. Oc. The total amount of withdrawals are taxed in the hands of the beneficiary, d. The maximum contribution amount to a RESP for any beneficiary is $50,000 over the life of the plan. Save Click Save and Submit to save and submit. Click Save All Answers to scrue all answers