Question 1

What tends to be the case for the retirement life stage? Select one: a. Managing expenses for new hobbies becomes challenging. b. Income tends to be less than when working. c. Taxes increase due to tax on retirement funds. d. Managing RRSP investments becomes paramount.

Question 2

If you want to have $10,000 for a down payment on a new car in three years, assuming an interest rate of 4.5 percent compounded annually, how much money do you need to deposit as a lump sum today? Select one: a. $8112 b. $8712 c. $8412 d. $8763

Question 3

Jerome is recently divorced and has two children that live with his ex-wife. What deductions should Jerome claim on his tax return?

Select one: a. Caregiver deduction b. Child support payments c. Spousal support payments d. Child care expenses

Question 4

Which of the following incomes are taxed at a lower rate?

Select one: a. Dividends b. Rent received c. Interest income d. Award proceeds

Question 5

As people grow older, into their fifties, they Select one: a. sell assets to raise cash. b. are no longer candidates for promotions. c. relax their careers and earn less. d. tend to spend more money on vacations.