Question 6 (1 point) A w.s.- is created when a settler transfers property to a trustee who holds property for the benefit of a beneficiary. 1) Will 2) Trust 3) Charity 4) None of the above Question 7 (1 point) The act of delaying moving funds from a RRSP into a RRIF or annuity is called a: 1) Tax-spreading technique 2) Tax-deferral technique 3) Tax-splitting mechanism 4) Tax-sheltering technique Question 8 (1 point) Estate planning is a process which ensures your assets are distributed in accordance with your wishes for the maximum benefit of your heirs. 1) True 2) False Question 9 (1 point) Which one of the following sources of retirement income is the most flexible part of the retirement funds? 1) RRSP 2) Regular savings 3) Employer Pension (RPP) 4) Government Pensions Question 10 (1 point) The lower the total value of the assets that become part of the estate, the higher the probate costs are likely to be. 1) True 2) False Annuities, Registered Retirement Income Funds, Locked-in Pension Funds, and reverse mortgages are all special retirement instruments. 1) True 2) False Question 2 ( 1 point) The beneficiary of an RRSP has three (3) choices: withdraw and pay tax, roll over into a RRIF by age 69 , and/or buy one or more annuities. A combination of all three (3) choices is not possible. 1) True 2) False Question 3 (1 point) An inter vivo trust is a trust set up in a will that only takes affect after death 1) True 2) False Question 4 (1 point) A w2 is the continuation of an RRSP and its mirror image. 1) term certain annuity 2) locked in RRSP 3) Registered Retirement Income Fund 4) straight life annuity Question 5 (1 point) The three (3) financial goals in retirement, ranked in order of descending priority are: maximize the bequest to the heirs, maximize the income available to a single survivor and to the family unit, and minimize the risks of outliving your money. 1) True 2) False