Which of the following is true regarding life insurance?

a$)$ For whole life, the policy owner selects the investments

b$)$ Universal life insurance premiums can be changed from year to year

c$)$ Whole life insurance does not have guaranteed cash value

d$)$ Universal life insurance pays dividends

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John has been told that he should not take any overtime because it will push him into the next tax

bracket. Which of the following is true?

a$)$ Moving into the next marginal tax bracket will give John a larger refund from his tax credits.

b$)$ Moving into the next marginal tax bracket could reduce John's net income overall.

c$)$ The marginal tax brackets apply to tax credits and deductions and will not make a direct

difference to John's net income.

d$)$ Moving into the next tax bracket will give John a larger refund on his RRSP contribution.

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Fred's income this past year included salary of $$70,000,$$$3000$ interest income, a $$6000$ capital gain

from selling some stock and a $$6000$ inheritance. For tax purposes, what is his total taxable income

this year?

a$)85,000$

b$)82,000$

c$)79,000$

d$)76,000$

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Which is true regarding segregated funds, mutual funds and ETFs?

a$)$ Segregated funds, mutual funds and ETFs are all traded as market orders on the Toronto Stock

Exchange.

b$)$ ETFs have lower MERs than segregated funds and mutual funds.

c$)$ All these pooled investment products are actively managed.

d$)$ Segregated funds have lower MERS than mutual funds.

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What is the most important element to consider in having a power of attorney $($POA$)$ drawn up$?$

a$)$ Whether the attorney would be an appropriate guardian for the children.

b$)$ The best lawyer to be the attorney.

c$)$ The likelihood of the POA to be used.

d$)$ The extent of authority to grant to the attorney.

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