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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 11) Which of the following statements regarding men and women aged 25 to 55 is true?   11) ______ A) women have a higher chance of dying and a lower chance of being disabled. B) women.
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 19) The major factor(s) affecting the cost of insurance is (are) I. the probability that the event will occur. II. the cost of the compensation. III. the location. IV. the number of people sharing the risk.   19) ______ A).
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 1) We assume some of our own economic risks when we   1) _______ A) rely on the OAS pension. B) choose a high deductible amount on our auto insurance. C) purchase supplementary medical insurance. D).
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 11) Credit life insurance protects against the risk of   11) ______ A) leaving your family without a source of income. B) not being able to repay your loan because of a disability. C) not being.
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  41) All disability insurance policies carry the same benefit period.   41) ______   42) Only the federal government provides support for the disabled.   42) ______   43) Disability insurance policies have a 3-month waiting period.   43) ______   44) The government has not encouraged savings programs for facing unexpected loss of income.   44).
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    11) Which of the following usually has the lowest tax rate?   11) ______ A) dividends.   B) capital gains. C) wages.   D) interest.   12) In our progressive tax system, marginal tax rates increase as income increases.  What happens to average tax rates as income increases?  They                12) ______ A) the.
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  74) In January and February of each year, financial institutions spend a great amount of money on advertising to encourage people to open an RRSP. What should a person thinking about opening an RRSP consider before making a decision?   75) Explain the appeal of Universal Life policies to baby boomers..
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  TRUE/FALSE.  Write 'T' if the statement is true and 'F' if the statement is false. 31) Social mechanisms for coping with permanent disability have been fully developed.   31) ______   32) Inflation affects the value of money during inflationary times.   32) ______   33) The least expensive method of protection from disability.
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  41) Employees who have had more than three garnishees are subject to layoff by their employers.   41) ______   42) A creditor can garnishee a debtor's bank account to satisfy a judgement debt.   42) ______   43) As far as the debtor is concerned, a wage assignment and a wage garnishee have.
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  51) Alimony and support payments are forgiven by a bankruptcy.   51) ______   52) To apply for a consumer proposal, the insolvent cannot have more than $75 000 in consumer debts.   52) ______   53) Approximately 90% of all bankruptcies are consumer bankruptcies.   53) ______   54) A bankrupt is eligible for a.
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    21) Child-care expenses are   21) ______ A) available to all parents of children under age 18. B) offset by child-support payments. C) claimed by the highest earning parent as a tax credit. D) deductible from taxable income.   22) Tax credits are used because they   22) ______ A) are deductible from.
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  31) The Jones family has a financial crisis.  Sam lost his job and Marie is currently on maternity leave.  They have contacted a credit counselling agency to help them find an appropriate solution to their financial problems.  Which of the following options will the credit counselling agency likely choose?   31).
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 1) Personal income tax has been collected by the Government of Canada since   1) _______ A) confederation.   B) the mid-1950s. C) World War II.   D) World War I.   2) Since the 1960s, the amount of.
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  SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 62) What is the difference between creditors and debtors?   62)    _____________   ESSAY.  Write your answer in the space provided or on a separate sheet of paper. 63) A serious social stigma used to be.
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  SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. The following questions are concerned with events that may have consequences for financial security. For each financial risk select the consequence which best applies. Assume no other loss occurred.   Consequence A.Loss of income B.Unexpected large expenses C.Loss of.
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  TRUE/FALSE.  Write 'T' if the statement is true and 'F' if the statement is false. 44) The advent of no-fault insurance precludes any opportunity of suing for serious injury in an auto accident.   44) ______   45) The higher the deductibility, the higher the insurance premium.   45) ______   46) Indemnification is.
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  TRUE/FALSE.  Write 'T' if the statement is true and 'F' if the statement is false. 51) A family income policy provides coverage for all family members.   51) ______   52) In Canada, per capita life insurance coverage has been decreasing in recent years.   52) ______   53) Approximately half of all life.
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 1) Approximately, how many Canadians declare bankruptcy each year?   1) _______ A) 80 000   B) 120 000   C) 100 000   D) 50 000   2) What conditions must be met before a credit bureau will give.
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  MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 1) A Registered Retirement Savings Plan (RRSP) is known as a "Tax Shelter" because   1) _______ A) no tax ever has to be paid on the funds contributed. B) no tax ever has to be.
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  79) Points-of-sale credit arrangements generally take what three forms?   80) Door-to-door salespersons are supervised by provincial regulations. What are the particular rules as they pertain to your province and, in particular, how many days does your province permit to cancel the arrangement?   81) What are the responsibilities of a loan.
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  SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. The following questions deal with factors affecting the cost of home insurance. For each statement select the alternative which describes how the change would affect the cost of insurance. Alternatives may be used more.
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  SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. For the following questions, the alternatives are terms associated with life insurance. Select the alternative that is correctly described by each of the statements. Alternatives may be used any number of times.   Alternatives A.Face values B.Cash surrender.
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  61) Long-term disability insurance payments are not tax free.   61) ______   62) One only needs to buy life insurance for the primary income producer in the household.   62) ______   63) Dividends are how much is paid for the policy.   63) ______   64) Incontestability refers to the first two years of.
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  67) Define Income Splitting.   68) Explain the difference between Tax Avoidance and Tax Evasion.   69) Why is it important to distinguish between investments and financial products purchased with before-tax dollars and those made with after-tax dollars?  (5 marks)   70) Students typically do not earn enough income to pay income taxes. .
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  74) What right does your mortgage lender have regarding the insurance on the mortgaged property?   75) Briefly explain the difference between named-peril and all-risks coverage.   76) Explain the value of having a household inventory and what should be done with the list regularly.   77) Explain why liability insurance is an.
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  SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. For each of the following questions, select the alternative that applies. Alternatives may be used any number of times.   Alternatives A.Credit life insurance B.Life insurance settlement option C.Life insurance as loan collateral D.Cash surrender value   11) Can be used as.
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  TRUE/FALSE.  Write 'T' if the statement is true and 'F' if the statement is false. 43) Familes can claim dependent children as non-refundable tax credits.   43) ______   44) The federal government collects income tax for all the provinces and territories.   44) ______   45) Tax evasion is arranging one's affairs to.
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  ESSAY.  Write your answer in the space provided or on a separate sheet of paper. 69) What is the mandatory insurance coverage for automobiles in your province?   SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 70) What is liability insurance?   70)    _____________.
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