1. Which statement is correct regarding a car lease? Select one: a. Additional charges beyond the monthly lease payment are often charged. b. Both loan and lease payments are made at the end of the month. c. Most car leases require a substantial down payment. d. The leasing company pays for on-going maintenance.

2. Which will increase cash outflows that support lifestyle choices?

I. A low savings rate II. Adopting a pay-yourself-first approach III. Paying down debt slowly

Select one:

a.III only

b.I and III, only

c.II and III, only

d.I, II and III

3. Which will have a negative impact on an individual's total income?

I. Large family to support II. High cost of living III. Early in career IV. Generalized skills

Select one:

a.III and IV, only

b.I and IV, only

c.II and III, only

d.I and II, only

4. A husband's net income is $42,000, while that of his wife is $45,000. His medical expenses amount to $5,000, while hers are $500. What is the highest Federal medical expense tax credit they can claim?

Hint: The 2020 Federal medical expense non-refundable tax credit formula subtracts the lesser of 3% of net income or $2,397 from eligible medical expenses.

Select one:

a.

$636

b.

$623

c.

$465

d.

$360

6. You will need $20,000 at the end of every year for the next 4 years. How much do you need in your bank account now to accomplish this if you can earn 5% per annum, compounded monthly, on these funds?

Select one:

a.$74,465

b.$72,699

c.

$70,728

d.

$74,347

7. Assume a term deposit pays simple interest of 0.5% per month. What will be the value of a $3,000 investment after 22 months?

Select one:

a.$3,285

b.$3,330

c.$3,254

d.$3,270

8. At which life stage are individuals likely to become empty nesters?

Select one:

a.Education

b.Early Career

c.Prime Earning

d.Family & Mid-Career