1.For qualified individuals, a contribution to a registered retirement savings p

ID: 2816537 • Letter: 1

Question

1.For qualified individuals, a contribution to a registered retirement savings plan (RRSP) will be

Select one:

a. an employment expense.

b. a tax credit.

c. a deduction from total income.

d. a deduction from federal tax payable.

2. A cash flow statement is

Select one:

a. not concerned with unusual sources of income or irregular minor expenses.

b. a forecast of cash inflows and outflows in the future.

c. only concerned with the most recent regular expenses and incomes.

d. an accurate recording recent actual expenses and incomes.

3. Total income includes all of the following except

Select one:

a. salary or wages.

b. capital gains realized.

c. inheritances.

d. interest or dividends received.

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

Select one:

a. Interest

b. Tips

c. Capital gains

d. Salary

5. If both a husband and a wife are employed full time, their consumption behaviour

Select one:

a. is unlikely to be affected.

b. will decrease as they age.

c. tends to decrease.

d. is usually higher.

Soluion 1 :- The correct answer is (C) A deduction from total income

Solution :-2 - The Correct answer is (B)

A cash flow statement is a forecast of cash inflows and outflows in the future.

Solution - 3 :- The Correct Answer is (C) Inheritances.

Solution 4 :- The correct answer is (C) Capital Gain at 10 or 20%

And all other incomes of wages , salaries , tips , interest are charged i=under normal slab rate

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