Taylor is chatting with other parents in the park when the conversation turns to registered education savings plans (RESPs). Taylor thinks that most of what they are saying is incorrect. Which of the following statements about self-directed RESPs is TRUE?

• A.The government contributes an additional grant for low income families who qualify.
• B.Only one beneficiary may be named per RESP.
• C.Educational Assistance Payments (EAPs) may only be used for tuition for a post-secondary program.
• D.Educational Assistance Payments (EAPs) withdrawn from the plan are not taxable.

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What effect does contractionary monetary policy have on money supply and credit in the economy?

• A.It decreases money supply and decreases credit
• B.It decreases money supply and increases credit
• C.It increases money supply and decreases credit
• D.It increases money supply and increases credit

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A client has $100,000 in savings, $5,000 in bank accounts, and $10,000 in loans. Calculate his net worth.

• A.$115,000
• B.$90,000
• C.$105,000
• D.$95,000

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Zara buys a future contract with an underlying value of $100,000 worth of stocks. She is required to deposit
$1,750 of margin. Two weeks later, the underlying value of the stocks is $101,900. What is Zara's total return?

• A.$3,650 gain
• B.$1,900 gain
• C.$150 gain
• D.$950 gain

Correct Answer: A

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Which organization regulates mutual and investment funds?

• A.Investment Industry Regulatory Organization of Canada (IIROC)
• B.Securities commissions
• C.ICE Futures Canada
• D.Bourse de Montreal

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