To Receive Partial Benefits from Old Age Security, Older Adults

question 2

Multiple Choice

To receive partial benefits from Old Age Security, older adults must have resided in Canada for ________.

• A) 10 years
• B) 15 years
• C) 20 years
• D) 40 years
• E) 30 years

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Definitions:

Master Account

A primary account in financial management that holds funds or securities and from which transactions can be made.

Cash Management

The strategy of collecting, managing, and investing cash in a way that enables the company to meet its financial obligations while maximizing liquidity.

Lockbox System

A lockbox system is a banking service used by companies to expedite the collection and processing of accounts receivable by having checks mailed directly to a bank-operated address.

Collection Time

The average period that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients.