Which of the Following Was a Characteristic of the First

question 22

Multiple Choice

Which of the following was a characteristic of the first Canadian pension program in 1927?

• A) The provinces had to pay the full cost of the program.
• B) Potential pensioners had to pass a residence requirement and a means test.
• C) Pensions were available to people 60 years old and over who chose to pay $20 per year into the program.
• D) The program acted to replace the income of retirees without an alternate source of income.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage rate.

Accrued Interest

Interest that has been incurred but not yet paid.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Sale Received

Sale Received refers to the total amount of money obtained from the sale of goods or services before any deductions or returns.