Podcast
Questions and Answers
Which of the following is NOT a threat to one's income?
Which of the following is NOT a threat to one's income?
- Loss of job
- Illness or Accident
- Critical illness
- Loss of a breadwinner’s income (correct)
What percentage of the labor force loses or leaves their job every year?
What percentage of the labor force loses or leaves their job every year?
- More than 72%
- Less than 45%
- 45% (correct)
- 72%
What is the purpose of Employment Insurance (EI)?
What is the purpose of Employment Insurance (EI)?
- To provide regular benefits for job loss (correct)
- To provide insurance for credit or loans
- To help with finances until retirement
- To cover medical expenses
Is credit or loan insurance mandatory when applying for a loan or activating a credit card?
Is credit or loan insurance mandatory when applying for a loan or activating a credit card?
How many people lose or leave their job more than once in a year?
How many people lose or leave their job more than once in a year?
Study Notes
Threats to Income
- Having a job is not a guarantee of a steady income, as various factors can affect one's income.
Labor Force and Job Loss
- Approximately 10% of the labor force loses or leaves their job every year.
Employment Insurance (EI)
- The purpose of Employment Insurance (EI) is to provide temporary financial assistance to individuals who have lost their job or are unable to work.
Credit and Loan Insurance
- Credit or loan insurance is not mandatory when applying for a loan or activating a credit card, but it is often offered as an optional feature.
Job Loss Frequency
- Around 20% of people lose or leave their job more than once in a year.
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Description
"Protecting Your Income: Are You Prepared for Life's Unexpected Events?" Take this quiz to assess your understanding of the threats to your income and how to safeguard it against job loss, illness, or accidents. Learn about income replacement solutions and discover resources to help you achieve financial security. Don't let unexpected events derail your financial stability - start preparing today!
