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Having a baby? Test your knowledge of related money basics.
1. Is the lowest cost way to borrow money for a few months until working again?
2. If a parent wants to stay at home with his or her child for more than one year, in the second year he or she can:
3. Which kind of life insurance allows you to build up savings while providing life insurance coverage?
4. If you are in the highest tax bracket, how much will you likely need to earn to pay off a $1,000 loan quickly?
5. Why do new parents typically buy disability insurance?
6. John and Mary put $1,000 per year into an RESP for the first five years of their child's life. Karin and Benoit put $1,000 per year into an RESP for six years starting when their child is 12. Both plans pay 3% per year in interest. Which couple will have the most money in their plan at age 18?
7. Which of the following savings accounts gives you the most money after five years?
8. Where can a person go to open a Registered Educational Savings Plan (RESP)?
9. What is the main advantage of a Registered Educational Savings Plan (RESP)?
10. What do you need to do to get maternity benefits from Employment Insurance (EI)?
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