Work, Retirement & Leisure

Question 1

Annuity

Answer 1

A form of insurance or investment entitling
the investor to a series of an nual sums. Annuities
are most commonly used to generate
retirement income.

Question 2

Bona Fide Occupational Requirements

Answer 2

rule that establishes a requirement that is
necessary for proper or efficient performance
of a job. In Canada, the bona fide occupational
requirement (BFOR) exception is
included in virtually all human rights codes.

Question 3

Bridge Employment

Answer 3

The pattern of returning to work following

retirement.

Question 4

Fertility Replacement Level

Answer 4

Defined as the total fertility rate-the average
number of children born per woman-at
which a population exactly replaces itself
from one generation to the next, without
migration . This rate is roughly 2.1 children
per woman for most countries, although it
may modestly vary with mortality rates.

Question 5

Financially Solvent

Answer 5

Being able to service the debt and meet
its other obligations especially in the
long-term.

Question 6

Further Education

Answer 6

Education that uses a formal curriculum.
Programs can range from baccalaureate
degrees to adult continuing education
offerings.

Question 7

Globalization

Answer 7

The tendency of businesses, technologies,
or philosophies to spread th roughout
the world, or the process of making this
happen. The global economy sometimes
is refer red to as a globality, characterized
as a totally interconnected marketplace,
unhampered by t ime zones or
national boundaries.

Question 8

Guaranteed Income Supplement (GIS)

Answer 8

One of the supplementary benefits payable
under the Old Age Security (OAS) Act. The
GIS is a monthly non-taxable benefit that is
paid to eligible pensioners, in addition to
the basic monthly OAS amount.

Question 9

Labour Force

Answer 9

Refers to the number of persons actually

working or willing to work.

Question 10

Labour Force Participation Rate

Answer 10

The participation rate for a particular group
(age, sex, marital status, geographic area,
etc.) is the total labour force in that group
expressed as a percentage of the population
15 years of age and over in that group.

Question 11

Leisure Activities

Answer 11

Activities outside of work and household
responsibilities. Examples of leisure activities
include watching TV, playing sports, and
playing cards.

Question 12

Old Age Security (OAS) Pension

Answer 12

A taxable monthly social security payment
available to most Canadians 65 years of age
or older with individual income less than a
defined amount.

Question 13

Overall Dependency Ratio

Answer 13

The ratio of the combined youth population
(0 to 19 years) and senior population
(65 years and older) to the working-age
population (20 to 64 years). The dependency
ratio is expressed as the number of dependents
for every 100 workers.

Question 14

Norm(s)

Answer 14

Cultural products (including values, customs,
and traditions) that represent individuals'
basic knowledge of what others do and think
that they should do.

Question 15

Registered Retirement Income Fund (RRIF)

Answer 15

A tax -defer red retirement plan under the
Canadian tax law. RRIFs are an extension
of RRSPs; that is, RRSPs are used to save for
retirement while RRIFs are used to withdraw
income during retirement.

Question 16

Retirement Readiness

Answer 16

Being financially prepared for retirement.

Question 17

Self-Directed Informal Learning

Answer 17

Learning without direct reliance on a teacher

or mentor or organized curriculum.

Question 18

Stereotypes

Answer 18

A pre-conceived notion or thought that can
be adopted about specific types of individuals
or certain ways of doing things. These
thoughts or beliefs may or may not accurately
reflect reality.

Question 19

Well-Being

Answer 19

A dynamic concept that in cludes subjective,
social, and psychological dimensions as well
as health-related behaviours.