Here are the answers to our quiz on key news topics from April, plus some additional background information.
1. What national event took place on April 15, 2015?
Answer: a
Additional notes: Talk With Our Kids About Money is a special day sponsored by the Canadian Foundation for Economic Education that focuses on helping teachers and families talk about money. Earth Day is April 22.
2. Which NHL team secured first place in the draft lottery?
Answer: c
Additional notes: The Oilers secured first round draft pick by winning the lottery.
3. Who is the new host of q, CBC radio’s daily arts show?
Answer: b
Additional notes: Rapper Shad started hosting a new era at q on April 20, 2015. The other names above were guests for his first show.
4. TPG Capital and Fosun Capital Group just agreed to pay $1.5 billion for what Canadian company?
Answer: a
Additional notes: Guy Laliberté, founder, will maintain 10% ownership in his family trust and has agreed to stay on as strategic advisor during the transition. If the sale is approved, TPG will own 60%, Fosun 20% and the Caisse de dépôt 10%.
5. Canada recently ranked 5th on a world-wide Gallup Poll measuring what?
Answer: b
Additional notes: In the world-wide poll Canada was behind Switzerland, Iceland, Denmark and Norway. The United States was 15th. In a previous study called the Social Progress Index, Canada ranked 6th.
The following questions refer to the Federal Budget released April 22, 2015.
6. What tradition does the Finance Minister follow on the eve of announcing the budget?
Answer: b
Additional notes: This year Joe Oliver bought black and blue running shoes.
7. What does a balanced budget mean?
Answer: d
Additional notes: When governments present a balanced budget, generally speaking their income and expenses are equal or there may be a slight surplus. A debt is an accumulation of money owed and is a line item in the budget to be paid down.
8. Many policies in the budget are aimed at a specific sector of the population. Which demographic is that?
Answer: d
Additional notes: 75% of voters in this age group turn out to vote, which is the highest proportion of voters in any age group. This is of increasing importance because of our aging population.
9. What percentage of households will likely benefit from the income- splitting aspect of the Family Tax Cut?
Answer: a
Additional notes: This aspect of the Family Tax Cut will allow parents with children under 18 to split up to $50,000 in income for tax purposes.
10. The EI premium rate is set to decline in 2017. Why?
Answer: c
Additional notes: The surplus from EI has helped the government balance the budget but the government feels it is important to leave money in the hands of taxpayers.
11. Big city mayors are getting ready to apply for funding announced in the budget for:
Answer: b
Additional notes: The budget includes $250 million in 2017-18 growing to $1 billion by 2019-20 to be used towards large transit infrastructure projects in which the federal government would partner with the provinces, the municipalities and the private sector.
12. The Federal budget included a tax cut for small business. What is it?
Answer: a
Additional notes: The rate is going to be reduced .5% each year for the next four years, moving the rate down from its current 11% to 9% on the first $500,000 of income.
Click here to view questions.