Enter a player name to begin or load your saved progress.
The precursor to the Canada Savings Bond program was the World War II War Bonds initiative.
Answer: False
Explanation: The precursor to the Canada Savings Bond program was the Victory Bonds initiative from World War I, not World War II War Bonds.
Victory Bonds were first sold in 1915 to finance Canada's involvement in World War I.
Answer: False
Explanation: Victory Bonds were first sold in 1917, not 1915, to finance Canada's involvement in World War I.
The Victory Loan Dominion Publicity Committee used celebrity endorsements to promote Victory Bonds.
Answer: True
Explanation: The Victory Loan Dominion Publicity Committee utilized celebrity endorsements as part of their strategy to promote Victory Bonds.
Individuals who bought a large quantity of Victory Bonds received a Victory Loan Honour Medal.
Answer: False
Explanation: Individuals who demonstrated strong support by purchasing numerous Victory Bonds were presented with a Victory Loan Honour Flag, not a medal.
The 1917 poster mentioned in the source was titled '4 Reasons for Buying Victory Bonds'.
Answer: True
Explanation: The source identifies a 1917 Canadian Government creation as a poster titled '4 Reasons for Buying Victory Bonds'.
The 1917 Victory Bonds poster depicted leaders from the Allied Powers.
Answer: False
Explanation: The 1917 Victory Bonds poster depicted leaders from the Central Powers, not the Allied Powers.
The Victory Bonds were primarily used to fund infrastructure projects after World War I.
Answer: False
Explanation: Victory Bonds were utilized to fund Canada's involvement in World War I, not infrastructure projects after the war.
The Victory Loan Dominion Publicity Committee organized parades as part of their promotional efforts for Victory Bonds.
Answer: True
Explanation: The Victory Loan Dominion Publicity Committee organized parades as a promotional strategy for Victory Bonds.
Which initiative served as the precursor to the Canada Savings Bond program?
Answer: The Victory Bonds initiative from World War I.
Explanation: The Canada Savings Bond program's precursor was the Victory Bonds initiative, which originated during World War I.
How did the government encourage investment in Victory Bonds during World War I?
Answer: By utilizing artwork, parades, and celebrity endorsements.
Explanation: The government employed promotional strategies such as artwork, parades, and celebrity endorsements to encourage investment in Victory Bonds during World War I.
What was the purpose of the Victory Loan Dominion Publicity Committee?
Answer: To advertise and promote the purchase of Victory Bonds.
Explanation: The Victory Loan Dominion Publicity Committee was established to advertise and promote the purchase of Victory Bonds.
What did the 1917 poster, titled '4 Reasons for Buying Victory Bonds,' depict regarding political figures?
Answer: Leaders of the Central Powers.
Explanation: The 1917 poster for Victory Bonds depicted leaders from the Central Powers.
Which of the following is NOT mentioned as a method used to promote Victory Bonds?
Answer: Offering lottery incentives.
Explanation: Promotional methods mentioned for Victory Bonds include artwork, parades, and celebrity endorsements; lottery incentives are not cited.
The Victory Bonds program was revived and utilized again during which major historical conflict?
Answer: World War II
Explanation: The Victory Bonds program, initially associated with World War I, was revived and utilized again during World War II.
Which of the following was a method used by the Victory Loan Dominion Publicity Committee?
Answer: Organizing parades.
Explanation: The Victory Loan Dominion Publicity Committee utilized methods such as organizing parades to promote Victory Bonds.
The Canada Savings Bond program was active from 1945 until its discontinuation in 2017.
Answer: True
Explanation: The Canada Savings Bond program commenced in 1945 and concluded with its discontinuation in 2017.
Canada Savings Bonds were typically available for purchase between early October and December 1st each year.
Answer: True
Explanation: Canada Savings Bonds were typically offered for purchase annually within the period from early October to December 1st.
What was the primary function of the Canada Savings Bond (CSB)?
Answer: To provide Canadians with an accessible savings tool offering competitive, guaranteed interest rates.
Explanation: The primary function of the Canada Savings Bond was to offer Canadians an accessible savings tool that provided competitive and guaranteed interest rates.
For how long was the Canada Savings Bond program available to the public?
Answer: From 1945 until 2017.
Explanation: The Canada Savings Bond program was available to the public from 1945 until its discontinuation in 2017.
What was the French name for the Canada Savings Bond?
Answer: Obligations d’épargne du Canada
Explanation: The French name for the Canada Savings Bond is 'Obligations d’épargne du Canada'.
Canada Savings Bonds (CSBs) were primarily issued by the Royal Canadian Mint.
Answer: False
Explanation: Canada Savings Bonds were issued by the Bank of Canada, not the Royal Canadian Mint.
Canada Savings Bonds were designed to offer investors a variable interest rate that was guaranteed for the entire duration of the bond's term.
Answer: False
Explanation: Canada Savings Bonds offered a variable interest rate that was guaranteed only for the initial one-year period, not the entire bond term.
Canada Savings Bonds were available in three main formats: regular interest, compounding interest, and premium.
Answer: False
Explanation: Canada Savings Bonds were primarily available in two formats: regular interest and compounding interest. Canada Premium Bonds were a distinct, separate product.
Regular interest Canada Savings Bonds paid out accrued interest directly to the bondholder periodically.
Answer: True
Explanation: Regular interest Canada Savings Bonds functioned by paying the accrued interest directly to the bondholder, providing a periodic income stream.
Compounding interest Canada Savings Bonds reinvested the earned interest into the principal amount.
Answer: True
Explanation: Compounding interest Canada Savings Bonds added the earned interest back to the principal, thereby increasing the base for future interest calculations.
The interest rate on Canada Savings Bonds was guaranteed for the entire 10-year term.
Answer: False
Explanation: The interest rate on Canada Savings Bonds was guaranteed for an initial period of one year, after which it could fluctuate based on market conditions.
Canada Savings Bonds offered limited redemption flexibility, restricting withdrawals to specific annual periods.
Answer: False
Explanation: Canada Savings Bonds provided significant redemption flexibility, being redeemable at any time without penalty before maturity.
Canada Premium Bonds were introduced in 1997 and offered a higher, fixed interest rate for the first five years.
Answer: False
Explanation: Canada Premium Bonds were introduced in 1997 and offered a higher, fixed interest rate for the first three years, not five.
After their initial fixed period, Canada Premium Bonds had interest rates that fluctuated with market conditions.
Answer: True
Explanation: Following their initial fixed-rate period, Canada Premium Bonds featured interest rates that adjusted in accordance with prevailing market conditions.
Canada Premium Bonds could be redeemed at any time, similar to regular Canada Savings Bonds.
Answer: False
Explanation: Canada Premium Bonds had restricted redemption conditions, allowing redemption only on the anniversary of issue or within the subsequent 30-day period, unlike the anytime redemption of regular CSBs.
Canada Investment Bonds could be redeemed before their maturity date.
Answer: False
Explanation: Canada Investment Bonds were structured such that they could not be redeemed until their maturity date.
Canada Investment Bonds typically had a maturity term of ten years.
Answer: False
Explanation: Canada Investment Bonds typically had a shorter maturity term of three years.
Canada Investment Bonds were exclusively sold through investment brokers.
Answer: True
Explanation: Canada Investment Bonds were exclusively distributed through investment brokers, distinguishing their sales channel from other savings bond types.
Canada Investment Bonds were offered to the public for an extended period from 2003 to 2007.
Answer: False
Explanation: Canada Investment Bonds were offered to the public for a limited period, from October 1, 2003, to April 1, 2004.
The Ontario Savings Bond is mentioned as a similar program to the Canada Savings Bond.
Answer: True
Explanation: The Ontario Savings Bond is cited as an example of a provincial savings bond program similar in concept to the Canada Savings Bond.
The primary difference between regular and compounding Canada Savings Bonds was the redemption flexibility.
Answer: False
Explanation: The primary difference between regular and compounding Canada Savings Bonds was the method of interest payout: regular bonds paid interest directly, while compounding bonds reinvested interest into the principal.
Canada Premium Bonds offered a higher interest rate than regular CSBs only after the initial fixed period.
Answer: False
Explanation: Canada Premium Bonds offered a higher, fixed interest rate for their initial three-year period, after which the rates fluctuated with market conditions.
Canada Investment Bonds were characterized by their long-term nature and redeemability at any time.
Answer: False
Explanation: Canada Investment Bonds were characterized by their short-term nature (3-year maturity) and non-redeemability until maturity.
Which of the following describes the function of compounding interest Canada Savings Bonds?
Answer: Interest was added to the principal, increasing the base for future interest calculations.
Explanation: Compounding interest Canada Savings Bonds functioned by adding the earned interest back to the principal, thereby increasing the base for future interest calculations.
What was a key difference in redemption flexibility between Canada Savings Bonds and Canada Premium Bonds?
Answer: CSBs were redeemable anytime; CPBs only on specific anniversaries.
Explanation: Canada Savings Bonds offered anytime redemption flexibility, whereas Canada Premium Bonds could only be redeemed on specific anniversaries of their issue or within the following 30 days.
Canada Investment Bonds were distinct from other CSB types primarily because they:
Answer: Could not be redeemed until maturity and had a 3-year term.
Explanation: Canada Investment Bonds were distinct due to their inability to be redeemed until maturity and their shorter, three-year term.
Through which channel were Canada Investment Bonds exclusively distributed?
Answer: Exclusively through investment brokers.
Explanation: Canada Investment Bonds were exclusively distributed through investment brokers.
How did the interest rate on regular interest Canada Savings Bonds function after the initial one-year guarantee?
Answer: It fluctuated based on market conditions.
Explanation: After the initial one-year guarantee, the interest rate on regular interest Canada Savings Bonds fluctuated based on market conditions.
What was the main difference between regular and compounding Canada Savings Bonds regarding interest payout?
Answer: Regular bonds paid interest directly to the holder; compounding bonds reinvested it into the principal.
Explanation: The main difference was that regular interest bonds paid interest directly to the holder, while compounding interest bonds reinvested the interest into the principal.
Which statement accurately describes Canada Premium Bonds introduced in 1997?
Answer: They offered a higher fixed rate for the first three years, then fluctuated.
Explanation: Canada Premium Bonds, introduced in 1997, offered a higher fixed interest rate for the first three years, after which the rates fluctuated with market conditions.
What was the approximate maturity period for Canada Savings Bonds?
Answer: 10 years
Explanation: Canada Savings Bonds typically had a maturity period of approximately 10 years.
What was the primary characteristic of Canada Investment Bonds regarding their redemption?
Answer: They could not be redeemed until their maturity date.
Explanation: Canada Investment Bonds could not be redeemed until their maturity date, distinguishing them from other savings bond types.
How did Canada Savings Bonds differ from Canada Investment Bonds in terms of redemption?
Answer: CSBs were redeemable anytime; CIBs were not redeemable until maturity.
Explanation: Canada Savings Bonds could be redeemed at any time, whereas Canada Investment Bonds could not be redeemed until their maturity date.
What was the initial guaranteed interest rate period for Canada Savings Bonds?
Answer: One year
Explanation: The initial guaranteed interest rate period for Canada Savings Bonds was one year.
Consultants recommended discontinuing the Canada Savings Bond program in 2004, estimating significant cost savings.
Answer: True
Explanation: In 2004, consultants advised the Department of Finance to discontinue the Canada Savings Bond program, projecting substantial cost savings.
The Department of Finance immediately accepted the 2004 recommendation to end the Canada Savings Bond program.
Answer: False
Explanation: The Department of Finance, under the then-finance minister Ralph Goodale, rejected the 2004 recommendation to end the program, opting instead for modifications.
The value of Canada Savings Bonds issued between 1987 and 2015 saw a substantial increase.
Answer: False
Explanation: The value of issued Canada Savings Bonds experienced a substantial decline, decreasing from $55 billion in 1987 to approximately $6 billion by 2015.
A 2015 KPMG study recommended the cancellation of the Canada Savings Bond program.
Answer: True
Explanation: A government-commissioned study by KPMG in June 2015 recommended the cancellation of the Canada Savings Bond program.
A 2015 KPMG study recommended the cancellation of the Canada Savings Bond program.
Answer: True
Explanation: A government-commissioned study by KPMG in June 2015 recommended the cancellation of the Canada Savings Bond program.
Ralph Goodale, as finance minister, supported the 2004 recommendation to scrap the CSB program.
Answer: False
Explanation: Ralph Goodale, the finance minister at the time, rejected the 2004 recommendation to scrap the Canada Savings Bond program.
The value of issued Canada Savings Bonds dropped significantly from $55 billion in 1987 to approximately $6 billion in 2015.
Answer: True
Explanation: The value of issued Canada Savings Bonds experienced a significant decline, decreasing from $55 billion in 1987 to approximately $6 billion by 2015.
What was the estimated cost savings projected if the Canada Savings Bond program was scrapped based on the 2004 consultants' advice?
Answer: Approximately $650 million over 9 years.
Explanation: Consultants estimated that discontinuing the Canada Savings Bond program in 2004 could yield overall cost savings of approximately $650 million over a nine-year period.
Who rejected the 2004 recommendation to end the Canada Savings Bond program, opting instead for program modifications?
Answer: The Minister of Finance, Ralph Goodale.
Explanation: The then-finance minister, Ralph Goodale, rejected the 2004 recommendation to end the Canada Savings Bond program, opting instead for modifications to enhance its competitiveness.
What significant trend was observed in the value of issued Canada Savings Bonds between 1987 and 2015?
Answer: A substantial decline from $55 billion to just over $6 billion.
Explanation: The value of issued Canada Savings Bonds experienced a substantial decline between 1987 and 2015, decreasing from $55 billion to just over $6 billion.
According to a June 2015 study, what was the estimated annual cost of the Canada Savings Bond program?
Answer: $58 million
Explanation: A government-commissioned study by KPMG in June 2015 estimated the annual cost of the Canada Savings Bond program to be $58 million.
What was the estimated overall cost savings over nine years if the CSB program was scrapped, according to 2004 consultants?
Answer: $650 million
Explanation: The 2004 consultants' report estimated that scrapping the CSB program would result in savings of approximately $650 million over nine years.
What was the approximate value of issued Canada Savings Bonds in 2015?
Answer: $6 billion
Explanation: In 2015, the approximate value of issued Canada Savings Bonds was $6 billion.
The 2004 consultants' report estimated that scrapping the CSB program would result in savings of approximately how much over nine years?
Answer: $650 million
Explanation: The 2004 consultants' report estimated that scrapping the CSB program would result in savings of approximately $650 million over nine years.
What was the approximate value of issued Canada Savings Bonds in 1987?
Answer: $55 billion
Explanation: The approximate value of issued Canada Savings Bonds in 1987 was $55 billion.
The Liberal government decided to end the sale of new Canada Savings Bonds in the federal budget announced on March 22, 2017.
Answer: True
Explanation: The Liberal government announced its decision to end the sale of new Canada Savings Bonds in the federal budget of March 22, 2017.
Existing Canada Savings Bonds continue to be valid and honored even after the program's discontinuation in 2017.
Answer: True
Explanation: Although the sale of new Canada Savings Bonds ceased in 2017, existing bonds remain valid and will be honored until they are redeemed.
The discontinuation of new Canada Savings Bonds was announced in the federal budget of March 22, 2017.
Answer: True
Explanation: The federal budget of March 22, 2017, contained the announcement regarding the discontinuation of new Canada Savings Bonds.
When did the Liberal government officially announce the discontinuation of new Canada Savings Bonds?
Answer: In the federal budget of March 22, 2017.
Explanation: The Liberal government officially announced the discontinuation of new Canada Savings Bonds in the federal budget presented on March 22, 2017.
What was the stated reason for discontinuing the sale of new Canada Savings Bonds in 2017?
Answer: The decision was announced as part of the federal budget that year.
Explanation: The discontinuation of new Canada Savings Bonds in 2017 was announced as part of the federal budget presented that year.