FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 18: Social Security

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Short Answer

Review LaterAdd Note

Review Later

The Social Security system is primarily a(n) _____ system, meaning that current tax revenues are used to pay the current benefits of Social Security recipients.

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following statements is true about Social Security?

A) Nearly all employees in private industry, railroad workers, and members of the armed forces are covered by Social Security.
B) Railroad workers are excluded from Social Security.
C) After 1984, local government bodies can elect not to cover certain employees under Social Security.
D) Municipal governments that elected out prior to 1984 do not have the option to join the Social Security program voluntarily.
E) Ministers are covered automatically and do not have the right to waiver, even on religious grounds.

Correct Answer

verified

Show Answer

Question 33

Short Answer

Review LaterAdd Note

Social Security benefit amounts are increased annually by _____ linked to increases in the consumer price index.

Medicare _____ is the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, enacted December 8, 2003.

The Social Security program is the foundation for health benefits for the retired population under the Medicare plans.Medicare Part A is mostly concerned about:

Social Security _____ benefits protect the dependents of a fully or currently insured deceased worker.

An individual is entitled to full disability benefit through Social Security if:

Which of the following reasons can be attributed to the long-term financing gap faced by the Social Security and Medicare programs?

Social Security benefits are financed through payroll taxes paid by employers and employees and by a special tax on earnings paid by the self-employed.The tax rate for employers and employees is 6.2 percent for OASDI, up to a maximum amount of earnings called the _____.

The Social Security retirement benefit may be reduced for a retiree who is younger than normal retirement age and whose annual earned income exceeds the retirement earnings exempt amount; this provision is called the:

Through Medicare Part D, eligible participants can elect to receive the benefits of Medicare Parts A and B through private health plans, in addition to certain items not covered by Medicare Parts A and B.

Medicare _____, also known as Medicare+Choice, was authorized by the Balanced Budget Act of 1997.

To be eligible to receive benefits, a worker must achieve insured status.If the worker's status is _____, most types of Social Security benefits are payable.

The purpose of this test is to limit monthly cash benefits for retirees who have earned income and to reduce the cost of the Social Security program.Identify this test.

Identify the correct statement about survivors' benefits.

The _____ program is the second largest social insurance program in the United States.

Public assistance programs are also referred to as _____ programs.

In the case of _____, a benefit is reduced 5/9 of 1 percent for each month before the normal retirement age for Social Security benefits.

Write a note on the eligibility criterion for disability benefits under the Social Security program.

Wages beyond the threshold are not subject to the Medicare Part A tax, but they are subject to the OASDI tax.