Chapter 17: Social Security

Question 1

What was created by FDR during the Great Depression

Answer 1

Social Security Act of 1935

Question 2

Economic Assistance is given to whom?

Answer 2

The aged, unemployed, widows with children, disabled

Question 3

Social Security was a part of what in the new deal

Answer 3

A part of the second new deal

Question 4

Social Security is funded by what?

Answer 4

Taxes paid by employers and employees

Question 5

Social Security is given to whom?

Answer 5

The aged, unemployed, widows with children, disabled

Question 6

What is dependent upon more workers than recipients

Answer 6

Solvency

Question 7

Studies believe that money is going to run out by what year?

Answer 7

2037

Question 8

All workers are required to pay social security in order to protect what?

Answer 8

Solvency

Question 9

COLA stands for what?

Answer 9

Cost of living adjustments

Question 10

True or False: Social Security payments given to the elderly stay at a consistent amount during inflation

Answer 10

False, If inflation exceeds 3%, those receiving social security get more

Question 11

If the inflation rate is 5%, the COLA rate is what?

Answer 11

5%

Question 12

What is used to make up the difference during inflation

Answer 12

Increased Taxes

Question 13

What can affect the trust fund?

Answer 13

Birth Rate

Question 14

What generation created a high demand from the fund

Answer 14

Baby Boomers

Question 15

If the retirement rate where to increase…

Answer 15

The demand on the fund could decrease

Question 16

Social Security and Medicare is what type of politics

Answer 16

Majoritian

Question 17

What are created during 1965

Answer 17

Medicare Act

Question 18

What is Medicare

Answer 18

The government sponsors medical assistance for those older than 65

Question 19

Hospital Insurance that covers independent care for hospital visits and nursing homes

Answer 19

Part A Insurance

Question 20

True or False: Most people pay for Part A insurance

Answer 20

False, most don’t pay for it because it’s already been paid for when taxes were taken out

If not you pay for Premium Part A

Question 21

Medical Coverage that covers doctors visits and outpatient care

Answer 21

Part B Insurance

Question 22

Medicare Advantage Plan

Answer 22

Part C Insurance

Question 23

Offered by private companies by approved by Medicare

Answer 23

Part C and Part D Insurance

Question 24

Includes Part A and Part B Coverage

Answer 24

Part C

Question 25

Covers Eye, Dental, and other

Answer 25

Part C Insurance

Question 26

Drug Prescription Coverage

Answer 26

Part D

Question 27

Hospitals get a fixed rate regardless of patient stay but try to get patients out as soon as possible to lower the cost on the patients side

Answer 27

Part D Insurance