M10: Quizzes Flashcards
All of the following are characteristics of social insurance programs that distinguish them from other government programs, EXCEPT:
A. They are compulsory programs
B. They provide a floor of income
C. They put an emphasis on individual equity rather than social adequacy
D. Full funding is unnecessary
C. They put an emphasis on individual equity rather than social adequacy
Study Guide pg 6, Learning Outcome 1.2; Text pg 386
For persons born after 1928, the highest _____ years of indexed earnings are used to calculate the worker’s Average Indexed Monthly Earnings (AIME) for retirement benefits.
A. 20
B. 30
C. 25
D. 35
D. 35
Study Guide pg 13, Learning Outcome 4.1; Text pg 393-394
Federal civilian employees hired after _____ are also covered on a compulsory basis for Social Security.
A. 1975
B. 1937
C. 1960
D. 1983
D. 1983
Study Guide pg 9, Learning Outcome 2.1; Text pg 389
A lump-sum Social Security death benefit of _______ can be paid when a worker dies.
A. $255
B. $225
C. $265
D. $275
A. $255
Study Guide pg 17, Learning Outcome 5.1(g); Text pg 398-399
The spouse of a retired worker can also receive monthly benefits if they are at least aged 62 and have been married to the retired worker for at least _____ year(s).
A. Five
B. One
C. Two
D. Six
B. One
Study Guide pg 12, Learning Outcome 3.3(b); Text pg 393
One of the eligibility requirements for a disabled worker to receive Social Security disability benefits is that they must meet a ____ month waiting period.
A. 3
B. 6
C. 5
D. 2
C. 5
Study Guide pg 17, Learning Outcome 5.2; Text pg 400
The massive Social Security program, also known as Old-Age, Survivors, and Disability Insurance (OASDI), covers about ____% of all U.S. workers, and it is the primary source of income for about two-thirds of all seniors.
A. 80
B. 90
C. 75
D. 60
B. 90
Study Guide page 1
In 2022, a person receives one credit for each $______ of covered earnings.
A. 1,520
B. 1,710
C. 1,510
D. 1,420
C. 1,510
Study Guide pg 9, Learning Outcome 2.2; Text pg 389
For Social Security purposes, a person is fully insured if they have ___ credits.
A. 30
B. 40
C. 25
D. 20
B. 40
Study Guide pg 10, Learning Outcome 2.3; Text pg 389-390
Occupations that are covered by Social Security include all of the following, EXCEPT:
A. Private sector employees
B. Federal Civilian employees hired before 1983
C. State employees
D. Federal employees
B. Federal Civilian employees hired before 1983
Study Guide pg 9, Learning Outcome 2.1; Text pg 389
A means test requires applicants to show that their income and financial assets are below certain levels as a condition of benefit eligibility.
True or False?
True
To be disability insured, a person must meet two work tests: (1) a recent work test and (2) a duration of work test.
True or False?
True
Social inadequacy means that the benefits paid should provide a certain standard of living to all contributors.
True or False?
False
The combined payroll tax rate for Social Security and Medicare is 7.67 percent, which is paid by both employee and employer.
True or False?
False
Most jobs in state and local government are not covered for unemployment insurance.
True or False?
False