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
The basic extended benefit program for unemployment insurance provides up to 13 additional weeks of benefits in states with high unemployment.
True or False?
True
To be eligible for Social Security retirement benefits, a person must be fully insured with 40 credits.
True or False?
True
For persons born in 1960 or later, the full retirement Social Security age is 68.
True or False?
False
Workers and their spouses can retire with Social Security as early as the age of 62 with actuarially reduced benefits.
True or False?
True
State unemployment insurance programs are financed largely by payroll taxes paid by employers on the covered wages of employees.
True or False?
True
_________________ means that contributors receive benefits directly related to their contributions.
A. Social adequacy
B. Actuarial value
C. Floor of income
D. Individual equity
D. Individual equity
Text, pg 387
A(n) ___________ test is used in public assistance. Welfare applicants must show that their income and financial assets are below certain levels.
A. Social adequacy
B. Floor of income
C. Means
D. Individual equity
C. Means
Text pg 388
In determining insured status, an individual’s amount of work in covered employment must be calculated. For 2022, you receive one credit for each ____________of covered earnings.
A. $1,250
B. $1,500
C. $1,510
D. $1,300
C. $1,510
Text pg 389
A maximum of ________ credits can be earned each year.
A. 3
B. 10
C. 4
D. 6
C. 4
Text pg 389
To be eligible for retirement benefits, you must be fully insured. You are fully insured for retirement benefits if you have _______ credits.
A. 40
B. 20
C. 35
D. 45
A. 40
Text pg 389-390
If you become disabled before age _______, you need 1.5 years of work (six credits) in the 3 years before you became disabled.
A. 22
B. 20
C. 18
D. 24
D. 24
Text pg 390
For persons born in 1937 or earlier, full retirement age for unreduced Social Security benefits is age ___________.
A. 60
B. 70
C. 59
D. 65
D. 65
Text pg 391
The monthly retirement benefit for Social Security is based on the worker’s _______.
A. AIME
B. OASDI
C. API
D. PIA
D. PIA
Text, pg 393
Reduced Social Security benefits can be paid as early as age _______.
A. 60
B. 59 and 1/2
C. 62
D. 64
C. 62
Text pg 391
____________________ is a voluntary program that covers medically necessary physician services and supplies, outpatient care, home health services, durable medical equipment, and other medical services.
A. Medicare Part B
B. Medicare Advantage
C. Medicare Part A
D. Medicare Part D
A. Medicare Part B
Text pg 404
When benefits are paid to provide a certain standard of living to all contributors, this is called:
A. Social adequacy
B. Individual equity
C. An income ceiling
D. Adverse selection
A. Social adequacy
Study Guide, Module 10, Page 7, Learning Objective 1.5
Textbook, Page 387
The major groups of workers who are entitled to Social Security disability-income benefits include
all of the following, EXCEPT:
A. Disabled workers
B. Unmarried children younger than the age of 18
C. Unmarried disabled children aged 21 or older
D. Spouses of disabled worker
C. Unmarried disabled children aged 21 or older
Study Guide, Module 10, Page 18, Learning Objective 5.4,
Textbook, Pages 400-401
