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Future for Social Security MCQ

The excess of Social Security payroll taxes collected over the amount paid out, including excess funds accumulated from prior years is called Social security surplus

True

False

Answer

Correct Answer: True

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The proportion of preretirement ______ that Social Security pays beneficiaries is called replacement rate

Values

Income

Expenditures

Ethics

Answer

Correct Answer: Income

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A tax for which the burden is proportionately greater for the poor than for the rich; the opposite of a progressive tax is called

Progressive tax

Income tax

Regressive tax

All of above

Answer

Correct Answer: Regressive tax

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Pay-as-you-go system is an approach to paying for Social Security in which workers today contribute money used to pay benefits for those now retired; that is, current workers pay current expenses, rather than saving up for future benefits

True

False

Answer

Correct Answer: True

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A pension system, public or private, in which future retirement benefits owed are paid out of money saved up in advance is called

Equity system

Funded system

Adequacy system

Replacement system

Answer

Correct Answer: Funded system

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Equity describes that it applied to Social Security, a fair return to beneficiaries depending on how much they ______ to the system

Refuse

Contribute

Misconduct

Contravene

Answer

Correct Answer: Contribute

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A ________ plan that would divide the total earnings of a married couple between the Social Security accounts of both spouses is called earning share

Retirement

Employment

Family

None of above

Answer

Correct Answer: Retirement

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An approach designed to eliminate some benefit for those who are wealthy or above a specific income level is called

Affection test

Affluence test

Non -affluence test

Discriminate test

Answer

Correct Answer: Affluence test

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As applied to Social Security, the principle of maintaining a decent minimum income for everyone regardless of how much an individual contributed is called

Equity

Adequacy

Affluence

Affinity

Answer

Correct Answer: Adequacy

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