1. Eventually, about _____ of older adults will be frail before they die.
Answer
Correct Answer:
One-third
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2. Endowing an employee with eligibility for a pension, usually after some set period of time on the job is called vesting
Answer
Correct Answer:
True
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3. A situation that occurs when an older person is simultaneously a member of two (or more) disadvantaged groups is called
Answer
Correct Answer:
Triple jeopardy
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4. A contract in which a bank guarantees a _______ income to a homeowner for the remainder of life and then claims ownership of the home upon the owner’s death or makes the heirs pay off the lien is called reverse mortgage.
Answer
Correct Answer:
Monthly
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5. Need base benefits describes the services, such as home health care, provided to people according to some assessment of their individual requirements rather than according to age or some other categorical basis
Answer
Correct Answer:
True
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6. The federal government program that pays for acute health care for ______people is called medicare.
Answer
Correct Answer:
Older
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7. Life cycle model of savings explain the ________ theoretical approach that predicts people will save more in later middle age, as they see retirement ahead
Answer
Correct Answer:
Economic
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8. The idea that differing cohorts should be treated similarly with respect to benefits over the life course is called
Answer
Correct Answer:
Generational equity
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9. Employee retirement income security act (ERISA) passed in _______ that regulates private pension plans in the United States and provides protection against loss of benefits to retired workers
Answer
Correct Answer:
1974
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10. A situation that occurs when an older person is simultaneously a member of two (or more) disadvantaged groups is called
Answer
Correct Answer:
Double jeopardy
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11. A retirement plan in which pension income varies according to how much employer, employee, or both contribute to the plan and according to how successfully the funds are invested is called
Answer
Correct Answer:
Defined-contribution plan
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12. A retirement program that promises a specific level of pension income in return for a certain number of years of service to a company is called
Answer
Correct Answer:
Defined-benefit plan
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13. Crossover phenomenon describes the fact that life expectancy for Blacks was lower than for Whites until the late ______ when the pattern was reversed; Black life expectancy now exceeds that of Whites.
Answer
Correct Answer:
1970s
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14. A retirement plan in which the employer makes annual contributions to an account in the employee’s name, where the money increases at a guaranteed rate of return is called cash balance plan
Answer
Correct Answer:
True
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15. An investment vehicle permitting a lump sum of money to be paid out annually to projected life expectancy at a given age is called annuity
Answer
Correct Answer:
True
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16. The national array of service programs helping older Americans, ranging from senior citizen centers and Area Agencies on Aging to programs offered by the federal government is called
Answer
Correct Answer:
Aging network
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17. Aging interest group describes the _________ or other organizations that seek to influence government policies on behalf of older adults
Answer
Correct Answer:
Associations
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18. An individual pension plan that permits individuals to set aside a portion of income on a tax-deferred basis is called
Answer
Correct Answer:
401(k) pension plan
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