All of the Following Persons Are Eligible for a Benefit

question 18

Multiple Choice

All of the following persons are eligible for a benefit under the retirement portion of the Social Security program EXCEPT

• A)a divorced spouse,age 55,who was married to the retired worker for 6 years.
• B)a retired worker's 63 year-old spouse who is no longer caring for children.
• C)a retired worker's 52 year-old spouse who is caring for a 12 year-old daughter of the retired worker.
• D)a retired worker's unmarried 20 year-old son who has been severely disabled since an automobile accident while he was in elementary school.

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Definitions:

LIFO Inventory Method

An inventory costing method where the last items purchased or produced are considered the first items sold; stands for Last-In, First-Out.

Oldest Inventory Purchase Costs

Refers to the costs associated with the earliest batch of products bought by a business, crucial for inventory valuation methods like FIFO (First-In, First-Out).

Cost of Goods Sold

This accounts for the direct costs attributable to the production of the goods sold in a company, including material and labor costs.

Merchandise Inventory Account

An account on a company's balance sheet that represents the products that a retail or wholesale company plans to sell.