Which of the Following Is True of Social Security and Medicare

question 2

Multiple Choice

Which of the following is true of social security and Medicare?

• A)Eligibility requirements make sure that all social security beneficiaries have an absolute economic need for the benefit.
• B)Spending on TANF and SSI exceeds the total of all spending of public assistance programs.
• C)Most retirees receive less in social security benefits than they contributed in payroll taxes while working.
• D)Social security income is decided as follows: the lower your income while working,the larger your social security benefit upon retirement.
• E)Families in the top fifth of the income population receive more in social security and Medicare benefits than the government spends in total on TANF,SSI,food stamps,and housing subsidies for the poor.

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Definitions:

Economic Resource

A resource with the ability to produce economic benefits for its holder, typically assets owned by an individual or entity.

Depreciated

Refers to the reduced value of an asset after accounting for depreciation expenses over time due to use, wear and tear, or obsolescence.

Accounting Periods

Specific spans of time for which financial reports are prepared, usually quarterly or annually.

Prepaid Expense

Expenses paid in advance and recorded as assets before they are used or consumed.