The Federal Social Security System

question 20

Multiple Choice

The federal Social Security system:

• A) is financed through ERISA.
• B) pays benefits to workers who are retired, disabled, or temporarily unemployed and to the spouses and children of disabled or deceased workers.
• C) collects taxes which go into a savings account for each covered worker.
• D) was created in the 1960s as part of the "Great Society" programs.
• E) All of the above.

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Definitions:

Limited Information

Availability of only partial data or details about a subject, making comprehensive understanding or decision-making difficult.

Fraud

The deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Misrepresentation

Misrepresentation in law refers to a false statement of fact made by one party to another, which has the effect of inducing that party into entering a contract.

Investment Scheme

A structured plan or strategy involving the allocation of funds or resources with the expectation of achieving financial returns.