Which of the Following NOT True of Social Security

question 34

Multiple Choice

Which of the following NOT true of Social Security?

• A)It provides health insurance through Medicare.
• B)Employees and employers both contribute 6.2 percent of employee earnings.
• C)Employees can earn up to 40 credits a year.
• D)Those born in 1960 and later don't receive full benefits until they turn 67.
• E)Dependents of workers who have died are eligible.

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Definitions:

Credit Balance

In accounting, it refers to the balance on the right side of a ledger account, indicating the amount that a company owes or liabilities.

Revenue Account

An account that tracks the income generated from normal business operations, including the sale of goods and services.

Cash Flow from Operating Activities

A section of the cash flow statement that shows the cash generated or consumed by a company in its core business operations.

Cash Collected

The total amount of money received by a company during a specified period, including revenues, financing, and investments.