The Original Purpose of Social Security Was To

question 143

Multiple Choice

The original purpose of Social Security was to:

• A) create a way for seniors to pay for housing expenses.
• B) provide a supplement to savings and other means of financial support.
• C) provide the primary source of income for those over age 65.
• D) create an investment opportunity.

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Definitions:

Cost Method

An accounting method used for recording investments, where the investment is recorded at purchase cost without subsequent change for market value fluctuations.

SPE

A Special Purpose Entity is a legal entity created by a firm specifically to isolate financial risk, typically for securitization or financing projects.

Primary Beneficiary

The main individual or entity intended to receive the benefits from a trust, insurance policy, or other fiduciary arrangement.

Fair Value

An estimation of the market value of an asset or liability based on current market conditions.