The Social Security Act of 1935 Created

question 14

Multiple Choice

The Social Security Act of 1935 created

• A) only one category of welfare program: contributory.
• B) only one category of welfare program: noncontributory.
• C) two separate categories of welfare: contributory and noncontributory.
• D) the first system of regressive taxation.

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Definitions:

Financial Accounting

The field of accounting focused on the preparation of financial statements for external users, such as investors and creditors.

Managerial Accounting

The field of accounting that focuses on providing information and analysis to managers within organizations to enable informed business decision-making.

Internal Users

Individuals or groups within an organization who use financial and other information to guide decision-making processes, such as management and employees.

External User

Individuals or entities outside of a company who use its financial information, such as investors, creditors, and regulatory agencies.