In 1996, the Personal Responsibility Act

question 92

Multiple Choice

In 1996, the Personal Responsibility Act:

• A)transferred responsibility for welfare programs from the state to the federal level.
• B)placed a five-year lifetime limit on welfare payments to any given recipient.
• C)increased the federal minimum wage.
• D)established the earned income tax credit (or EITC).

---

Definitions:

Interest

The cost of borrowing money or the return on investment for lending money, determined as a percentage of the principal amount.

Desired Amount

The specific sum of money or financial goal an individual or entity aims to achieve.

Monthly Rate

The interest rate or other fees assessed on a monthly basis, often used in loans and financial agreements.

Student Loan

A loan offered to students which is used to pay off educational expenses and is repayable after graduation, typically with interest.