Congress's 2003 Medicare Reform Bill

question 55

Multiple Choice

Congress's 2003 Medicare reform bill

• A)added a prescription drug benefit to the package of health benefits provided to
• The elderly.
• B)eliminated a prescription drug benefit from health benefits provided to the elderly.
• C)increased the minimum age of Medicare recipients from 65 to 75 years old.
• D)decreased the minimum age of Medicare recipients from 75 to 65 years old.

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Definitions:

Additional Paid-In Capital

The amount of capital received from investors for stock, over and above the par value of the shares issued.

Rent Expense

The cost incurred by a business to utilize property or equipment for operational purposes over a certain period.

Adjusting Entry

A log entry prepared at the termination of an accounting interval to apportion profits and outlays to the timeframe in which they really happened.