Which of the Following Is True About the Coverage of OASDHI

question 99

Multiple Choice

Which of the following is true about the coverage of OASDHI program?

• A)Only about fifty percent U.S. employees are covered by the program.
• B)Federal, state, and local government employees account for a high percentage of employees covered under this program.
• C)There are no eligibility requirements to be met by an individual to receive benefits.
• D)Old-age insurance benefits for fully insured workers begin at the age of 50.
• E)High earners help subsidize benefit payments to low earners.

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Definitions:

General Journal Entries

The initial records of financial transactions, entered in the general journal, before they are posted to specific accounts in the general ledger.

Terms of Sale

The conditions under which a seller agrees to sell and a buyer agrees to buy, including payment terms, delivery time, and warranties.

Credit Terms

The conditions under which credit is extended by a seller to a buyer, including the repayment period, discount for early payment, and late penalty.

General Journal Entries

The record of financial transactions in the general journal, a part of the double-entry bookkeeping system.