The Most Common Explanation for Social Security Payments Accounting for a Larger

question 104

Multiple Choice

The most common explanation for Social Security payments accounting for a larger share of federal government expenditures is

• A)increases in life expectancy.
• B)people becoming eligible for Social Security benefits at an earlier age.
• C)increases in birth rates among teenagers and the poor.
• D)falling payroll tax receipts.

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Definitions:

Unearned Rent

Unearned Rent is a liability representing rent payments received in advance for which the services have yet to be rendered or the occupancy period has not yet occurred.

Rental Income

Revenue received from leasing property or other assets to tenants.

Advance

A payment made before it is due or for goods and services yet to be received.

Income Summary

An account to which all revenue and expense accounts are transferred at the end of an accounting period to summarize the results of operations for that period.