Exam 7: Government-Mandated Social Security Programs

Based on the 2015 report on the status of Medicare,the projected date of the Medicare trust fund exhaustion is 2050.(Financing OASDI and Medicare Programs)

In 2016,what was the average monthly disability benefit for all disabled workers? (Disability Benefits)

The Social Security Act was amended in 1965 to create the Medicare program.(Medicare)

Automatic cost-of-living adjustments are applied to OASDI benefits to guard against inflation.(Determining Benefit Amounts)

Employees forfeit Social Security credits when they change jobs or become unemployed.(Qualifying for OASDI Benefits)

The Social Security Administration increases retirement benefits by a designated percentage for each month worked beyond full retirement until age 70.(Old-Age Benefits)

Which of the following are eligible for OASDI? (Employers Required to Participate in Social Security Programs)

Self-employed individuals must pay a FICA rate that is twice as much as a factory worker has to pay.(Financing OASDI and Medicare Programs)

Stepchildren,grandchildren,or adopted children are not considered as eligible for survivor benefits.(Survivor Benefits)

In general,an employee must earn at least 30 credits to be eligible to receive retirement benefits.(Qualifying for OASDI Benefits)

An employee's average indexed monthly earnings determines the initial primary insurance amount for OASDI benefits.(Determining Benefit Amounts)

In 2015,more than 64 million Americans received Social Security benefits.(Employers Required to Participate in Social Security Programs)

What is the amount of contribution employer and employees must make to the Medicare tax which supports Medicare Part A? (Financing OASDI and Medicare Programs)

The Social Security Administration defines "gainful" work activity as all of the following,except: (Disability Benefits)

The Social Security Administration pays monthly survivor benefits at a level ranging from 71.5% to 100% of the primary insurance amount.(Survivor Benefits)

The Social Security Administration only issues Social Security numbers to U.S.citizens.(Social Security Numbers)

In general,a worker needs to have accumulated at least 50 credits to qualify family members for survivor benefits.(Survivor Benefits)

In 2016,6.2% of employer and employee contributions were set aside from FICA to fund OASDI programs.(OASDI Programs)

The Social Security Administration defines disability as an inability to engage in any substantial gainful activity because of a medically determinable physical or mental impairment that is expected to result in death,or that has lasted for a continuous 12 months.(Disability Benefits)

Which of the following Medicare coverage would cover physical therapy,occupational therapy,and speech-language therapy ordered by a doctor? (Medicare Part A Coverage)