W05 Study & Quiz_ Social Security_ Personal Finance

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Brigham Young University, Idaho *

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433

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Finance

Date

May 30, 2024

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W05 Study & Quiz: Social Security Due May 23 at 11:59pm Points 13 Questions 13 Available after May 11 at 12am Time Limit None Instructions Task: Study these materials about social security and take a quiz . Purpose: Develop an understanding of social security. Instructions NOTE : The videos/transcripts refer to this course as B 433. The course's code was recently changed to FIN 433. 1. Read the definition of Social Security. (http://www.investopedia.com/terms/s/socialsecurity.asp) 2. Read about the Solvency of Social Security. (http://www.investopedia.com/ask/answers/102814/social-security-trust-fund-solvent.asp) 3. Read the Millionaire Next Door: The Surprising Secrets of America's Wealthy (https://ebookcentral.proquest.com/lib/byui/detail.action?docID=867833) throughout the semester. Taking notes during this reading assignment will help you as you create a summary of concepts at the end of the semester. 4. Read an article about the Social Security Administration. (https://www.ssa.gov/planners/retire/applying1.html) 5. View the video or PowerPoint: Is Social Security Relevant to the Financial Planning Discussion (https://video.byui.edu/media/B433_L05_Social_Security/0_rrayeck9) (11:48 mins, "Is Social Security Relevant to the Financial Planning Discussion" Transcript (https://docs.google.com/document/d/e/2PACX- 1vSihaHkhp5X3YSMV0eOhQbsFHz0seNc3m6QRgjzeT9JZ017JRxRJoq4lB6WaclQm19zeq7fxfJlIyT2/pu 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 1/6
Attempt History Attempt Time Score LATEST Attempt 1 25 minutes 13 out of 13 Correct answers will be available on May 24 at 12am. Score for this quiz: 13 out of 13 Submitted May 21 at 9:57pm This attempt took 25 minutes. Question 1 1 / 1 pts provide a full retirement benefit for working Americans provide a supplement to working Americans' retirement income provide only health care benefits to working Americans provide only survivor and disability benefits to working Americans Question 2 1 / 1 pts ) 0:00 / 11:48 1x 1x Is Social Security Relevant to the Financial Planning Discussion (ppt) (https://byui.instructure.com/courses/294268/files/128080204/download?wrap=1) (https://byui.instructure.com/courses/294268/files/128080204/download?download_frd=1) 6. Complete a quiz about Social Security. The Social Security Program's original purpose was to . 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 2/6
Teddy Roosevelt. Franklin D. Roosevelt. Richard Nixon. Dwight D. Eisenhower. Question 3 1 / 1 pts longer life expectancies, the baby boomer generation, and fewer workers paying payroll taxes government spending of social security funds the Republican party's plan to eliminate the social security program poor investments choices made by the social security fund managers Question 4 1 / 1 pts GAO's special use fund Social Security trust fund IRS special trust Stock Market via various government contracted brokers Question 5 1 / 1 pts employees employers both employees and employers property tax revenues Who was president of the United States when the Social Security program was started? The largest threat to social security's solvency comes from . After Social Security taxes have been collected, the money is placed into the . Payroll taxes that support social security are collected from . 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 3/6
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Question 6 1 / 1 pts funded on a 'pay as you go' basis pre-funded with investment assets individually funded accounts for each American worker individually funded accounts invested in stocks for each American worker Question 7 1 / 1 pts True False Question 8 1 / 1 pts small, it represents a very small portion of government spending one of the largest government programs in the world impossible to measure irrelevant, since none of the spending is reported Question 9 1 / 1 pts the federal government, including the Federal Reserve Board Fidelity Investments, Federal Government Services Corporation. individual states. The Internal Revenue Service (IRS). Social Security's funding is best described as . True or False? Spouses of social security retirement beneficiaries may qualify for social security benefits, even with limited work histories. In terms of its relative size, Social Security is . Social Security payments are managed by . 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 4/6
Question 10 1 / 1 pts 59 1/2 60 62 65 Question 11 1 / 1 pts average wages earned over a worker's lifetime total contributions to the SSA 403(b) account corporate income tax collections by the federal government total social security revenues for the year in which benefits are paid Question 12 1 / 1 pts 67 62 70 65 Question 13 1 / 1 pts Based on one's birthdate, the earliest age at which one may begin receiving social security retirement benefits is . The amount of social security retirement benefits received by an individual is based on . In referencing the Social Security Administration website (https://www.ssa.gov/benefits/retirement/planner/applying2.html) based on the birth year of the recipient, the latest age at which one may begin receiving social security benefits is . Based on the reading assignment, which of the following best describes American workers' relationship with Social Security? 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 5/6
Everyone depends on Social Security to provide the majority of their retirement income. No one depends on Social Security to provide the majority of their retirement income. A few (less than 20%) of Americans depend on Social Security to provide the majority of their retirement income. Most (more than 50%) Americans depend on Social Security to provide the majority of their retirement income. Quiz Score: 13 out of 13 COPYRIGHT 2024 BRIGHAM YOUNG UNIVERSITY-IDAHO 5/21/24, 9:58 PM W05 Study & Quiz: Social Security: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591743 6/6
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