W05 Study & Quiz_ Social Security_ Personal Finance
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Brigham Young University, Idaho *
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433
Subject
Finance
Date
May 30, 2024
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Uploaded by ConstableAlpacaMaster973
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
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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
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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 .
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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 .
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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?
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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
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