Chapter 15

Question 1

The Social Security Program provides which 4 benefits?

Answer 1

1.) Survivorship benefits for dependents of deceased workers
2.) Retirement benefits for the elderly
3.) Disability benefits for disabled workers
4.) Medical benefits for the elderly (Medicare)

Question 2

When you work and earn a certain amount of income, you earn quarters of coverage that goes towards your Social Security benefits, this is called..?

Answer 2

quarters of coverage

Question 3

A person can earn _____ quarters of coverage per year through working and earning a certain amount of taxable income

Answer 3

4

Question 4

In order to collect Social Security benefits, you must be insured under the program. There are ____ insured statuses.

Answer 4

3

Question 5

Name the insured statuses:

Answer 5

1.) currently insured
2.) fully insured
3.) disability insured

Question 6

Social Security begins providing retirement benefits at different ages, according to when a person was born is called..?

Answer 6

retirement benefit

Question 7

Social Security offers _______ to people who are totally (not partially) disabled.

Answer 7

disability benefits

Question 8

________ begins providing benefits when you turn 65

Answer 8

Medicare

Question 9

There are __ components of Medicare:

Answer 9

4

Question 10

Name the components

Answer 10

1.) Part A: hospital stays
2.) Part B: medical insurance
3.) Part C: Medicare advantage (managed care through private insurer)
4.) Part D: prescription drugs