Government Benefits

What are the categories of Government Financial Assistance?

A cash payment made to someone who recently lost his or her job is called a(n):

• fringe benefit

• Social Security

• Medicaid

• Unemployment Insurance Benefit

When faced with financial emergencies, such as unemployment, individuals and families should first use:

• emergency savings

• unemployment benefits

• borrowed money

• emergency savings and unemployment benefits

Fred recently lost his job at a local factory. Unfortunately, he has also been experiencing several severe health challenges. The expenses associated with his medical issues have depleted his savings. Which of the following government benefits could Fred apply to for help with his medical expenses?

• Medicare

• Medicaid

• Sick and Casualty Coverage

• Social Security

Someone who qualifies Medicaid may also be eligible for:

• Supplemental Nutrition Assistance Program (SNAP) benefits

• Temporary Assistance for Needy Families (TANF) benefits

• Refundable tax credits

• SNAP, TANF, and refundable tax credit

Money used to make transfer payments from the government to individuals comes from:

• the Federal Reserve

• Taxes and borrowing

• Revenue generated from oil and gas permits

• Interest earned on the Social Security trust funds

All of the following are related to a person's current income, EXCEPT:

• Social Security benefits

• Temporary Assistance for Needy Families

• Supplemental Nutrition Assistance Program

• Education grants and loan subsidies

All of the following are employer-provided benefits, EXCEPT:

• Social Security

• Health Insurance

• Wages

• Sick and Holiday Pay

How are Social Security benefits currently funded and paid to beneficiaries?

• Earnings from each participant's account are used to fund payments

• Interest from government bonds are used to fund payments to used to pay benefits

• Taxes from current current workers are used to fund payments to current retirees

• Retirees are taxed on unearned income and these taxes are then used to make payments to current retirees

Nearly every working adult living in the United States contributes to the Social Security system. How can someone access Social Security benefits?

• Be at least age 62 and retired

• Become permanently disabled

• Apply as soon as she or he has paid Social Security taxes for at least 10 years

• Be at least age 62 and retired, or become permanently disabled