Lesson 9.2/9.3 Quiz

Deferred Compensation - money that is ____________________________ at a later date usually in return for services that have been given or received at the ___________.

• paid; present time

• received; future date

• invested; past time

• saved; current time

Tags

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.8.4

CCSS.RL.9-10.4

Pension - Income given to an employee after _________________ that is given at the discretion of an employer.

• retirement

• promotion

• resignation

• transfer

Tags

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.8.4

CCSS.RL.9-10.4

Single life annuity - a pension that offers a ____________ monthly amount until death, when all benefits stop.

• fixed

• variable

• increasing

• decreasing

Tags

CCSS.HSA.SSE.B.4

Qualified joint and Survivor Annuity - a pension that offers the retiree a smaller amount but upon death the _________ will continue to receive reduced payments until his or her death.

• survivor (usually spouse)

• employer

• plan administrator

• beneficiary charity

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Pension Protection Act - passed in ________ which amended ERISA and offered legislation to strengthen and protect many times of pensions.

• 2006

• 1998

• 2012

• 1985

Consumer Price Index (CPI) - An indicator of inflation that measures the change in the total cost of a specific list of _____________ and ________________.

• goods; services

• stocks; bonds

• machines; tools

• land; buildings

Tags

CCSS.RI.7.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.8.7

CCSS.RL.9-10.7

Melissa retired in 2020 at 67 years old, meaning she qualified for full Social Security benefits.

For people turning 67 in 2020, the formula for computing Social Security Benefits was:

90% of the first $960 on monthly earnings

32% of the monthly earnings between $960 and $5,785

15% of the earnings over $5,785

Mary’s monthly earnings were $4,750.

What monthly Social Security benefits will this person receive?

• $2,076.50

• $2,076.60

• $2,076.70

• $2,076.80

• $2,076.90

When can you begin receiving Social Security benefits?

• Age 52

• Age 62

• Age 70

• Age 60

What happens if you want to collect social security payments at age 62?

• You can't unless you are disabled

• You will be paid less than if you wait until you are older

• You will get the same amount no matter what age you are.

When was the Social Security program created?

• 1935

• 1955

• 1945

• 1925