Social Security Administration Changes Quiz

What is the primary source of funding for Social Security?

• State taxes

• Corporate donations

• Payroll taxes and trust funds

• Federal income taxes

What is Frank Bano's professional background?

• A seasoned business executive

• A career politician

• A social worker

• A legal expert

What major financial merger is Frank Bano known for?

• The merger between JP Morgan and Chase

• The merger between Ferve and First Data

• The merger between Citigroup and Bank of America

• The merger between Goldman Sachs and Morgan Stanley

What is a significant challenge facing Social Security in the mid-2030s?

• A surplus of funds

• Inability to pay full benefits

• Excessive administrative costs

• Overfunding of trust funds

What could be a consequence of eliminating federal income taxes on Social Security?

• Increased program surplus

• Decreased program deficit

• No impact on the program

• Increased program deficit

What issue has caused controversy regarding Social Security payments?

• Underpayments to beneficiaries

• Delayed payments

• Overpayment demands

• Excessive payments to executives

What recent improvement has the SSA made to benefit low-income Americans?

• Simplified application process for SSI

• Eliminated taxes on benefits

• Increased benefit amounts

• Reduced eligibility criteria

What potential change could affect retirees' taxes on Social Security income?

• Increased tax rates

• Elimination of taxes on benefits

• Introduction of new taxes

• Reduction of tax rates

What is a key area where Bano's financial expertise will be tested?

• Reducing administrative staff

• Eliminating taxes on benefits

• Increasing benefit amounts

• Improving online tools

What is a potential benefit of Bano's leadership for Social Security users?

• Elimination of all taxes

• Faster service at field offices

• Higher benefit payments

• Increased retirement age