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Lesson 8 Quiz

The following quiz is provided for your information to help you measure your retention level on the material covered within this lesson. It is not graded. Only the final examination is graded.

Answer or complete each question to the best of your knowledge and click on the "Check your answer" button. If your answer is incorrect, you will be instructed where to find the correct answer. It is not necessary to repeat the quiz if you exit this page; however, your answers will not be saved once you exit. This feature is provided for future practice purposes.

1
Purpose of Social Security

How many quarters of participating employment are required to be considered fully insured under Social Security?

a) 40
b) 60
c) 80
d) 100
CORRECTTRY AGAIN (Lesson 8.1)
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2

Social Security is referred to as a pay-as-you-go system.

a) True
b) False
CORRECTTRY AGAIN (Lesson 8.1)
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3
Eligibility

If an individual had earned six credits in the last 13 quarters prior to death, he/she would be considered _____________ insured for Social Security benefits.

a) Currently
b) Fully
CORRECTTRY AGAIN (Lesson 8.2.1)
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4

Each credit equals __________ annual FICA taxed earnings in 2009 with an annual limit of four credits per year.

a) $1,050
b) $1,090
c) $2,100
d) $2,180
CORRECTTRY AGAIN (Lesson 8.2.1)
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5

The 2009 taxable wage base for FICA taxes is:

a) $102,000
b) $106,800
c) $204,000
d) $213,600
CORRECTTRY AGAIN (Lesson 8.3)
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6

OASDI = ______%, whereas Medicare = _______%.

a) 6.20%, 1.45%
b) 1.45%, 6.20%
c) 6.20%, 7.65%
d) 1.45%, 7.65%
CORRECTTRY AGAIN (Lesson 8.3)
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7

Dave's widowed mother died at age 44 fully insured. Since Dave is an only child and there is no surviving spouse, what is the maximum lump sum benefit Dave is eligible to receive from Social Security death benefits?

a) $255
b) $345
c) $455
d) $0 (Lump sum benefits are strictly for surviving spouses.)
CORRECTTRY AGAIN (Lesson 8.3.1)
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8

In order to qualify for Social Security disability benefits, the disabled worker must be unable to perform:

a) any similar work.
b) the same kind of work for which the same compensation would be received.
c) at his/her own occupation.
d) any substantial, gainful work.
CORRECTTRY AGAIN (Lesson 8.3.3)
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9

Social Security disability benefits are eligible to begin after a waiting period of ____________ during which time the person must remain disabled.

a) 31 consecutive days
b) 90 consecutive days
c) 5 consecutive months
d) 6 consecutive months
CORRECTTRY AGAIN (Lesson 8.3.3)
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10
Definitions

Match the following with their respective definitions.

a) The maximum amount of earnings upon which FICA taxes must be paid.
b) Amount equal to a covered worker's full Social Security retirement benefit at age 65 or disability benefit.
c) The basis used for calculating the primary insurance amount for Social Security benefits.
d) Contributions made through payroll taxes to fund Social Security Benefits.
a) Taxable Wage Base

b) Primary Insurance Amount (PIA)

c) Average Indexed Monthly Earnings (AIME)

d) Federal Insurance Contributions Act (FICA)

(Key Concepts)

CONGRATULATIONS on completing Lesson 8. Now complete Florida study manual Chapter 12 Questions for Review.
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