CMAN 380 Exam 2 QUESTIONS WITH COMPLETE SOLUTIONS

What is the Poverty Threshold? correct answers Poverty threshold: based on census • Used to estimate level of poverty of Americans • Used for statistical purposes • Income used to computer poverty status (before taxes) What is the Poverty Guideline? correct answers • Federal poverty level • Simplified for administrative purpose to define financial eligibility o When was the Social Security Act passed? correct answers 1935 o Define the Benefit Programs under Social Security Administration correct answers SS retirement, SS disability, Survivor, Medicare o How are retirement benefits determined? correct answers § Age of retirement § Earned income § Full retirement age based on length of time worked and amount of money earned o What are Work-earned requirements? correct answers § 40 credits or 10 years of work to be eligible § Number of years worked = number of credits so amount of money/month. The older you are when disabled, the more years you needed to work in order to receive benefits o What are the requirement for spouse and children to receive ones retirement benefits? (ages) correct answers § Unmarried § Under 18 § 18 or older is disabled that started before age 2