A plan in which the employer's contribution to employees' retirement savings funds is specified is known as a ________.
A) portable plan
B) default investment plan
C) defined benefit pension plan
D) defined contribution pension plan
Question 2Medicare provides a wide range of health services to people ________ or over.
A) 55
B) 60
C) 65
D) 70
Question 3Taxes on employee wages to fund Social Security apply to all earnings up to ________.
A) 46,500
B) 63,700
C) 117,000
D) 124,300
Question 4Social Security offers all of the following EXCEPT ________.
A) survivor's benefits for those insured under the Social Security Act
B) disability payments to employees who become totally disabled
C) tax refunds for retirees who are 55 and older
D) Medicare program administration
Question 5Which of the following provides a fixed sum when employees reach a predetermined retirement age or can no longer work due to disability?
A) workers' compensation
B) Social Security
C) pension plan
D) group life insurance
Question 6How is the Social Security program funded?
A) sale of government bonds
B) tax on employee wages
C) tax on homeowners
D) tax on luxury goods
Question 7Private employers forced to downsize are required to provide COBRA coverage, and some firms offer dismissed employees severance pay. How do employers benefit from providing severance pay to dismissed employees? How do employees benefit from COBRA?
What will be an ideal response?
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