\text{Accounts receivable } & \text{28,000 }\\ c. He feared that the Supreme Court might invalidate the National Recovery Act or the Agricultural Adjustment Act. b. provided federal funding for the poor and needy. &13.&\text{Paid Hoagie Co. for invoice of October 3, less discount. Which of the following provisions were not a part of the Social Security Act of 1935? What would the Fed need to do to keep the monetary base from changing following the purchase? \text{Total liabilities } & \text{62,600}\\ Under todays Social Security Act, the SSA still manages the program, workers still make contributions from their paychecks, and monthly payments are still made to those who are eligible for the following benefits. Who approved of the social security act? b. Why did Bismark really establish his first social insurance program? Spending from Social Security benefits stimulates economic activity, and the businesses and workers who benefit from this spending pay federal, state, and local taxes on their receipts and earnings. Title III of the SSA authorizes the federal government to give states grants to administer their unemployment insurance programs. You are also considering an "Inflation-Plus" CD which offers a real rate of return of 2.2% regardless of the inflation rate. Paid out of general tax revenues, requires a "mean test", has a high amount of stigma, You must pay in before you can take out, benefits paid from dedicated funds, benefits are legal "entitlements" (regardless of income level), less stigma, Social insurance helped be a safety net in that it ____, sharing of risk, pooling of resources, payment to victims, hard work, individual responsibility, family and church relief. What changed people's minds about social insurance? Social Security Act - August 14, 1935: This law created the Administration and the predecessor of the Social Security Trust Fund to provide income to the elderly, the blind, the disabled, and children in low-income households. (Amountsinthousands)NetrevenuesCostofgoodssoldAllotherexpensesNetincome$175,500136,00029,000$10,500, Sparrow Sporting Goods Company Statement of Retained Earnings For the Year Ended March 31, 2012, (Amountsinthousands)Retainedearnings,March31,2011$21,500Add:Netincome10,500Retainedearnings,March31,2012$32,000\begin{matrix} \text{Total stockholders equity } & \text{54,500}\\ In 2010, the Social Security tax for employees was 6.2 percent, while the total FICA tax was 7.65 percent. What would have been the cost of the protective put portfolio? What is the Nash equilibrium for this game? \end{matrix} The King-Anderson bill ultimately failed, but it was viewed as a precursor to Medicare, as it would have covered some medical expenses for the elderly. Eligibility was based on ___, 1. the worker's earning history 2. the reason for unemployment 3. worker's availability for work (varies state to state), Since state unemployment taxes are based on benefits paid, firms in states with high benefit rates ___, suffer from a competitive disadvantage -> leads to a "race for the bottom" in which states compete for the lowest unemployment tax rates. After much debate, Congress passed the Social Security Act to provide benefits to retirees based on their earnings history and on August 14, 1935, Roosevelt signed it into law. a. Retired Americans were provided for by the government. This is why social security is so important today. The following list displays those amendments. \end{matrix} This program dealt with unemployment benefits and retired Americans incomes payments. Similar opposition against medical assistance programs (especially Medicare and Medicaid), came from a number of high-profile senators and political figures throughout recent history, including George H.W. In July, the units remaining in ending work in process were 60 percent complete. (Amountsinthousands)Retainedearnings,March31,2011Add:NetincomeRetainedearnings,March31,2012$21,50010,500$32,000, Sparrow Sporting Goods Company Balance Sheet March 31, 2012, (Amountsinthousands)AssetsCurrent:Cash$20,800Accountsreceivable28,000Inventories35,000Othercurrentassets5,000Totalcurrentassets88,800Propertyandequipment,net6,300Otherassets22,000Totalassets$117,100LiabilitiesTotalcurrentliabilites$55,100Long-termliabilities7,500Totalliabilities62,600StockholdersEquityCommonstock22,500Retainedearnings32,000Totalstockholdersequity54,500Totalliabilitiesandstockholdersequity$117,100\begin{matrix} PurchasedmerchandisefromHoagieCo.,$9,950,termsFOBshippingpoint,2/10,n/eom. 2 What was the Social Security Act and who did it help? b. an agricultural recession throughout the decade. b. state government. All 50 states, the District of Columbia, Guam, Puerto Rico, and . The T-bill rate is 5%. Select one: For the month of June, calculate the equivalent units of production for the three major cost categories-body materials, wiring materials, and labor and overhead. Title IX requires states to deposit unemployment insurance tax funds into the federal Unemployment Trust Fund, which the federal government then credits to state accounts to pay unemployment benefits. These benefits in turn help every State where benefits are spent. c. benefited from the "southern veto." You would like to invest 20,000$for a year in a riskfree investment. [29], State unemployment insurance programs require individuals to accept offers of suitable work unless, depending on the state, the individual can show good cause for refusal. social security. About 42,940,000 of those beneficiaries received retirement benefits. Select one: Social Security has a much greater impact on the economy than just the amount of its benefit payments because when Social Security beneficiaries spend their monthly benefit checks, the effects ripple through the economy. Why did FDR try to change the balance of power on the Supreme Court? Which of the following is/are true about the Temporary Assistance for Needy Families program (TANF)? As a social worker, when a friend in your neighborhood informs you that her husband is abusing their two children: Individuals are 85 and over are projected to be the fastest-growing segment of the population in the 21st century. It is one of the best ways to plan for your future and that of your loved ones. \text{Oct.}&1.&\text{Purchased merchandise from UK Imports Co., \$14,448, terms FOB destination, 8 How does the Social Security Act still work? The Social Security Act established two types of provisions for old-age security: (1) Federal aid to the States to enable them to provide cash pensions to their needy aged, and (2) a system of Federal old-age benefits for retired workers. d. an unequal distribution of wealth. b. \text{Cost of goods sold } & \text{136,000 }\\ DI (opposition because there was fear that it would reduce the incentive to work), Prior to 1996, ___ was considered an appropriate basis for receiving disability benefits under DI, only the __ and __ have access to public health insurance in America, Part A is hospital insurance, part B is optional coverage for physician services, Part C is Medicare advantage, Part D provides coverage for prescription medications, With Obamacare, the Trustees projected the Hospital Insurance Trust Fund will be ale to play its bills until __, 2030 (but this changed to 2028 in the 2016 report), Beneficiaries save money on prescription drugs and slowed the annual growth in per-enrollee expenditures, 94% of workers and is an income source for 9 out of 10 older Americans, raising payroll taxes, eliminating the wage cap, investing the trust fund for greater return, increasing the retirement age, and reducing benefits. The problem with the wage earner, too old to be hired is growing yearly in size. c. The National Recovery Act. [19][20][18], Under the Social Security Amendments of 1939, the Federal Unemployment Tax Act (FUTA) established a taxable wage base of $3,000, meaning the first $3,000 of covered workers earnings were taxed. Upon signing the legislation, President Nixon stated that it "reaffirms and reinforces America's traditional efforts to assist those of our citizens who, through no fault of their own, are unable to help themselves. Survivor benefit credits are earned based on income. Prior to these changes, some of the newly covered groups received pensions or benefits from other agencies or legislation. The "culture of poverty" refers to which of the following beliefs? According to the Social Security Administration, there were nearly 60 million Social Security beneficiaries as of June 2015. Today, about 178 million people work and pay Social Security taxes and about 64 million people receive monthly Social Security benefits. Using a set dollar value to determine who is and who is not poor is an absolute definition of poverty. Until Franklin D. Roosevelt became president, most social assistance plans in America were dependent on the government, charities and private citizens doling out money to people in need. How did the Social Security Act help the economy? COST WAS MINIMIZED. Benefits can be paid to the children or spouse of a deceased worker as long as he or she has earned at least six credits in the three years prior to the worker's death. e. included pensions and unemployment relief. a. increased international trade. c. covered all workers in industry and agriculture. &19.&\text{Purchased merchandise from Veggie Co., \$27,300, terms FOB shipping point, n/eom. c. Which of the two CDs is a better investment if the actual inflation rate for the year turns out to be 2.2% ? a. local government. Superior uses process costing and had the following unit production information available for the months of June and July: In June, the lamps in beginning work in process were approximately 80 percent complete, while those in ending work in process were only 30 percent complete. PaidCaesarSaladCo.forinvoiceofOctober20,lessdiscount. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. For the purpose of enabling each State to extend and improve, as far as practicable under the conditions in such State, services for promoting the health of mothers and children, especially in rural areas and in areas suffering from severe economic distress, there is hereby authorized to be appropriated . Huey Long, a Louisiana Senator in 1935, had similar views and argued to redistribute wealth to the poor. $Dec. Alf Landon, Roosevelt's challenger in the 1936 election, asserted that employing such a large payroll tax was unfair to workers. \text{Other assets} & \text{22,000 }\\ \text{Total assets } & \text{\$117,100}\\ FDR wanted legislation that would provide security against the hazards and vicissitudes of life for unemployed workers and the elderly through social insurance. Universal health care was included in the initial social security system. Her primary concern was with how poor working conditions affected people's lives. d. unemployment crisis. working americans contribute a percentage of their wages from which they receive cash benefits after retirement. &31.&\text{Paid UK Imports Co. for invoice of October 1. }\\ As far as pre-retirement is concerned, Social Security benefits both the workers and their families. However, the survey analysis did reveal three specific areas where individuals were more likely to have knowledge gaps. The Social Security Act helped Americans during a terrible crisis. [16][17], The Social Security Administration publishes a report each month that details benefits and beneficiaries. d. allowed the National Labor Relations Board to supervise union elections. An individual with fewer than 35 years of qualifying earnings will also have lower payments.[14]. If you continue to use this site we will assume that you are happy with it. 2/10, n/eom. you are mandated to report the abuse to the child abuse hotline. Select one: Nearly 44 million of these were 65 years of age or older, while about 14.2 million were disabled (and under 65 years of age). The Second New Deal: The act allowed the government to begin collecting a Social Security tax from all workers in 1937, and it began making payments to beneficiaries in 1940. Compute Sparrows debt ratio. 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