Social security system in the united states

Question

Question 1: If an employee wants to apply for unemployment benefits, how much will s/he have to have earned, in the last four quarters, to qualify?

• $100 total
• $1,000 total
• $5,000 total
• $10,000 total

Question 2: If the CEO of a new company asked you how much per employee she will be taxed by FUTA, what would you tell her?

• 3.5% of the first $7,000
• 6.2% of the first $7,000
• 6.2% of the first $10,000
• 3.5% of the first $10,000

Question 3: How is Medicare Part A financed?

• payroll taxes paid only by employers
• out-of-pocket
• payroll taxes paid by both employers and employees
• congressional fiat

Question 4: Which one of the following is a wrong belief regarding the Social Security System in the United States?

• The viability of Social Security programs has been a subject of heated debates between Democrats and Republicans across the country.
• The Social Security taxes paid by today's workers and their employers are used to pay the benefits for today's retirees and other beneficiaries.
• Social Security taxes paid by employees and their employers are held in interest-bearing accounts set aside by the federal government to meet their own future retirement income needs.
• The Social Security System is a pay-as-you-go system.

Question 5: Mary works at a pharmaceutical company as a customer service representative. Her employer allows her to choose the set of benefits she will receive on top of preestablished sets of benefits such as medical insurance, and term life insurance. The company gave her credits equal to 6% of her salary with which she decided to purchase dental and vision insurance. This pharmaceutical company uses what kind of benefits plan?

• cafeteria plan
• flexible benefits plan
• employee-financed plan
• core plus option plan

Question 6: What does the IRS use the term "key employees" for?

• for non-discrimination rules in retirement benefits
• for non-discrimination rules in health insurance benefits
• to determine the necessity of top-heavy provisions in employer-sponsored qualified retirement plans
• to determine the necessity of top-heavy provisions in employer-sponsored health insurance plans

Question 7: Which of the following are the two main components of current core compensation?

• base pay & bonuses
• base pay & legally-required benefits
• bonuses & legally-required benefits
• base pay & discretionary benefits

Question 8: Which executive bonus amount varies with the extent to which a pre-established minimum performance level is met?

• target plan
• predetermined allocation
• performance-contingent
• discretionary

Question 9: This is the difference between the stock price at the time of purchase and the lower stock price at the time an executive receives the stock option.

• disposition value
• discounted value
• fair market value
• capital gains

Question 10: XYZ Co. took back performance-based compensation of $1.2 million from their CEO because of his decision of the buyout of another firm that eventually lowered the overall value of the XYZ Co. Which of the following compensation agreements allowed the board of directors to take back this $1.2 million?

• platinum parachutes
• clawback provisions
• phantom stock
• golden parachute