This is something that is very important to retirement, and is like an insurance policy.
What is a social security number?
100
Money given by the government for college that does not have to be paid off.
What is a Grant?
100
What is the name of the form that must be filled out for Taxes?
1040.
100
This consists of two parts:hospital insurance and medical insurance.
What is Medicare?
100
Benefits Americans are entitled to by law.
What are Entitlement Dollars?
200
A 66 year old man retired this year. Now he and his wife and 2 children receive a monthly check. The amount he now receives is a percentage of his earnings at the job he retired from.
What are Retirement Benefits?
200
Interest is 5% for this particular loan. The grace period is 9 months after graduation or when a student drops out.
What is a Perkins Loan?
200
What is the difference between refundable and nonrefundable tax credits?
Refundable tax credits can give money back in return if you are deserving of a refund while nonrefundable doesn't not give money back.
ex.Refundable 3000-5000= $2000 return
Nonrefundable 3000-5000= $0
200
A government program that provides private medical care to poor and disabled people.
What is Medicaid?
200
Programs that require proof of need.
What is a needs test?
300
If a worker were to die at any time while employed, their family may be eligible to receive this.
What are survivor's benefits?
300
There are four types of this. The grace period is 6 months after graduation or the time at which the student drops out.
What is a Federal/Direct Loan?
300
Why are tax credits better for taxpayers than tax deductions?
Tax deductions only reduce the amount of income that will be taxed. However, tax credits directly lower the amount of money that is due.
300
This act provides Americans with better health security by placing reforms that expand coverage, lower health care costs, and hold insurance companies accountable for their actions.
What is the Affordable Care Act?
300
People with income below a certain level may be eligible to receive this. The "certain level" is determined by the poverty line at the time.
What are food stamps?
400
If a worker cannot work due to health issues that would bar them from their job for at least 12 months, they and their families may be eligible for this.
What are disability benefits?
400
Name 2 of 4 characteristics of forbearance.
What is a postponement on monthly payments?
What is for a limited time?
What is interest that accrues?
What is interest that adds onto principal?
400
What is the First-Time Homebuyer Credit?
It's a new credit that gives back money to homeowners who purchased a home during the period of 2008- 2012. Was made to help homeowners who struggled to make payments after the recession.
400
The Affordable Care Act reforms what form of health care.
What is Medicare?
400
This office takes applications for Medicare, assists people in filing claims, and provides information about Medicare programs.
What is the Local Social Security Administration office?
500
This law changed the definition of disability for children. After the passage of this law, a child is considered to be disabled if their condition causes "marked and severe functional limitation".
What is The Personal Responsibility and Work Opportunity Reconciliation Act of 1996?
500
Law passed by Obama. The law made loan repayments 10% of disposable income if loaned after July 1, 2014. Also, loans are now forgiven after 20 years instead of 25.
What is Health Care and Education Reconcilation Act of 2010?
500
What is the reason for the recent push for restricting the ways to receive tax credits and the amount given for them?
There has been studies made that a sizable portion of the country obtains tax credits when they don't deserve them, causing a net loss for the Government and thus committing a fraudulent crime.
500
This form of health care eliminates pre-existing conditions and gender discrimination meaning no one can be charged more or be dropped from their health insurance coverage for health or gender related reasons.
What is Obama Care?
500
The type of coverage an individual needs to meet the individual responsibility requirement (individual mandate) under the Affordable Care Act.