Cwmc Module 27: Social Security Competency Test

9 Questions | By Lfeinstitute | Updated: Mar 20, 2022 | Attempts: 100

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This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Social Security Module (Module 27) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you've successfully completed this test and are ready to begin the next Module. Correct answers required for passing grade: 8/9

Questions and Answers

1.

To be eligible to draw Social Security benefits, a person must:
- A.
  
  Be at least 62 years of age
- B.
  
  Have acquired at least 40 credits
- C.
  
  Be fully retired
- D.
  
  Be on Medicare
- E.
  
  Be married
2.

Social Security survivor benefits can be paid to which of the following? (check all that apply)
- A.
  
  A disabled widow or widower as early at age 50
- B.
  
  Dependent parents age 62 or older
- C.
  
  Children who were disabled before age 22 and are still disabled
- D.
  
  Divorced spouses, under certain circumstances
- E.
  
  Anyone who cannot work
3.

When referring to Social Security, what is considered "full retirement age"?
- A.
  
  At the completion of 40 years of work
- B.
  
  At the completion of paying into the Social Security program for 40 years
- C.
  
  It depends on a person's date of birth
- D.
  
  Age 65
- E.
  
  Just depends when the individual retires
4.

If a 68-year-old person receiving Social Security benefits returns to work, which of the following would be true?
- A.
  
  Earnings are exempt from FICA withholdings
- B.
  
  Benefit check is reduced by the amount of earnings
- C.
  
  50% of earnings are not subject to FICA withholdings
- D.
  
  A portion of the benefit may be taxable
- E.
  
  None of the income is taxable
5.

If a retired person has not reached full retirement age, is receiving Social Security benefits, and then returns to work, which of the following would be true?
- A.
  
  A portion of the benefit must be repaid
- B.
  
  A portion of the benefit may be taxable
- C.
  
  For every $2 benefit received, $1 must be repaid
- D.
  
  All of the above
- E.
  
  None of the above
6.

Which of the following may be needed when applying for Social Security benefits? (check all that apply)
- A.
  
  Birth certificate
- B.
  
  Social Security card
- C.
  
  Tax returns
- D.
  
  Proof of U.S. citizenship or lawful immigration status
- E.
  
  Credit report
7.

The original intent of Social Security was to provide:
- A.
  
  Financial benefits for retired workers over age 65
- B.
  
  Payments for people released from poor houses
- C.
  
  Funds for people who have disabilities
- D.
  
  Benefits for survivors of deceased workers
- E.
  
  A comfortable living for every American over age 62
8.

When is the appropriate time for a person to apply for Social Security benefits if he/she is fully qualified to receive them? (check all that apply)
- A.
  
  On the person's 63rd birthday
- B.
  
  6 months prior to retiring from work
- C.
  
  3 months prior to when you want benefits to begin
- D.
  
  If disabled, as soon as possible
- E.
  
  When the person turns 70½
9.

Why should employers care if Money Coaches answer questions about Social Security for active employees? (check all that apply)
- A.
  
  Saves HR staff’s time so they don’t have to answer the questions
- B.
  
  Keeps employees’ from researching the answers on the job
- C.
  
  Helps answer questions employees have for their aging parents
- D.
  
  Makes it easier for employees to prepare for retirement
- E.
  
  Boosts employee participation in company's retirement plan since employees realize they can’t live solely on Social Security income