BUS221 CH12 Q #1

TERMS!!

Question: An income tax plan in which families below a specified level of income receive cash payments that decline as their incomes rise and in which families above the specified level of income pay taxes.

ANSWER OPTIONS: POVERTY LINE / MEANS TEST / COMPARABLE WORTH / NEGATIVE INCOME TAX

Question: A non-market-wage-setting process based on the principle that employees who work for the same firm must be paid the same wage when their jobs require similar levels of education, training, experience, and responsibility

ANSWER OPTIONS: NEGATIVE INCOME TAX / COMPARABLE WORTH / MEANS TEST

QUESTIONS: The level of income below which a person or family is considered poor

ANSWER OPTIONS: LORENZ CURVE / COMPARABLE WORTH / POVERTY LINE / MEANS TEST

PROGRAM & PROGRAM DESCRIPTIONS:

DESCRIPTION OF TANF??? - PICK 1 BELOW

OPTIONS:

1. A FEDERAL HEATH CARE PROGRAM, AVAILABLE TO ALL SOCIAL SCURITY BENEFICIARIES REGARDLESS OF INCOME, THAT COVERS HOPSITAL AND POSTHOSPITAL CARE AND PROVIDES LOW-COST INSURANCE PROGRAMS FOR OTHER MEICAL SERVICES

2 A REFUNDABLE FEDERAL TAX CREDIT DESIGNED TO OFFSET THE PAYROLL TAXES PAID BY LOW INCOME WAGE EARNERS

3 A MEANS TESTED CASH PROGRAM TAHT PROVIDES NO MORE THAN 60 MONTHS OF BENEFITS TO POOR FAMILIES IN WHICH THE ADULTS MEET CERTAIN CRTIERIA REGARDING WORK

4 AN INSURANCE PROGRAM, ADMINISTERED BY STATE GOVERNMENTS THAT PROVIDES TEMPROARY INCOME TO PEOPLE WHO LOSE THEIR JOBS

MEDICARE: - PICK ONE BELOW

OPTIONS:

1 --A FEDERAL HEALTH CARE PROGRAM, AVAILABLE TO ALL SOCIAL SECURITY BENEFICIARIES REGARDLESS OF INCOME THAT COVERS HOSPITAL AND POSTHOSPITAL CARE AND PROVIDES LOW COST INSURNACE PROGRAMS FOR OTHER MEDICAL SERVICES

2--A REFUNDABLE FEDERAL TAX CREDIT DESIGNED TO OFFSET THE PAYROLL TAXES PAID BY LOW INCOME WAGE EARNERS

3-- A MEANS TESTED CASH TRANSFER PROGRAM THAT PROVIDES NO MORE THAN 60 MONTHS OF BENEFITS TO POOR FAMILIES IN WHICH THE ADULTS MEET CERTAIN CRRITERIA REGARDING WORK

4 --AN INSURANCE PROGRAM, ADMINISTERED BY STATE GOVERNMENTS THAT PROVIDES TEMPROARY INCOME TO PEOPLE WHO LOSE THEIR JOBS

EITC - PICK ONE BELOW

OPTIONS:

1 AN INSURANCE PROGRAM, ADMINISTERED BY STATE GOVERNMENTS THAT PROVIDE TEMPROARY INCOME TO PEOPLE WHO LOSE THEIR JOBS

2 AN IN KIND TRANSFER PROGRAM PROVIDING MEDICAL SERVICES TO ELIGIBLE LOW INCOME PEOPLE UNDER THE AGE OF 65

3 A FEDERAL HEALTH CARE PROGRAM AVAILABLE TO ALL SOCIAL SECURITY BENEFICIARIES REGARDLESS OF INCOME, THAT COVERS HOSPITAL AND POSTHOSPITAL CARE AND PROVIDES LOW COST INSURANCE PROGRAMS FOR OTHER MEDICAL SERVICES

4 A REFUNDABLE FEDERAL TAX CREDIT DESIGNED TO OFFSET THE PAYROLL TAXES PAID BY LOW INCOME WAGE EARNERS

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