University of Maryland, Baltimore County AGNG 200 Moody-Sasser Quiz 10 [Basic Concepts III

University of Maryland, Baltimore County

AGNG 200

Moody-Sasser Quiz 10 [Basic Concepts III. Social and Economic Outlook for an Aging Society]

1) A status with no clearly defined purpose or rules of behavior is known as a/an                                       .

1. 1. 1. Retirement plan
      2. Status Symbol
      3. Ageist bias
      4. Roleless role

1. 2.                . Stereotyping or discrimination that is based on age is called              .
      1. Ageism
      2. Sexism
      3. Racism
      4. Fascism

1. 3.                . The vast majority of people in the United States over the age of 65 are            .
      1. African Americans
      2. Native Americans
      3. Non-Hispanic Whites
      4. Hispanics

1. 4.                . Patterns of cumulative advantage and disadvantage over the life course result in which of the following outcomes in later life?
      1. Differences or “heterogeneity” increases with age
      2. Inequality increases with age
      3. People become more alike as they grow older
      4. A and C
      5. A and B

1. 5.                . The amount of available money or its equivalent purchasing power is called            .
      1. Income
      2. Wealth
      3. Social Security
      4. Pension

1. 6.        . All economic assets of value, regardless of whether they produce cash, are called                 .
      1. Income
      2. Wealth
      3. Social Security
      4. Pension

1. 7.                . The three components of Social Security, private pensions, and individual savings are sometimes described as a               .
      1. Three-legged stool
      2. Portfolio of assets
      3. Trifecta
      4. All of the above

1. 8.         . A contractual plan by an employer to provide regular income payments to employees after they have left employment is called a/an                                  .
      1. Pension
      2. Divestment
      3. Annuity
      4. Retirement

1. 9.                . The period of time worked that an employee must meet in order to become eligible to collect the pension is called                             .
      1. Annuity
      2. Divestment planning
      3. Vesting rights
      4. Pension planning

10.10             . The life cycle model of savings predicts that as baby boomers reach later life             .

1. They will put more money into savings.
2. They will spend down their savings to be eligible for Medicaid.
3. They will spend money more freely on hobbies they didn’t used to have time for.
4. They will refuse to spend money because inflation will have made everything more expensive than it used to be.