All of the following are characteristics of the social insurance program know as Social Security, except:
A. Full retirement age is 65 for all persons born after 1937.
B. Fully insured status can be achieved by paying the FICA tax for forty quarters/credits.
C. Retirement age is based upon the worker's birth year.
D. The worker's full retirement benefits are determined by their PIA
Ans: A. Full retirement age is 65 for all persons born after 1937.
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Firms engaged in international trade deal with people they may have never seen, who live in different countries, who speak different languages, and who abide by different legal systems. These factors result in:
A. easy tracking of the parties involved. B. a lack of trust between the parties. C. strict enforcement of contractual obligations. D. rapid acculturation. E. better understanding of how transactions should be configured.
AB Developers signs a contract with CL Corp, agreeing to build a $20 million office for the corporation. The construction contract was substantially performed. There were, however, a few minor breaches of the contract by AB Developers that made CL Corp incur damages worth $10,000. Which of the following is most likely to be true in this scenario?? A) Since there was a breach of contract, CL
Corp. may not pay any compensation to AB Developers. B) CL Corp. needs to pay the full price under the contract since the work was substantially performed. C) CL Corp. needs to pay the full price under the contract less the damages suffered by it. D) AB Developers needs to pay nominal damages to CL Corp. for breach of contract.