Question

wealth is accumulated by
○ following hot investment tips found on the internet.
○ spending less than they make.
○ spending more than they make.
○ playing the lottery.

question 7 2.27 pts
true or false: social security provides sufficient income to support the lifestyles of most individuals.
○ true
○ false

question 8 2.27 pts
as you plan for retirement, you should consider social security benefits as a supplement to
○ your 401(k) savings.
○ your company pension, if one exists.
○ your investment portfolio.
○ all of the options are correct.

Explanation:

First Question (Wealth Accumulation)

To accumulate wealth, one needs to have a surplus of income over expenses. Following random internet investment tips is risky and not a reliable method. Spending more than one makes leads to debt, and playing the lottery is a gamble with low odds. Spending less than one makes allows saving and investing, which builds wealth.

Social Security benefits are generally designed to provide a basic level of income in retirement, not to fully support the pre - retirement lifestyle of most individuals. Most people need additional savings (like 401(k), pensions, or investment portfolios) to maintain their lifestyle in retirement. So the statement is false.

In retirement planning, Social Security is meant to be a supplement. 401(k) savings, company pensions (if available), and investment portfolios are all parts of a retirement income plan. Social Security should supplement all of these, so all options are correct.

Answer:

B. spending less than they make.

Question 7 (Social Security Sufficiency)