ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If a benefit is means-tested, this means that your eligibility to claim it and how much money you receive will depend on your income and how much capital you have.

Detailed explanation-2: -A means test is a way of checking if you have enough financial resources to support yourself and what amount of social assistance payment, if any, you may qualify for. In a means test the Department of Social Protection examines all your sources of income.

Detailed explanation-3: -’Means tested’ relates to funding that depends on your household income. ‘Non-means tested’ does not depend on your household income. The Student Loans Company assess your household income to determine your entitlement, which is also based on your decision to study full-time or part-time.

Detailed explanation-4: -A means test determines if a person or household is eligible to receive some sort of benefit or payment. Means-tested benefits include many government assistance and state and federal welfare programs that measure a family’s income against the federal poverty line.