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Benefits Beginner:
Flexible Spending Accounts
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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Review your answers below to learn more.
1.
Health FSA funds can't be used to pay for ________.
Choose wisely. There is only one correct answer.
Health club dues
Unnecessary cosmetic surgery
Medications bought in Canada
All of the above
All of the above. These are all non-covered expenses.
2.
Flexible spending accounts are funded through _______.
Choose wisely. There is only one correct answer.
Payroll deduction
Employer contributions
Both payroll deductions and employer contributions
Neither payroll deductions nor employer contributions
Payroll deduction. Deductions are taken out of employee paychecks.
3.
When using your dependent care flexible spending account funds, you can get money _______.
Choose wisely. There is only one correct answer.
After you pay an invoice for qualified care provided for dependent children or adults
Before your dependents receive the qualified care
Both A and B
Neither A nor B
After you pay an invoice for qualified care provided for dependent children or adults. You must then submit a receipt to your FSA administrator.
4.
When you fund a flexible spending account, your employer takes those funds out of your pay _______.
Choose wisely. There is only one correct answer.
On an after-tax basis
On a before-tax basis
After taking out Social Security tax, but not income taxes
None of the above
On a before-tax basis. This means that FSA funds do not incur taxes as they are taken out.
5.
You may be able to access your health flexible spending account funds with a _______.
Choose wisely. There is only one correct answer.
Debit card
Credit card
Stored value card
Any of the above
Any of the above. These are all options offered by many employers.
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DONE