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Benefits Beginner:
Flexible Spending Accounts
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Choose wisely. There is only one correct answer to each question.
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1.
When funding a dependent care flexible spending account, there are no limits on how much you can contribute.
Choose wisely. There is only one correct answer.
True
False
False. The IRS sets a limit each year on your contribution.
2.
When estimating how much to contribute to a medical flexible spending account, consider _______.
Choose wisely. There is only one correct answer.
Your medical and dental expenses from last year
What expenses you might incur this year
Both A and B
Neither A nor B
Both A and B. Both of these options will give you an idea of how much you will need to set aside.
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.
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.
5.
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.
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