An Advantage of a Health Savings Account Is That If

question 13

Multiple Choice

An advantage of a health savings account is that if there are funds remaining in the account at the end of the year the money:

• A)goes back to the employer, helping the employer contain costs.
• B)is forfeited.
• C)belongs to the employee.
• D)can be withdrawn and placed in the employee's retirement account.

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Definitions:

Cooling-Off Period

A statutorily defined period during which purchasers in door-to-door sales may change their minds and rescind a contract.

Bill of Exchange

A written order used in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or the person/entity named on it.

Interest Act

A law governing the calculation and payment of interest due on debts or loans, to prevent usury and unfair practices.