Which of the Following Is True of Flexible Spending Accounts

question 5

Multiple Choice

Which of the following is true of flexible spending accounts?

• A) They may be used to cover only employees' and not dependents' health-care expenses.
• B) They do not permit pretax employee contributions.
• C) Contributions to the accounts may exceed $5,000 per year but must be designated in advance.
• D) Funds must be used by the plan's year end or they revert to the employer.
• E) The money in the flexible spending account is taxed and it reduces an employee's take home pay.

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Definitions:

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Miscommunication

The failure to convey or understand information accurately, leading to misunderstandings and potential conflicts.

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Distinct manners and techniques that individuals use to exchange information, ideas, and feelings with others, including verbal, non-verbal, and visual methods.

Student Health Service

An organization typically found in educational institutions, aimed at providing health care and medical services to students.