Final Exam > Results Page
final exam score:
90%
Question 1
Correct
The U.S. Supreme Court upheld the individual mandate (Code Sec. 5000A) in the Affordable Care Act by finding that it:
Mandates only large employers to remit employer shared responsibility payments
Mandates all employers to provide health coverage to employees
Mandates individuals in grandfathered health plans to replace them with health insurance from state health exchanges
(You Answered) (Correct Answer) Falls under the constitutional power of Congress to tax
Question 2
Correct
The Affordable Care Act’s shared responsibility payments for individuals are calculated on a _____ basis.
Daily
Weekly
(You Answered) (Correct Answer) Monthly
Annual
Question 3
Incorrect
The Affordable Care Act’s shared responsibility payments for employers are scheduled to be effective for months beginning after:
December 31, 2010
December 31, 2011
(You Answered) December 31, 2012
(Correct Answer) December 31, 2013
Question 4
Correct
For-profit employers with 10 or fewer full-time or full-time-equivalent employees (FTEs) paying average annual wages of not more than $25,000 may be eligible for a maximum Code Sec. 45R credit of ____ for tax years beginning in 2010 through 2013.
25 percent
(You Answered) (Correct Answer) 35 percent
50 percent
75 percent
Question 5
Correct
The Affordable Care Act’s employer shared responsibility payment generally applies to an employer that averages _____ or more full-time equivalent employees during the preceding calendar year, subject to certain limitations.
25
(You Answered) (Correct Answer) 50
100
150
Question 6
Correct
Free choice vouchers under the Affordable Care Act:
Are available to qualified individuals after December 31, 2013
(You Answered) (Correct Answer) Were repealed by the Department of Defense and Full-Year Continuing Appropriations Act of 2011
Will be included in a taxpayer’s Code Sec. 36B premium assistance tax credit calculation
Cannot be greater than $1,500 per recipient
Question 7
Correct
For tax years beginning after December 31, 2012, health flexible spending arrangements (health FSAs):
May not allow employees to use employer flex credits
(You Answered) (Correct Answer) Have a $2,500 annual limit for employee salary reductions
Exclude payments for medical care items that are not medicines or drugs
Allow payments for nonprescribed over-the-counter medicines
Question 8
Correct
A covered entity must pay the Affordable Care Act’s branded prescription drug fee when the entity’s calendar year sales of the drugs total at least:
(You Answered) (Correct Answer) $5 million
$10 million
$225 million
$400 million
Question 9
Correct
After December 31, 2012, the Affordable Care Act imposes an excise tax on the sale of certain medical devices in an amount equal to ___ percent of the sale price.
1.5
2.0
(You Answered) (Correct Answer) 2.3
3.3
Question 10
Correct
Health care coverage reporting to the IRS by plan sponsors and applicable employers under Code Secs. 6055 and 6056 applies to calendar years beginning on or after:
January 1, 2013
June 30, 2013
(You Answered) (Correct Answer) January 1, 2014
December 1, 2014