Final Exam > Results Page
final exam score:
final exam status:
87%
Question 1
Correct
Which of the following is not a requirement for opening an HSA?
Participation in a high-deductible health plan.
(You Answered) (Correct Answer) Coverage in a spouse’s group health plan.
No Medicare coverage in effect.
No disqualifying coverage.
Question 2
Correct
HSAs ____ be owned jointly by a husband and wife.
(You Answered) (Correct Answer) Cannot
May or may not
Are required to
None of the above
Question 3
Correct
_____ cannot contribute to the accountholder’s HSA.
Strangers
Friends
Employers
(You Answered) (Correct Answer) All of the above can contribute
Question 4
Incorrect
Preventive care exceptions for high-deductible health plan rules include which of the following?
Services to treat existing illnesses
(Correct Answer) Tobacco use cessation programs
(You Answered) Insulin treatments for an adult who developed juvenile diabetes
All of the above are exceptions
Question 5
Correct
Taxpayers may begin to make catch-up contributions to their HSAs at age:
50
52
(You Answered) (Correct Answer) 55
60
Question 6
Incorrect
From which of the following types of account may taxpayers roll over funds to an HSA?
(You Answered) MSA
FSA
HRA
(Correct Answer) All of the above are permitted account types
Question 7
Correct
Which of the following types of insurance premiums is not a qualified expense for using HSA funds?
COBRA insurance
Long-term care insurance
Non-Medicare supplement policies for taxpayers older than age 65
(You Answered) (Correct Answer) Non-Medicare health insurance for taxpayers younger than age 65
Question 8
Correct
Which of the following types of special expenses is not a qualifying expense for using HSA funds?
Smoking cessation program costs
(You Answered) (Correct Answer) Nonprescribed nutritional supplements
Lead-based paint removal
Therapy expenses
Question 9
Correct
Trustees may invest HSAs funds in any of the following types of investments except:
(You Answered) (Correct Answer) Life insurance contracts
Bonds
Annuities
Bank accounts
Question 10
Correct
Which of the following is true concerning an HSA taxpayer’s dependents?
(You Answered) (Correct Answer) A dependent can open an HSA without participation of the primary insured, as long as he or she funds the account.
Dependents can take advantage of the tax benefits of an HSA without participation from the primary insured.
When an individual is no longer a dependent, distributions from the HSA of the taxpayer who had claimed the individual as a dependent can still be made for that former dependent.
Even when an individual is no longer a dependent, he or she is restricted in setting up his or her own has.
Question 11
Correct
Even though to qualify for an HSA, taxpayers cannot have other HDHP plans for the same benefits, they may obtain coverage for which of the following?
Disability
Vision
Accidents
(You Answered) (Correct Answer) All of the above
Question 12
Correct
A flexible spending account may have the grace period for expenses incurred in the first ____ months of the following year if the plan permits the grace period.
(You Answered) (Correct Answer) 2-1/2
3
3-1/2
4
Question 13
Correct
Which of the following is true concerning rollovers for HSAs?
Rollovers are not permitted.
The transfer of funds from an HSA or an MSA to a new HSA generally faces restrictions on annual limits.
(You Answered) (Correct Answer) The rollover privilege will not affect any new contributions.
None of the above
Question 14
Correct
Archer MSA accounts:
Have no limits on contributions
(You Answered) (Correct Answer) Cannot be opened after December 31, 2007
Cannot be contributed to after December 31, 2007
Have no annual deductible limit
Question 15
Correct
The amount of contribution to an HSA depends on which of the following factors?
The type of HDHP coverage
The taxpayer’s age
The date the taxpayer becomes eligible to have an HSA
The date the taxpayer ceases to be eligible to have an HSA
(You Answered) (Correct Answer) All of the above