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Flexible Spending Accounts: Definition & Eligibility

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following expenses is eligible to be paid for with flexible spending account funds?

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1. What are the employee savings from using a flexible spending account?

2. Which of the following is TRUE of flexible spending accounts?

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About This Quiz & Worksheet

What is the purpose of a flexible spending account? You'll get to assess your knowledge of these accounts and examples of them using the quiz and worksheet.

Quiz & Worksheet Goals

Complete these tools to figure out quickly what you know about the following topics:

  • A document that contains a detailed list of eligible and ineligible expenses for a flexible savings account
  • Who can have a flexible spending account
  • Options flex accounts offer for money not spent at the end of the year
  • An expense that is eligible to be paid for with these accounts
  • Employee savings from using a flexible spending account

Skills Practiced

  • Making connections - use understanding of the concept of a flexible spending account and its design
  • Information recall - access the knowledge you have gained about who can have flexible spending accounts
  • Knowledge application - use your knowledge to answer questions about FSA facts

Additional Learning

Take some time to explore the lesson called Flexible Spending Accounts: Definition & Eligibility. If you do, you can analyze more topics like:

  • What FSAs allow
  • How flex accounts work
  • Eligible expenses
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