HSA/FSA Quiz
HSA/FSA Knowledge Quiz
Test your knowledge on Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) with our engaging quiz! Whether you’re a beginner or have some experience, this quiz will help reinforce your understanding of these important financial tools.
Key Topics Covered:
- Account Definitions
- Funding Sources
- Merchant Codes
- Eligibility for Expenses
What does FSA Stand for?
Flexible Savings Account
I don't know but ask Robyn
Fancy Silver Acrobats
Flexible Salary adjustments
What does HSA stand for?
Happy Sandy Antelopes
Health Savings Account
Healthy Serving Amounts
Health Sciences Authority
What type of account can be funded by either the employer, customer or both?
HSA
FSA
YMCA
USA
What account is only funded by the customer?
HSA
FSA
IDK
UHC
What is a merchant Code?
A 4 digit code that credit card issuers use to classify merchants and businesses by the type of goods or services provided
A specific 4 digit code for the medication
Just ask Robyn
The Tax ID for our facilities
What is the merchant code that PillPack by Amazon Uses?
MCC 5942
MCC 5999
MCC 5411
MCC 5912
What is IIAS Certification?
An inventory information approval system (IIAS) requires a merchant’s inventory and point-of-sale systems to have the ability to verify that the merchandise being purchased with a FSA/HRA card is an eligible medical expense, as defined by the IRS
An Inventory approval system that monitors our current inventory of medications
An information system system that audits all expenses made by the pharmacy
A certification that allows us to work from home
Is PillPack IIAS certified?
Yes
No
Maybe
Ask Hunter
What plan covers Copays or deductibles, Prescription drugs, and Certain medical equipment?
HSA
FSA
Both
HRA
What is the rejection if a non FSA/HSA eligible balance is being charged to the card?
Insufficient Funds
Processing Error
Unrecognized
Empty Default Payment Method
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