QUESTION 1 An Archer Medical Savings Account A medical savings account available for employers with 50 or less employees and self-employed individuals (must have been established by 12/31/05). The account allows participants to make pre-tax contributions (subject to limitations) to the account and benefit from tax-free earnings provided they are covered under a high deductible health insurance policy. Further, if the funds are utilized for qualified medical expenses, the distributions from the plan will not be taxable True O False QUESTION 2 A cafeteria plan is a verbal plan where the employee may choose to receive cash as compensation or alternatively, the employee may choose from among a range of tax-free fringe benefits True False QUESTION 3 A written plan where the employee may choose to receive cash as compensation or, alternatively, the employee may choose from among a range of tax-free fringe benefits