Question 1

One of the most common or numerous disbursements is payment for ____.

Accepted Answer

A)   equipment
B)   rent
C)   office supplies
D)   utilities
E)   duesF) A) and D)
G) C) and D)

Question 2

Electronic bookkeeping systems contain built-in tax tables that calculate tax ________ for you.

Accepted Answer

liabilities

Question 3

Which of the following demonstrates the practice's profitability by illustrating the practice's total income and expenses?

Accepted Answer

A)   Tracking
B)   Statement of income and expense
C)   Cash flow statement
D)   Quarterly return
E)   Trial balanceF) B) and E)
G) A) and B)

Question 4

A(n) ________ statement shows how much cash is available to cover expenses, to invest, or to take as profits.

Accepted Answer

The answer of A(n) ________ statement shows how much cash...

Question 5

You should not accept a(n) ________ check that is made out to the patient rather than to the practice unless it is from a health insurance company.

Accepted Answer

third-part...

Question 6

At the beginning of each day, if you are using a pegboard system, what is the first thing you should put on the pegboard?

Accepted Answer

A)   Superbill
B)   Checks
C)   Daily log sheet
D)   Receipts
E)   Patient ledger cardsF) B) and D)
G) A) and E)

Question 7

A physician may use _______ checks when attending an out-of-town conference or whenever using a personal check or carrying a lot of cash is not appropriate.

Accepted Answer

The answer of A physician may use _______ checks when...

Question 8

Jim Sanderson comes to the office today to pay the balance due on the statement you sent him last week. He presents the statement, showing an amount due of $96.75, and a money order for $96.75. What should you do?

Accepted Answer

A)   Explain that office policy allows you to accept only cash, check, or credit card
B)   Accept the money order and record it on the daily log and the patient's ledger card
C)   Complete the stub attached to the check and return the stub to Mr. Sanderson
D)   Ask Mr. Sanderson for a photo ID to prove that he purchased the money order
E)   Ask Mr. Sanderson to wait while you verify that the money order is validF) C) and D)
G) A) and B) B

Question 9

One of the basic records of the single-entry system is the patient ________ cards, which show how much each patient owes.

Accepted Answer

The answer of One of the basic records of the...

Question 10

Which type of check would state "Pay to the Order of Myself Only"?

Accepted Answer

A)   Traveler's
B)   Voucher
C)   Limited
D)   Certified
E)   CounterF) None of the above
G) A) and B)

Question 11

When a practice's income exceeds its expenses, the practice has a(n) ________; this is also known as "being in the black."

Accepted Answer

The answer of When a practice's income exceeds its expenses,...

Question 12

When a practice's expenses exceed its income, the practice has a(n) ________; this is also known as "being in the red."

Accepted Answer

The answer of When a practice's expenses exceed its income,...

Question 13

By writing a(n) ________, or draft, or order for payment, the payer directs the bank to pay a sum of money on demand to the payee.

Accepted Answer

The answer of By writing a(n) ________, or draft, or...

Question 14

Which type of check is usually used for payroll in the medical office?

Accepted Answer

A)   Voucher
B)   Limited
C)   Counter
D)   Cashier's
E)   Traveler'sF) C) and D)
G) A) and B) B

Question 15

The physician may use a(n) ________ check to withdraw money without having his or her checkbook because this type of check permits her to withdraw funds from her account only.

Accepted Answer

The answer of The physician may use a(n) ________ check...

Question 16

The process of keeping a daily log of the patient charges and payments received from patients each day is called ________.

Accepted Answer

The answer of The process of keeping a daily log...

Question 17

When performing bookkeeping procedures, you should strive for 100% _______, because an undetected error at the first link will be carried through all the other links in the chain.

Accepted Answer

The answer of When performing bookkeeping procedures, you should strive...

Question 18

A(n) ________ banking system speeds up many banking tasks by performing calculations automatically.

Accepted Answer

electronic...

Question 19

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

Accepted Answer

A)   Adjust the practice records to match the bank's total
B)   Call the bank and inform them of the error on the statement
C)   Review each item on the statement against your records to find the $400 difference
D)   Inform the physician that the books do not balance this month
E)   Ask the office manager to call the auditor to review the booksF) D) and E)
G) A) and B)

Question 20

In order to be considered ________, or legally transferable from one person to another, a check has to be written and signed by the payer and include the amount of money to be paid.

Accepted Answer

The answer of In order to be considered ________, or...

Exam 21: Financial Management Key

One of the most common or numerous disbursements is payment for ____.

Correct AnswerverifiedShow Answer

Electronic bookkeeping systems contain built-in tax tables that calculate tax ________ for you.

Correct Answerverifiedliabilities

Which of the following demonstrates the practice's profitability by illustrating the practice's total income and expenses?

Correct AnswerverifiedShow Answer

A(n) ________ statement shows how much cash is available to cover expenses, to invest, or to take as profits.

Correct AnswerverifiedShow Answer

You should not accept a(n) ________ check that is made out to the patient rather than to the practice unless it is from a health insurance company.

Correct Answerverifiedthird-part...View AnswerShow Answer

At the beginning of each day, if you are using a pegboard system, what is the first thing you should put on the pegboard?

Correct AnswerverifiedShow Answer

A physician may use _______ checks when attending an out-of-town conference or whenever using a personal check or carrying a lot of cash is not appropriate.

Correct AnswerverifiedShow Answer

Jim Sanderson comes to the office today to pay the balance due on the statement you sent him last week. He presents the statement, showing an amount due of $96.75, and a money order for $96.75. What should you do?

Correct AnswerverifiedB

One of the basic records of the single-entry system is the patient ________ cards, which show how much each patient owes.

Correct AnswerverifiedShow Answer

Which type of check would state "Pay to the Order of Myself Only"?

Correct AnswerverifiedShow Answer

When a practice's income exceeds its expenses, the practice has a(n) ________; this is also known as "being in the black."

Correct AnswerverifiedShow Answer

When a practice's expenses exceed its income, the practice has a(n) ________; this is also known as "being in the red."

Correct AnswerverifiedShow Answer

By writing a(n) ________, or draft, or order for payment, the payer directs the bank to pay a sum of money on demand to the payee.

Correct AnswerverifiedShow Answer

Which type of check is usually used for payroll in the medical office?

Correct AnswerverifiedB

The physician may use a(n) ________ check to withdraw money without having his or her checkbook because this type of check permits her to withdraw funds from her account only.

Correct AnswerverifiedShow Answer

The process of keeping a daily log of the patient charges and payments received from patients each day is called ________.

Correct AnswerverifiedShow Answer

When performing bookkeeping procedures, you should strive for 100% _______, because an undetected error at the first link will be carried through all the other links in the chain.

Correct AnswerverifiedShow Answer

A(n) ________ banking system speeds up many banking tasks by performing calculations automatically.

Correct Answerverifiedelectronic...View AnswerShow Answer

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

Correct AnswerverifiedShow Answer

In order to be considered ________, or legally transferable from one person to another, a check has to be written and signed by the payer and include the amount of money to be paid.

Correct AnswerverifiedShow Answer

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liabilities

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third-part...
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B

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B

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electronic...
View Answer

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