Question 1

A patient who moves without leaving a forwarding address and does not contact your office to make arrangements for payment of services he has received is known as a(n) ________.

Accepted Answer

The answer of A patient who moves without leaving a...

Question 2

Which of the following are usually components of a practice's accounting system?

Accepted Answer

A)   Employment contracts
B)   Daily log and disbursements journal
C)   W-4 forms from all employees
D)   A 401(k)  plan
E)   Electronic health recordsF) A) and D)
G) A) and B)

Question 3

An endorsement that specifies precisely how the check may be redeemed, such as only for deposit in the practice's bank account, is a ____.

Accepted Answer

A)   restrictive endorsement
B)   qualified endorsement
C)   blank endorsement
D)   mechanical endorsement
E)   special endorsementF) None of the above
G) D) and E)

Question 4

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

Accepted Answer

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

Question 5

Which of the following protects telephone subscribers from unwanted telephone solicitations?

Accepted Answer

A)   Fair Debt Collection Practices Act
B)   Truth in Lending Act
C)   Equal Credit Opportunity Act
D)   Fair Credit Reporting Act
E)   Telephone Consumer Protection ActF) A) and E)
G) A) and C)

Question 6

A characteristic of a mutual agreement is that ____.

Accepted Answer

A)   the patient is billed for payment in full monthly, but may make whatever payment is possible
B)   it is never regulated by the Truth in Lending Act
C)   the physician and the patient agree on how much each month's payment will be
D)   finance charges are always applied
E)   it is generally set up by a collection agencyF) B) and C)
G) C) and D)

Question 7

The part of the accounting process known as ________ is the systematic recording of business transactions.

Accepted Answer

The answer of The part of the accounting process known...

Question 8

Which of the following shows how much revenue is available to cover expenses, to invest, or to take as profit?

Accepted Answer

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

Question 9

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 10

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 11

Goods or properties that have a dollar value, such as the medical practice building, bank accounts, office equipment, and accounts receivable, are called ________.

Accepted Answer

The answer of Goods or properties that have a dollar...

Question 12

The Telephone Consumer Protection Act of 1991 protects telephone subscribers from unwanted telephone solicitation, which is commonly known as ________.

Accepted Answer

The answer of The Telephone Consumer Protection Act of 1991...

Question 13

The money the medical practice must pay out to run the practice is called accounts ________.

Accepted Answer

The answer of The money the medical practice must pay...

Question 14

The process of recording services provided, the fees charged, and payments received in a daily log is known as ____.

Accepted Answer

A)   journalizing
B)   endorsement
C)   vouching
D)   balancing
E)   reconcilingF) D) and E)
G) C) and D)

Question 15

Which of the following demonstrates the practice's profitability?

Accepted Answer

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

Question 16

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

Accepted Answer

The answer of Electronic bookkeeping systems contain built-in tax tables...

Question 17

When you ask Mrs. Redding how she would like to pay the $48 she owes for today's services, she hands you a credit card. When you look at the card, you realize that the card expired two months ago. Which of the following would be your best response to Mrs. Redding?

Accepted Answer

A)   "I'm sorry, Mrs. Redding, but this card has expired. Do you have another card we might use?"
B)   "Mrs. Redding, I can't use this card because it expired two months ago."
C)   "Why are you trying to pay us with an expired credit card?"
D)   "Mrs. Redding, this card has expired; would you like me to bill you instead?"
E)   "If I put the charge through on this expired card, the credit card company will be furious."F) A) and E)
G) A) and D)

Question 18

A(n) ________ check is a check issued on bank paper and signed by a bank representative; it is usually purchased by people who do not have checking accounts.

Accepted Answer

The answer of A(n) ________ check is a check issued...

Question 19

Which of the following requires debt collectors to treat debtors fairly and without collection tactics such as harassment, false statements, threats, and unfair practices?

Accepted Answer

A)   Fair Debt Collection Practices Act
B)   Truth in Lending Act
C)   Equal Credit Opportunity Act
D)   Fair Credit Reporting Act
E)   Telephone Consumer Protection ActF) B) and E)
G) C) and D)

Question 20

Another term for a bilateral agreement is ________ agreement.

Accepted Answer

The answer of Another term for a bilateral agreement is...

Exam 20: Patient Collections and Financial Management

The part of the accounting process known as ________ is the systematic recording of business transactions.

Correct AnswerverifiedShow Answer

A(n) ________ check is a check issued on bank paper and signed by a bank representative; it is usually purchased by people who do not have checking accounts.

Correct AnswerverifiedShow Answer

The money the medical practice must pay out to run the practice is called accounts ________.

Correct AnswerverifiedShow Answer

Which of the following requires debt collectors to treat debtors fairly and without collection tactics such as harassment, false statements, threats, and unfair practices?

Correct AnswerverifiedShow Answer

When you ask Mrs. Redding how she would like to pay the $48 she owes for today's services, she hands you a credit card. When you look at the card, you realize that the card expired two months ago. Which of the following would be your best response to Mrs. Redding?

Correct AnswerverifiedShow Answer

Another term for a bilateral agreement is ________ agreement.

Correct AnswerverifiedShow Answer

The Telephone Consumer Protection Act of 1991 protects telephone subscribers from unwanted telephone solicitation, which is commonly known as ________.

Correct AnswerverifiedShow Answer

A characteristic of a mutual agreement is that ____.

Correct AnswerverifiedShow Answer

Which of the following demonstrates the practice's profitability?

Correct AnswerverifiedShow Answer

Which of the following shows how much revenue is available to cover expenses, to invest, or to take as profit?

Correct AnswerverifiedShow Answer

Goods or properties that have a dollar value, such as the medical practice building, bank accounts, office equipment, and accounts receivable, are called ________.

Correct AnswerverifiedShow Answer

A patient who moves without leaving a forwarding address and does not contact your office to make arrangements for payment of services he has received is known as a(n) ________.

Correct AnswerverifiedShow Answer

The process of recording services provided, the fees charged, and payments received in a daily log is known as ____.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following protects telephone subscribers from unwanted telephone solicitations?

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

Which of the following are usually components of a practice's accounting system?

Correct AnswerverifiedShow Answer

An endorsement that specifies precisely how the check may be redeemed, such as only for deposit in the practice's bank account, is a ____.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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