Deck 18: Daily Financial Practices

Question 1

Which of the following is the first rule of purchasing?

A)Check all items ordered when received. 
B)Check invoices against items delivered. 
C)Nothing is ordered or paid for without a purchase order. 
D)Pay only for items received. 
E)Do not pay for any orders before 30 days.

Answer 1

Nothing is ordered or paid for without a purchase order. 

Question 2

Which of the following is NOT a part of the pegboard system?

A)Day sheets
B)Ledger cards  
C)Charge slips
D)Receipt forms  
E)Bank deposits

Answer 2

Bank deposits

Question 3

Which of the following best describes the use of a charge slip?

A)Provides a patient with account activity for the month  
B)Provides a patient a receipt when payments are mailed  
C)Supplements the pegboard system  
D)Provides a patient with account activity for the day of service

Answer 3

Provides a patient with account activity for the day of service

Question 4

Which of the following is the most likely cause of the deposits not agreeing with the credits on the day sheet or the patient ledgers?

A)There are duplicate cards.
B)Deposits were miscounted. 
C)Cash is missing.
D)Payment is misplaced.

Question 5

Which of the following is NOT the responsibility of the Medical Assistant in regard to the discussion of fees?

A)Making sure providers receive education, training, and experience in diagnosis and treatment concerns  
B)Informing the patient about provider charges  
C)Collecting payments  
D)Making credit arrangements if necessary  
E)Making certain patients and their providers receive the full benefit of medical insurance

Question 6

Which of the following is the most appropriate action of the medical assistant before using a new day sheet?

A)Put all ledger cards on the sheet in order to be seen. 
B)Place charge slips alongside the day sheet. 
C)Forward balances from the previous day. 
D)Pull ledgers from the storage file when patients are seen.

Question 7

What is the name of the form given to Medicare patients explaining that the cost of a procedure is the responsibility of the patient?

A)Waiver of fees
B)Advanced beneficiary notice  
C)Medical necessity form
D)Patient responsibility form

Question 8

Which of the following is NOT a major advantage of the pegboard system?

A)Forms work together to simplify the task  
B)Complete up-to-date balance of accounts payable  
C)Relatively inexpensive  
D)Write-it-once system

Question 9

Providers who accept assignment with Medicare and Medicaid are mandated to charge every patient:

A)The same amount for similar services rendered
B)Fifty percent of the bill  
C)Whatever the patient can afford
D)A reduced amount set by the provider

Question 10

Which of the following is the most appropriate action when balancing a petty cash account?

A)Add $10 to the account weekly. 
B)Add $25 to the account weekly. 
C)Add $100 at the beginning of each month. 
D)Add an amount equal to that spent.

Question 11

Which of the following is a primary advantage to accepting credit cards?

A)No fees are paid.
B)Confidentiality is not a problem. 
C)Money is not a problem.
D)Money is available within 24 hours or so.

Question 12

Which of the following applies to the cash that is usually kept in a locked change drawer and used for transactions with patients who pay in cash and need change?

A)Petty cash
B)Cash on hand  
C)Accounts receivable cash
D)Accounts payable cash

Question 13

Which type of check has a stub attached that is used to indicate date and invoice numbers?

A)Cashier's
B)Certified  
C)Money order
D)Voucher  
E)Traveler's

Question 14

Which of the following accounts is debited when a check is written to pay invoices?

A)Accounts receivable
B)Accounts payable  
C)Expenses
D)Checking

Question 15

Which of the following is the type of endorsement that should be used in a clinic?

A)Blank
B)Limited  
C)Full
D)Restrictive  
E)Open

Question 16

Which of the following is NOT an advantage of a computerized system?

A)Creates an encounter form automatically  
B)Creates and updates the patient account  
C)Increases practice collections  
D)Increases the time needed to train personnel  
E)Ages accounts automatically

Question 17

When is the recommended time for deposits?

A)Twice a week
B)Once a week  
C)Daily
D)Monthly

Question 18

Which of the following would NOT be indicated on a bank statement?

A)Listing of cleared checks
B)Deposits received by the bank  
C)Service charges
D)Time check was written

Question 19

Which of the following is used to reconcile a bank statement?

A)Daily cash
B)Daily income  
C)Accounts receivable
D)Depositor's checkbook

Question 20

Which of the following is NOT a procedural step when disbursing the petty cash funds?

A)Sort all vouchers by account. 
B)List all accounts involved. 
C)Total vouchers for each account. 
D)Write a check to replace funds. 
E)Add receipts to original petty cash amount

Question 21

The encounter form is also known as the:

A)Charge slip
B)Multipurpose billing form  
C)Superbill
D)All of the above

Question 22

On the ledger card, which column is used for entering payments?

A)Credit column
B)Debit column  
C)Balance column
D)Adjustment column

Question 23

Which of the following is NOT a recommended rule in a manual bookkeeping system?

A)Use a consistent black or blue ink color. 
B)Write neatly and clearly, forming numbers carefully. 
C)Align columns carefully using paper with grid lines. 
D)If a mistake is found, cover up by using Wite-Out®. 
E)Be careful when placing or carrying decimal points.

Question 24

A patient's check is returned for insufficient funds.Which of the following applies to the patient account balance after the amount of the NSF check is posted and an entry is made in the adjustment column?

A)Account balance is decreased. 
B)Account balance is increased. 
C)Account balance does not change. 
D)Adjustment is added

Question 25

In the case of divorced parents and blended families, which parent is considered to be the guarantor and is responsible for payment?

A)Father
B)Parent with physical custody  
C)Mother
D)Parent with the earliest birth date

Question 26

In a concierge-type medical practice, what do providers usually do?

A)Set predetermined fees  
B)Collect co-pays  
C)Collect additional fees  
D)Use a separate set of insurance guidelines

Question 27

Which of the following best classifies the adjustment column in the accounting process and its effect on the balance due?

A)Credit column; increases balance  
B)Debit column; decreases balance  
C)Neutral; no change to balance  
D)Debit column; increases balance  
E)Credit column; decreases balance

Question 28

A patient is called about an NSF check.He states he is very sorry and asks what he can do.Which of the following types of checks would the medical assistant ask him to bring to the office as a guaranteed payment for the returned check?

A)Cashier's
B)Certified  
C)Voucher
D)Traveler's

Question 29

At times, patients may not be able to pay their medical bills for various reasons.What can medical assistants do to assist them with this?

A)Nothing.Laws require patients to pay their bills in full. 
B)Make financial arrangements with patients, allowing full payment for services provided. 
C)Allow patients to pay a reduced amount. 
D)Tell patients their future visits will not be allowed until bills are paid in full.

Question 30

Which of the following is NOT a requirement for the ABN form?

A)Must be in writing  
B)Must indicate the type of procedure(s)  
C)Must include the final cost  
D)Must include the reason the patient is responsible