Question 1

A(n) ________ is a kind of certificate of guaranteed payment that can be purchased from banks and post offices and from some convenience stores.

Accepted Answer

The answer of A(n) ________ is a kind of certificate...

Question 2

Which of the following shows how much cash 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) B) and D)
G) A) and E)

Question 3

Another term for a statement of income and expense is ________ statement.

Accepted Answer

profit-and...

Question 4

A physician may periodically review which of the following to ensure that the books balance?

Accepted Answer

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

Question 5

Which of the following types of checks is preprinted and might be used by a physician to pay for out-of-town conference expenses?

Accepted Answer

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

Question 6

The amount of money owed on a company asset is a(n) ________.

Accepted Answer

The answer of The amount of money owed on a...

Question 7

Which of the following is not an advantage of using a computerized bookkeeping system?

Accepted Answer

A)   Built-in tax tables calculate tax liabilities.
B)   The computer performs repetitive tasks.
C)   The computer performs mathematical calculations.
D)   The bookkeeping system is available even if the power goes out.
E)   The computer produces reports automatically.F) C) and E)
G) B) and D)

Question 8

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) B) and D)

Question 9

A(n) ________, which is sometimes called an encounter form or superbill, is the original record of the doctor's services and the charge for those services.

Accepted Answer

The answer of A(n) ________, which is sometimes called an...

Question 10

When the office manager or physician decides that an account is uncollectable, you should ____.

Accepted Answer

A)   send the account to a collection agency
B)   send the account to the state regulator's office
C)   send one last notice to the patient to pay the amount due
D)   adjust the amount due off the account
E)   ask the patient to come to the office to discuss optionsF) A) and E)
G) C) and E)

Question 11

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 12

A standard personal or business check that the bank verifies and then sets aside the funds to guarantee payment is a ____ check.

Accepted Answer

A)   traveler's
B)   voucher
C)   limited
D)   certified
E)   counterF) A) and E)
G) C) and D)

Question 13

Another term for a write-it-once system is ____ system.

Accepted Answer

A)   voucher
B)   electronic
C)   journalizing
D)   third-party
E)   pegboardF) C) and E)
G) A) and E)

Question 14

After receiving a check, immediately ________ it to prevent the check from being cashed if it is lost or stolen.

Accepted Answer

The answer of After receiving a check, immediately ________ it...

Question 15

Which of the following accounts payable is typically the largest in a medical office?

Accepted Answer

A)   Payment for supplies and equipment
B)   Payroll
C)   Taxes owed to federal, state, and local agencies
D)   Licensing for physicians and staff
E)   Payment for practice-related products and servicesF) A) and D)
G) A) and C)

Question 16

The process of communicating the income and expenses of a business and its financial health is known as ____.

Accepted Answer

A)   bookkeeping
B)   journalizing
C)   accounting
D)   reconciliation
E)   endorsementF) A) and D)
G) D) and E)

Question 17

Which of the following is important because it helps to control expenses?

Accepted Answer

A)   Tracking
B)   Pay schedule
C)   Tax liability
D)   Petty cash fund
E)   ABA numberF) B) and D)
G) A) and B)

Question 18

Once a month, when the practice receives the monthly checking account statement from the bank, the statement should be compared with the office's financial records to ensure that they are consistent and accurate. This process is called ________.

Accepted Answer

The answer of Once a month, when the practice receives...

Question 19

Today, a practice's financial summary is generally prepared by ____.

Accepted Answer

A)   the physician
B)   a senior accountant
C)   practice management software
D)   the practice's auditors
E)   an attorneyF) A) and B)
G) A) and E)

Question 20

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...

Exam 21: Financial Management Key

A standard personal or business check that the bank verifies and then sets aside the funds to guarantee payment is a ____ check.

Correct AnswerverifiedShow Answer

A(n) ________, which is sometimes called an encounter form or superbill, is the original record of the doctor's services and the charge for those services.

Correct AnswerverifiedShow Answer

A physician may periodically review which of the following to ensure that the books balance?

Correct AnswerverifiedShow Answer

A(n) ________ is a kind of certificate of guaranteed payment that can be purchased from banks and post offices and from some convenience stores.

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

After receiving a check, immediately ________ it to prevent the check from being cashed if it is lost or stolen.

Correct AnswerverifiedShow Answer

Another term for a statement of income and expense is ________ statement.

Correct Answerverifiedprofit-and...View AnswerShow Answer

Once a month, when the practice receives the monthly checking account statement from the bank, the statement should be compared with the office's financial records to ensure that they are consistent and accurate. This process is called ________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following accounts payable is typically the largest in a medical office?

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

The amount of money owed on a company asset is a(n) ________.

Correct AnswerverifiedShow Answer

The process of communicating the income and expenses of a business and its financial health is known as ____.

Correct AnswerverifiedShow Answer

Another term for a write-it-once system is ____ system.

Correct AnswerverifiedShow Answer

Which of the following is important because it helps to control expenses?

Correct AnswerverifiedShow Answer

Which of the following types of checks is preprinted and might be used by a physician to pay for out-of-town conference expenses?

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

Today, a practice's financial summary is generally prepared by ____.

Correct AnswerverifiedShow Answer

When the office manager or physician decides that an account is uncollectable, you should ____.

Correct AnswerverifiedShow Answer

Which of the following is not an advantage of using a computerized bookkeeping system?

Correct AnswerverifiedShow Answer

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profit-and...
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