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Mod C Unit 3
Review
| Question | Answer |
|---|---|
| When a pt wants to make monthly payments the MA should draw up a | written agreement |
| To successfully “reconcile” a bank statement means that the ___________________records and _______________________records are in agreement | bank and office |
| Collection letters work best if they are | firm but positive |
| When spending small amounts of money on office supplies you should use the | petty cash account |
| When depositing currency all bills should be in __________________ and facing up | order |
| If an employee is paid on an hourly basis, pay for overtime work is usually calculated at | time and a half |
| Minimum wages are regulated by the federal government under the | fair labor act |
| For each patient, the charges and payments should be recorded on an individualized | ledger |
| A collection agency charges 40% of any negotiated settlement for making a collection. The practice sent the collection agency an unpaid bill for $1400. The collection agency accepted a negotiated settlement of $1000 to consider the account closed. How muc | 600 |
| At the time of the patient visit, charges for services and payments are kept track of on the | charge slip |
| A patient whose account has been sent for collection comes into the office and tries to settle the account. The medical assistant must refer the pt to the | collection agency |
| Usually an account is considered overdue when the balance is not paid within | 30 days |
| The Federal Truth in Lending and the Fair Debt Collection Acts impact what action in the medical office | collection |
| When using the T-account, an amount recorded on the left side of the T is called a _____________________, and an amount recorded on the right side of the T-account is called a___________________________ | debit/credit |
| how often should deposits be made | daily |
| A blank endorsement makes checks | negotiable |
| While writing a check, if you make a mistake that cannot easily be corrected, you should | void out the check |
| A unique number assigned to a bank is called | routing number |
| Checks received by a medical office are typically endorsed with a | restrictive endorsement |
| When a check is returned to a medical office marked NSF, you should | notify the check writer |
| When accepting a check for payment, you must verify what information | provider name, amount, and date |
| These contain demographics about the patient as well as important billing information | ledger card |
| The person signs only his or her name on the back of the check is called a | blank endorsement |
| What is money that is owed to the medical facility called | accounts receivable |
| The process of determining how long specific accounts and balances have been outstanding is called | aging |
| The bills that the practice has for rent, equipment rental, and salaries are known as | accounts payable |
| Anything of value that belongs to the practice is referred to as | assets |
| Money owed to creditors is known as | liabilities |
| A type of charge slip that uses diagnostic and procedure codes is called | superbill |
| Once an agreement has been made with the patient to accept monthly installments, the regulations that apply to the written contract are known as the | Truth Lending Statement |
| One type of manual accounting system that is used in offices is a pegboard system | write it once |
| the person paying the debt | payer |
| a check written out with a future date | post dated |
| the amount of money not able to be collected | write off |
| amount of the pay check after deductions | net wages |
| financial activity of a business | transaction |
| total amount earned for a pay period | gross wages |
| items of value in the medical office | assets |
| insurance for workers injured on the job | workers comp |
| tool used to analyze effects of a transaction on an account | T-account |
| the person receiving the payment | payee |
| A document showing the activity in a account | statement |
| A report showing the results of income and expenses | income statement |
| A document listing the physicians charges for service | fee schedule |
| A report on financial condition of a business on a certain date | balance sheet |
| reports showing financial condition of a business | financial statement |
Created by:
pdeal
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