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Medical assisting re
chapter 12
| Question | Answer |
|---|---|
| Paper towels are considered | Expendable supplies |
| Your office should reevaluate their spending if the supply budget exceeds | 6% |
| Which of the following terms indicates a list of supplies that are packed and shipped by the vendor? | ``The packing slip |
| A medical clinic uses 10 rolls of exam table paper per week. If every box contains 10 rolls, how many boxes of exam table paper should a medical clinic order to cover six months (24 weeks)? | 24 |
| When a check is written for an amount that exceeds the account balance, it is referred to as a(n) | Overdraft |
| Which of the following statutes governs anyone who charges interest or agrees to allow more than four payments for a given service? | Federal Truth in Lending Act |
| Which of the following checks is commonly used for insurance payments? | Limited Check |
| Payroll checks are examples of | Limited Checks |
| The process of account aging examines the status of | Accounts receivable |
| Billing the patient for the difference between the fee and the amount the insurance company allows is | Balance billing |
| Which of the following systems bills each patient once a month but spreads the work of billing over the month? | Cycle Billing |
| A qualified endorsement is most commonly used by | Lawyers |
| How long should a medical office keep copies of all bills and order forms? | 10 years |
| Traveler’s checks can be purchased at | Banks |
| Which of the following federal income tax forms must be completed by each new employee? | W4 |
| Practice expenses for a month are $6200. Revenue for the same month is $15,145. This practice has $300,000 in assets and $45,000 in liabilities. What is the net income for this month? | $8,945 |
| Which accounting system consists of day sheets, ledger cards, patient charge slips, and superbills? | Pegboard |
| onies owed to the medical practice are known as | Receivables |
| The person responsible for paying the bill is called the | Guarantor |
| When a medical assistant copies an amount from a journal and writes it into the ledger, the medical assistant is | Posting |
| The office manager discovers an error after reconciling the medical office’s bank statement. The bank should be notified within a maximum of how many days? | 10 Business Days |
| What is true about a credit? | It constitutes an addition to revenue or a net worth account |
| The net worth of the medical office is its | Equity |
| Which of the following taxes is not deducted from employees’ paychecks? | Federal unemployment tax |
| As a medical assistant, you need to purchase 8 boxes of gloves. Supplier A offers a 10% discount for the purchase of 4 boxes or more and each box costs $25. Supplier B offers the same product for $20 per box. Which of the following statements is true? | If purchased from Supplier A, you pay $180,If purchased from Supplier B, you pay $160,You are better off purchasing from Supplier B |
| Which of the following abbreviations indicates the numbers, usually printed in magnetic ink, that appear on the bottom of a check? | The magnetic ink character recognition (MICR) |
| Cashier’s checks are also called | Treasurer’s checks |
| Which of the following allows you to check the accuracy of accounts? | Trial balance |
| Payment for utility bills and building expenses are considered | Over Head |
| A clinic has collected $45,000 in the month of June and the total charges for this month are $90,000. What is the collection ratio for this month? | The total charges for the month are $90,000. The clinic collected $45,000 for the month, which is 50% of the total charges. |
| Funds paid out are called | Disbursements |
| A patient’s account has an open balance of $1200. She is willing to sign up for a payment plan with your clinic to make $100 payments every two weeks. How long will it take her to pay off this account? | 6 months |
| A superbill is | A combination charge slip, statement, and insurance reporting form for each patient |
| Which of the following is an analysis of the accounts receivables to determine 60-, 90-, and 120-day delinquencies? | Aging accounts |
| Hospital insurance is known as | Medicare part A |
| A patient’s account is turned over to a collection agency. As a medical assistant, what is the next step you should take? | Do nothing, it's in the hands of the collector now |
| Writing “For Deposit Only” on the back of a check is a type of | Restrictive Endorsement |
| When a patient’s account has a credit balance, which of the following should be circled on the day sheet? | Charges |
| ou have to run an errand for the practice and you use the bus to get there. How can you pay for your bus fees? | From the petty cash fund |
| The Truth in Lending Act is enforced by the | Federal Trade Commission |
| Employers must submit a report of all taxes owed by a business at least | Quarterly |
| Amounts charged with suppliers or creditors that remain unpaid are referred to as | Accounts Payable |
| Superbills are also called | Encounter forms |
| Which of the following exists when payment exceeds charges? | Credit Balance |
| ummary of the account activity that has taken place during the month up to the closing date is the | Caption |
| The standard time in which most bills should be paid is | 30 days |
| The medical practice’s accounts receivable balance is $50,000. The average gross monthly charges are $2500. The practice’s collections total is $ 1200 and outstanding accounts total $500. What is the accounts receivable ratio? | The medical practice’s accounts receivable balance is $50,000. The average gross monthly charges are $2500. The practice’s collections total is $ 1200 and outstanding accounts total $500. What is the accounts receivable ratio? |
| Petty cash may be used | To pay minor incidental expenses |
| A medical office usually orders twelve boxes of gloves at a time, and the delivery time is five days. If the staff uses three boxes of gloves per week, how often should the gloves be reordered? | Every Three Weeks |
| When the bank statement of a medical practice is reconciled, deposits in transit should be | Added to the checkbook ballance |
| A clinic collected $35,000 this month. The total charges for the month were $105,000. What percentage of the total charges was collected this month? | 33% ( 35000/105000) |
| Which of the following checks is drawn by the bank and made payable from the bank’s account? | Cashier’s Check |
| Payroll data should be kept for | 4 years |
| Which of the following acts prohibits harassment, false statements, and threats when collecting debts? | Fair Debt Collection Practices Act |
| According to the Equal Credit Opportunity Act, | Creditors may not discriminate because an applicant receives public assistance |
| To obtain an employer tax identification number, the practice needs to fill out which of the following forms? | SS-4 |
| The Federal Unemployment Tax Act (FUTA) is based on which of the following? | Employees gross income |
| Waht forms of payment carries the risk of being returned by the bank because of insufficient funds? | Business check |
| A clinic needs part-time help (20 hours per week). The pay rate for hiring a new employee is $6.50 per hour. The clinic’s expenses will increase by how much each week? | $130.00 |
| Monies owed to a medical practice for professional services rendered are known as | Accounts receivable |
| A day sheet provides complete and up-to-date information about | Accounts receivable |
| An encounter form is also known as a | Superbill |
| Voucher checks are frequently used for | Payroll |
| A check written by a bank against its funds in another bank is called a | Bank Draft |
| If you lost a check at your clinic, you must report this promptly to the | The Bank |
| The fee an individual physician most frequently charges for a service is called the | Usual Fee |
| Which of the following forms does a medical practice use to file quarterly federal tax returns? | 941 |
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kimmykoolbeans