semi-test

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Question

Answer

When establishing fees, the following are taken into consideration

A.fees of physicians in the same specialty B. the physician’s education and experience C. geographic location of the practice

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Select the correct statement regarding physicians giving cash discounts

If cash discounts are offered, they must be offered to all patients.

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Certain hospitals have received federal construction grants to enlarge their facilities in exchange for caring for indigent patients; this obligation falls under the

Hill-Burton Act

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The most important collection practice to increase collections, improve public relations, and reduce patient complaints, business-office turnover, accounts receivable, and write-off amounts is

stating fee-for-service and collecting fees at the time services are given

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Cycle billing

A. allows billing at certain times of the month based on alphabetical breakdown, account number, insurance type, or date of first service B. allows continuous cash flow, relieves mailing statements all at once, and distributes billing telephone calls

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What is the name of the credit law that states, “Collectors must identify themselves and the medical practice they represent; they must not mislead the patient?”

Fair Debt Collection Practices Act

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If a physician denies credit to a patient, according to the Equal Credit Opportunity Act, how many days does the patient have to request the reason in writing?

60 days

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Regulation Z of the Federal Truth in Lending Act applies to;

patients who agree to pay in more than four installments

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Breaking down accounts into lengths of time that money is owed is called:

aging accounts

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Select the correct statement regarding collections.

The longer an account remains delinquent, the harder it will be to collect.

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When interviewing a collection agency, what collection rate would be considered realistic and good?

30% to 60%

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After a judgement is made in favor of the medical practice in small-claims court:

the physician still has to pursue the money

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Garnishment is:

limited to 25% of disposable earnings in any workweek

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A joint checking account requires:

the signature of one or both parties depending on how the account is set up

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A system by which preauthorized transfers are made from savings to checking accounts is known by the abbreviation:

EFTS

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The “drawee” is

the financial institution where the money is deposited in a checking account

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If the numerical and written amounts of a check do not agree

the payee receives the amount that is spelled out

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If the endorser’s name is written incorrectly on the face of a check

the incorrect and correct name should both be used to endorse the check

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All checks received in the medical office should

be stamped with a restrictive endorsement upon receipt

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Select the correct statement about bank deposits

A. Bank deposits are routinely prepared by the administrative medical assistant B. Bank deposits should be made promptly to prevent payment from being lost, misplaced, or stolen. C. Timely deposits reduce the possibility of a check being returned due to i

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ATM PIN numbers:

should be memorized and shared with no one

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If a check is not written properly, financial responsibility for any loss is borne by the

drawer

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When reconciling a bank statement

subtract the total of outstanding checks and withdrawals

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Manual bookkeeping skills are

helpful because they increase understanding of the basic computations a basic computerized system automatically does

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Which accounting system requires the transfer of information onto journals and ledgers?

single-entry accounting

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The accounts receivable is a/ an

asset

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In a physician’s practice accounts are known as

open accounts

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A record that contains a cumulative listing of each patient seen in the office, services rendered, fees charged, payments made, and adjustments calculated on one day is called a/ an

daysheet or daily journal

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Select the correct statement regarding debits, credits, posting, and calculations on a ledger card.

Fees are posted in the charge column; payments and adjustments are posted in the credit column

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To locate a transposition error, you would:

divide the amount by 9

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Totaling the balances of all patient accounts that indicate a balance due and comparing that total with the ending total A/R figure on the daysheet referred to as

accounts receivable control

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Money kept in a physician’s office for the purpose of making small cash purchases is called

a petty cash fund

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A petty cash fund would typically have

$50 to $200

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Created by: MabielRivera