Question 1

Which of the following states that creditors may not discriminate against an applicant because he or she receives public assistance?

Accepted Answer

A)   Equal Credit Opportunity Act
B)   Fair Credit Reporting Act
C)   Fair Debt Collection Practices Act
D)   Truth in Lending Act
E)   Telephone Consumer Protection ActF) A) and D)
G) A) and C)

Question 2

Which of the following statements is true about electronic banking?

Accepted Answer

A)   The computer computes the new balance each time you record a check.
B)   You will no longer be responsible for recording and depositing checks.
C)   The computer used for banking must be locked up at the end of the day.
D)   You must still reconcile the bank statement on paper.
E)   Cash flow in the office becomes slower and more difficult.F) C) and D)
G) B) and C)

Question 3

When a practice's expenses exceed its income, the practice has a(n) ________; this is also known as "being in the red."

Accepted Answer

The answer of When a practice's expenses exceed its income,...

Question 4

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) D) and E)
G) A) and B)

Question 5

Any payment the medical office makes for goods or services is called ____.

Accepted Answer

A)   accounts receivable
B)   a disbursement
C)   a counter check
D)   a limited check
E)   a voucher checkF) B) and D)
G) A) and B)

Question 6

Which of the following is a diplomatic way to ask a patient for payment?

Accepted Answer

A)   "I need $74 for today's visit."
B)   "For today's visit, the total charge is $74. How would you like to pay?"
C)   "That will be $74. What is your check number?"
D)   "We need a $74 payment by cash, check, or credit card."
E)   "You will need to pay the $74 you owe before you can see the physician."F) B) and D)
G) A) and D)

Question 7

Most practices may use checks from a standard checkbook or ________ checks, which often come in a three-ring binder and provide a stub for recordkeeping.

Accepted Answer

voucher

Question 8

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 9

When a practice's income exceeds its expenses, the practice has a(n) ________; this is also known as "being in the black."

Accepted Answer

The answer of When a practice's income exceeds its expenses,...

Question 10

A common billing system that bills each patient only once a month but spreads the work of billing over the month is ____.

Accepted Answer

A)   using superbills
B)   cycle billing
C)   employing collection agencies
D)   independent billing services
E)   open-book accountingF) D) and E)
G) C) and E)

Question 11

A common billing system that bills each patient only once a month but spreads the work of billing over the entire month, sending statements to groups of patients every few days, is called ________ billing.

Accepted Answer

The answer of A common billing system that bills each...

Question 12

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

Accepted Answer

profit-and...

Question 13

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) All of the above
G) A) and E)

Question 14

When do most smaller practices send out their statements?

Accepted Answer

A)   Daily
B)   Weekly
C)   At the end of the month
D)   Whenever the medical assistant has time to prepare the statements
E)   Patients are allowed to request a billing time that is convenient for themF) A) and E)
G) B) and E)

Question 15

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 16

Payment by credit card for a medical practice ____.

Accepted Answer

A)   decreases the cash flow in the office
B)   increases the time spent on paperwork
C)   requires extra staff to process credit card charges
D)   provides prompt payment from the credit card company
E)   increases the complexity of preparing statementsF) B) and C)
G) B) and E)

Question 17

You are working at a walk-in outpatient clinic. A young woman who appears to be in her 20s comes in with a large cut on her left arm. When you ask for her insurance information, she says, "I don't need insurance. My father is the chief physician in this clinic. He'll treat me for free." What should you do?

Accepted Answer

A)   Require the woman to provide proof of insurance before being treated
B)   Write "professional courtesy" on the patient's chart
C)   Ask to see her identification to prove that she is the physician's daughter
D)   Send a statement for services to the physician's home address
E)   Check with the physician or office managerF) C) and D)
G) A) and B)

Question 18

When a patient has a credit balance, ____.

Accepted Answer

A)   the account should be sent to a collection agency
B)   a statement should be sent asking the patient to submit the balance
C)   the practice can deduct the amount from the patient's account
D)   the patient can be allowed to pay it at the next office visit
E)   the practice owes the patient moneyF) A) and D)
G) All of the above

Question 19

If a practitioner decides not to extend credit to a patient, what must be done according to the Fair Credit Reporting Act?

Accepted Answer

A)   Call the patient and tell him his bill must be paid in full immediately
B)   Inform the patient in writing why credit was denied
C)   Explain to the patient that you will be unable to extend credit
D)   Avoid discussing the issue of credit with the patient to avoid embarrassment
E)   Report the patient's lack of creditworthiness to the state's credit monitoring serviceF) A) and B)
G) A) and C) B

Question 20

A(n) ________ gives a person the legal right to handle financial matters for another person who is unable to do so.

Accepted Answer

power of attorney

Exam 20: Patient Collections and Financial Management

Which of the following states that creditors may not discriminate against an applicant because he or she receives public assistance?

Correct Answer
verified

Which of the following statements is true about electronic banking?

Correct Answer
verified

When a practice's expenses exceed its income, the practice has a(n) ________; this is also known as "being in the red."

Correct Answer
verified

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

Correct Answer
verified

Any payment the medical office makes for goods or services is called ____.

Correct Answer
verified

Which of the following is a diplomatic way to ask a patient for payment?

Correct Answer
verified

Most practices may use checks from a standard checkbook or ________ checks, which often come in a three-ring binder and provide a stub for recordkeeping.

Correct Answer
verified
voucher

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

Correct Answer
verified

When a practice's income exceeds its expenses, the practice has a(n) ________; this is also known as "being in the black."

Correct Answer
verified

A common billing system that bills each patient only once a month but spreads the work of billing over the month is ____.

Correct Answer
verified

A common billing system that bills each patient only once a month but spreads the work of billing over the entire month, sending statements to groups of patients every few days, is called ________ billing.

Correct Answer
verified

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

Correct Answer
verified
profit-and...
View Answer

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

Correct Answer
verified

When do most smaller practices send out their statements?

Correct Answer
verified

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

Correct Answer
verified

Payment by credit card for a medical practice ____.

Correct Answer
verified

Correct Answer
verified

When a patient has a credit balance, ____.

Correct Answer
verified

If a practitioner decides not to extend credit to a patient, what must be done according to the Fair Credit Reporting Act?

Correct Answer
verified
B

A(n) ________ gives a person the legal right to handle financial matters for another person who is unable to do so.

Correct Answer
verified
power of attorney

Exam 20: Patient Collections and Financial Management

Which of the following states that creditors may not discriminate against an applicant because he or she receives public assistance?

Correct AnswerverifiedShow Answer

Which of the following statements is true about electronic banking?

Correct AnswerverifiedShow Answer

When a practice's expenses exceed its income, the practice has a(n) ________; this is also known as "being in the red."

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Any payment the medical office makes for goods or services is called ____.

Correct AnswerverifiedShow Answer

Which of the following is a diplomatic way to ask a patient for payment?

Correct AnswerverifiedShow Answer

Most practices may use checks from a standard checkbook or ________ checks, which often come in a three-ring binder and provide a stub for recordkeeping.

Correct Answerverifiedvoucher

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

Correct AnswerverifiedShow Answer

When a practice's income exceeds its expenses, the practice has a(n) ________; this is also known as "being in the black."

Correct AnswerverifiedShow Answer

A common billing system that bills each patient only once a month but spreads the work of billing over the month is ____.

Correct AnswerverifiedShow Answer

A common billing system that bills each patient only once a month but spreads the work of billing over the entire month, sending statements to groups of patients every few days, is called ________ billing.

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedprofit-and...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

When do most smaller practices send out their statements?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Payment by credit card for a medical practice ____.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

When a patient has a credit balance, ____.

Correct AnswerverifiedShow Answer

If a practitioner decides not to extend credit to a patient, what must be done according to the Fair Credit Reporting Act?

Correct AnswerverifiedB

A(n) ________ gives a person the legal right to handle financial matters for another person who is unable to do so.

Correct Answerverifiedpower of attorney

Correct Answer
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voucher

Correct Answer
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Correct Answer
verified
profit-and...
View Answer

Correct Answer
verified

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Correct Answer
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B

Correct Answer
verified
power of attorney