Daily Financial Practices
Which of the following is NOT a major advantage of the pegboard system?
A)Forms work together to simplify the task
B) Complete up-to-date balance of accounts payable
C) Relatively inexpensive
D) Write-it-once system
B) Complete up-to-date balance of accounts payable
Which collection technique is used as a last resort in the collection of unpaid balances?
A) Payment at the time of service
B) Stickers on billing statements
C) Telephone call reminders
D) Sending to collection agency
D) Sending to collection agency
Financial records should provide all of the following except?
A) Amount owed in a given period
B) What color ink was used to document
C) Amount collected in a given period
D) Where expenses were incurred in a given period
B) What color ink was used to document
Which of the following is the recommended format for the date line of a letter?
A) On the tenth line on the right margin
B) At the top of page in an abbreviated format
C) Two or three lines below the letterhead
C) Two or three lines below the letterhead
Which of the following is NOT one of the four Ds of negligence?
A) Deposition
B) Derelict
C) Damage
D) Duty
A) Deposition
In a concierge-type medical practice, what do providers usually do?
A) Set predetermined fees
B) Collect co-pays
C) Collect additional fees
C) Collect additional fees
What is known as a method of identifying how long an account has been overdue?
A) Account aging
B) Account identifying
C) Overdue aging
A) Account aging
A tip to avoid embezzelment?
A) Hire family members
B) Account and managing providers should conduct regular and irregular audits.
C) Designate the same task to multiple people so everyone is aware of task
D) Do nothing, and hope who ever you hire is honest.
B) Account and managing providers should conduct regular and irregular audits.
Which of the following would NOT be considered a trait of business correspondence?
A) Clear
B) Concise
C) Lengthy
C) Lengthy
The Federal Age Discrimination Act protects certain individuals:
A) 30 years and older
B) 60 years and older
C) 40 years and older
C) 40 years and older
Which type of check has a stub attached that is used to indicate date and invoice numbers?
A) Cashier’s
B) Certified
C) Money order
D) Voucher
Which of the following is NOT a service offered by collection agencies?
A) Provide intercept letters.
B) Provide credit ratings to providers’ offices.
C) Trace patient accounts who are “skips.”
D) Obtain funds from bankruptcy accounts.
D) Obtain funds from bankruptcy accounts.
A payroll form includes all of the following except?
A) social security calculations
B) salary calculations
C) facility daily deposits
D) Withholding taxes
C) facility daily deposits
Which of the following is an example of a document that may be signed by the medical assistant?
A) Medical reports to insurance companies
B) Provider’s personal letters
C) Provider’s correspondence to other providers
D) Notification of collection procedures
D) Notification of collection procedures
Any individual who administers, prescribes, or dispenses any controlled substance is required to register with which of the following?
A) Federal Trade Commission
B) Internal Revenue Service
C) Medicare Audit System
D) Drug Enforcement Administration
D) Drug Enforcement Administration
Which of the following best classifies the adjustment column in the accounting process and its effect on the balance due?
A) Credit column; increases balance
B) Debit column; decreases balance
C) Neutral; no change to balance
D) Debit column; increases balance
E) Credit column; decreases balance
E) Credit column; decreases balance
When collecting a payment from the patient, what is considered the best time?
A) Within 2 weeks
B) At the time of service
C) Prior to the patient’s being seen
B) At the time of service
What is the accounting purpose when it comes to finances in the clinic?
A) Helps determine the cost to perform a particular service
B) To determine employee salaries
C) To determine petty cash fund
D) To determine what to charge patient for service
A) Helps determine the cost to perform a particular service
Jeremy Brown, MD (Approximately 20th line)
111 S Main
Blossom, UT 10283-1120
Dear Dr. Brown,
Blossom Medical Society Meeting
Thank you for inviting me to speak at the Blossom Medical Society Meeting, June 15, 200_. As requested, my topic will describe the use of the MRI in assisting providers to make a more accurate diagnosis without resorting to invasive procedures. The exact title of my speech will be sent by e-mail next Friday.
Please have your office manager send information regarding the number of participants expected; time of meeting; location; and any other details that will assist me in preparing my speech.
I will write or call if I have any additional questions.
Yours truly,
Winston Lewis, MD
Winston Lewis, MD
WL:AL
What is the style of this letter?
A) Full block
B) Modified block
C) Simplified
B) Modified block
Which of the following patient cases does not require public reporting by the medical provider?
A) Knife wound
B) Head injury
C) Child abuse
B) Head injury
Which of the following applies to the cash that is usually kept in a locked change drawer and used for transactions with patients who pay in cash and need change?
A) Cash on Hand
B) Petty cash
C) Accounts receivable cash
D) Accounts payable cash
A) Cash on Hand
Which of the following is the correct order in the billing process?
1. Telephone call reminding patient of overdue account
2. Itemized statement with overdue notice mailed
3. Letter stating amount past due 3 months
4. Prepare financial schedule
5. Letter stating account has been turned over to a collection agency
A) 1, 2, 3, 4, 5
B) 2, 1, 4, 3, 5
C) 2, 4, 1, 3, 5
D) 4, 2, 1, 3, 5
B) 2, 1, 4, 3, 5
Single entry system includes all except?
A) Ledgers
B) Daily logs
C) Patient statements
D) Provider comments
D) Provider comments
How many misspelled words are in the letter?
A) None
B) One
C) Two
D) Three
A) None
Which of the following best describes the purpose of a statute of limitations?
A) Maximum monetary award for patients who collect from physicians found guilty of negligence
B) Period of time or a deadline for initiating legal action
C) Limitations on the practice of referring by physicians
B) Period of time or a deadline for initiating legal action