Medical Practice and Financial Management Quiz

A medical practice is a business and must produce a profit.

• True

• False

A charge slip is the original record of the doctors services and the charge for these services.

• True

• False

A check from an insurance company includes payment for only one patient.

• True

• False

The person who writes a check is called the payee.

• True

• False

Power of attorney gives someone the legal right over financial matters for one who is too sick to do so.

• True

• False

A bank will never accept a list of deposited items on something other than the bank provided deposit slip, even if the bank's deposit slip is attached.

• True

• False

Reconciliation is usually performed once a month.

• True

• False

When reviewing the electronic checkbook register, change any information that is not correct.

• True

• False

The balance checkbook function electronically reconciles the monthly bank statement.

• True

• False

Compounded interest is paid on the initial investment and on the interest earned on the investment.

• True

• False