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WorksheetsMedical Practice and Financial Management Quiz
Total questions: 90
Worksheet time: 1hrs 20mins
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
For employers, retirement plans can raise business taxes.
True
False
The payer is the person who will receive the payment.
True
False
Do not accept a third-party check unless it is from the health insurance company.
True
False
Vesting means that you have a legal right to all the money in your account.
True
False
If you terminate employment, you do not have to transfer or roll over the funds in your 401(k) account to an Individual Retirement Account.
True
False
A daily log includes the patient's name, address, home and work telephone number, and the name of the person who is responsible for charges.
It is important to use the daily log sheet when organizing the practice's bookkeeping system.
True
False
A lost bank deposit receipt could cost a medical practice thousands of dollars.
True
False
Never accept a check marked payment in full unless it actually pays the complete outstanding balance.
True
False
Paid vacations, paid holidays, and disability and life insurance are examples of employee benefits.
True
False
Basic accounting involves managing accounts receivable and accounts payable.
True
False
48. The Fair Labor Standards Act requires overtime payments for part time hourly employees for every hour worked beyond the normal eight hours in a day or 40 hours in a week.
49. The law requires all employers to withhold money from employees' net earnings to pay federal, state, and local income taxes.
50. Have all employees update their W-4 forms once year.
51. The percentage the employer pays for federal unemployment taxes decreases if the employer also pays state unemployment taxes.
52. The employee's gross earnings are his take home pay.
53. Net earnings – total deductions = gross earnings.
54. If your practice is not required to use EFT, you must submit employment taxes with a Federal Tax Deposit Coupon.
55. An employer must pay FUTA tax if employees' wages total more than $1500 in any quarter.
56. A Federal Unemployment Tax Return is also called Form W-4.
57. A common disbursement for a physician's office is payment for equipment.
58. When ordering supplies, it is better to buy too little and reorder more frequently than to buy too much.
59. If your office does only a few throat cultures a year, it makes more sense to send those patients elsewhere for the test than to stock the supplies required.
60. You may purchase holiday decorations from the petty cash fund.
61. All patient's financial accounts should be brought up to date
daily
weekly
monthly
at the time the patient is discharged
62. Payments made by a patient represent the doctor's
earnings
income
charges
accounts receivable
63. The patient's ledger card has the function of serving as
a complete financial record of his charges, payments, and balance
an itemized statement
a record of all visits
all of the above
64. The Federal Communications Commission public notice governing the use of the telephone for collections prohibits
calling at odd hours
repeated calls to the debtor
calls to employers
all of the above
65. FICA provides for which of the following:
a. social security benefits
b. unemployment compensation
c. old age benefits
d. workman's compensation
66. The Employees Withholding Exemption certificate is also called
a. W-2
b. W-4
c. FICA
d. SS 20
67. The amount of Social Security which is deducted from an employee's paycheck is based on
a. the number of exemptions which are claimed
b. a percentage of the gross pay
c. income over 7,000.00 per year
d. a flat amount for all employees
68. The Employee's Withholding Exemption Certificate must be filled out by the
a. employee
b. employer
c. internal revenue service
d. state regulatory office
69. The main source of communication between the doctor and the public is the
a. newspaper
b. the television
c. the telephone
d. the billboard
70. An ABA number
a. is issued to each of a bank's customers
b. identifies a check and the bank it is written on
c. is issued to all commercial accounts
d. identifies only national banks
71. A bank statement is reconciled with
a. the depositor's check book
b. the daily journal
c. the accounts receivable
d. the disbursement record
72. The payee is not guaranteed payment if the check received is a
a. personal check
b. cashier's check
c. traveler's check
d. certified check
73. The term CURRENT ASSETS often refers to
a. financial obligations that mature in a short time
b. a long term mortgage on a piece of property
c. major medical equipment in the office
d. assets that can be readily converted to cash
74. Dollar entries made on the left side of the ledger are called
a. past ref
b. credits
c. debits
d. accruals
75. An endorsement of a check appears as the
a. name of the payee on the front of the check
b. signature of the maker on the front of the check
c. signature of the payee on the back of the check
d. none of the above
76. Any checks received for the doctor should be immediately
a. deposited in the bank
b. signed with a blank endorsement
c. given a full endorsement
d. given a restrictive endorsement
77. All disbursements, regardless of purpose, should be
a. made in cash
b. made by check
c. made from petty cash
d. entered on the day sheet
78. A rubber stamp may be used for
a. blank endorsements
b. fill-in endorsements
c. restrictive endorsements
d. partial endorsements
79. The fee a doctor most frequently charges for a given procedure is called
a. usual fee
b. customary fee
c. reasonable fee
d. UCR fee
80. The patient's ledger should be kept
a. with the patient's folder
b. in a separate ledger file
c. with the general ledger
d. in a job cost ledger
81. An employee payroll sheet is also termed as a
a. cost sheet
b. payroll register
c. W-4
d. compensation record
82. The process of recording all the details of a transaction in the daily journal before an entry is made in the general ledger is known as
a. journalizing
b. posting
c. footing
d. crediting
83. The basic forms which comprise the pegboard bookkeeping system are
a. daybook sheet, patient ledger card, and charge slip
b. daybook sheet and charge slip
c. patient ledger card and patient's bill
d. journal and daily disbursements
84. Pegboard posting is often referred to as which of the following systems?
a. trial balance
b. basic
c. daily accounting
d. write it once
85. Business reply mail is an example of
a. first class mail
b. second class mail
c. third class mail
d. fourth class mail
86. Newspapers and periodicals are sent by
a. first class mail
b. second class mail
c. third class mail
d. fourth class mail
87. First class mail with valuable contents should be sent
a. certified mail
b. air mail
c. insured mail
d. registered mail
88. Packages and printed matter weighing more than 16 ounces are sent by
a. second class mail
b. third class mail
c. fourth class mail
d. first class mail
89. Fourth class mail is also known as
a. registered mail
b. parcel post
c. insured mail
d. special handling
90. The least expensive way of shipping heavy and bulky goods is by
a. express
b. parcel post
c. freight
d. truck
91. The straight telegram is a message of
a. 10 words
b. 15 words
c. 25 words
d. 50 words
92. How often is the physician's narcotic license renewed?
a. annually
b. every 3 years
c. every 5 years
d. never
93. If a patient who has complained of chest pain collapses in the office
a. immediately begin chest compressions
b. be sure the patient is breathless and pulseless before administering CPR
c. call an ambulance
d. check the patient's chart to see what medication the patient is taking
94. A patient calls in to the office and states they have received a blunt injury to the eye. You should advise to
a. do nothing unless the eye is very swollen
b. apply heat
c. come in as soon as possible to have the eye checked
d. rub the eye to be sure there is nothing in it
95. The balancing of the monthly bank statement with the checkbook is referred to as
a. monthly balancing
b. check posting
c. reconciling the bank statement
d. statement certifying
96. An aging of the accounts receivable analysis
a. is shown on the trial balance
b. is a list of payments and charges for a given day
c. is used to identify collection problems
d. none of the above
97. All payments received are referred to as
a. accounts payable
b. gross income
c. petty cash
d. none of the above
98. A system in which the money charged is not considered income until the money is received is called
a. double entry
b. single entry
c. accrual basis
d. ledger or ledger card
99. A patient's financial account is referred to as
a. charge slip
b. monthly statement
c. income slip
d. ledger or ledger card
100. On the ledger card, the adjustment column is used for
a. check marks
b. credit balances
c. refunds or charge corrections
d. none of the above
101. A listing of specific services rendered and fees charged is an
a. itemized statement
b. day sheet
c. control sheet
d. invoice
102. Deductions are subtracted from what source when computing payroll
a. net earnings
b. income tax
c. payroll tax
d. none of the above
103. A check dated two months from today's date is considered
a. insufficient
b. overdue
c. postdated
d. pre-dated
What is the latest date an employer may give the W-2 form
a. bi-weekly
b. January 15
c. January 31
d. none of the above
What form is the physician required, by the IRS, to complete every three months for FICA income tax?
a. W-2
b. 941
c. 1040
d. 1050
Major medical equipment such as X-RAY machines are known as
a. asset expense
b. fixed assets or capital equipment
c. intangible assets
d. none of the above
When a patient must cancel an appointment, you should
a. reprimand the patient
b. express regret
c. immediately offer a new appointment
d. none of the above
One way to prevent patients from forgetting future appointments is
a. call them the day before their appointment
b. do not book more than two weeks in advance
c. use appointment cards
d. all of the above
What should be avoided by the medical assistant
a. giving medical advice
b. arguing with the patient
c. discussing the patient's condition
d. all of the above
When one encounters a baffling term, you should
a. try to pronounce it
b. ask a co-worker
c. consult a dictionary
d. write it down several times
The first way to communicate courtesy to the telephone caller is to
a. put them on hold
b. answer promptly and identify yourself
c. excuse yourself if you must put the person on hold
d. none of the above
The behavior pattern of a person who is ill may be changed by a medical assistant that has an attitude which reflects
a. friendliness
b. reassurance
c. understanding
d. all of the above
Since the medical assistant's day is filled with interpersonal contacts, it is necessary to
a. be well groomed
b. be prepared to handle emergencies
c. be understanding
d. all of the above
When dealing with irritable patients, the medical assistant should
a. counter a rude remark with one of their own
b. establish a friendly atmosphere
c. keep quiet
d. none of the above
A good working relationship between the doctor and the assistant will be enhanced if he/she
a. insists on regularly timed lunch hours
b. addresses the doctor by his first name
c. studies the doctor's ways of doing things and tries to anticipate his/her needs
d. none of the above
The medical assistant should maintain pleasant public relations by
a. being diplomatic
b. listening carefully
c. explaining delays
d. all of the above
