Question 1

Which of the following best describes an ACH transfer of funds between two separate banking institutions?

Accepted Answer

A)  Both accounts are verified and funds are quickly available. 
B)  Both accounts are not verified and funds are quickly available. 
C)  Both accounts are verified but funds may take several days to be available. 
D)  Both accounts are not verified and funds may take several days to be available. 
A)  Both accounts are verified and funds are quickly available. 
B)  Both accounts are not verified and funds are quickly available. 
C)  Both accounts are verified but funds may take several days to be available. 
D)  Both accounts are not verified and funds may take several days to be available.

Question 2

Which type of bank account would be best for maintaining funds that are used for paying seasonal expenses,such as insurance premiums?

Accepted Answer

A)  Regular savings account 
B)  Money market savings account 
C)  Interest-bearing checking account that requires a high minimum balance 
D)  Regular checking account 
A)  Regular savings account 
B)  Money market savings account 
C)  Interest-bearing checking account that requires a high minimum balance 
D)  Regular checking account

Question 3

Electronic payments can be made using the routing and account number and are processed at banks like regular checks.

Accepted Answer

A) True 
 B)False

Question 4

During the monthly reconciliation of the checkbook,the bank statement balance is $16,589.24.The checkbook balance is $16,569.24.The medical assistant should look for an error in what amount?

Accepted Answer

The answer of During the monthly reconciliation of the checkbook,the...

Question 5

The name of the last endorser of the check shows who last __________ the money.

Accepted Answer

The answer of The name of the last endorser of...

Question 6

A person presenting a check for payment might be called the __________.

Accepted Answer

The answer of A person presenting a check for payment...

Question 7

A patient writes a check in the amount of $56 toward her account of $569.What is her balance after the payment?

Accepted Answer

The answer of A patient writes a check in the...

Question 8

Something legally transferable to another party is considered

Accepted Answer

A)  principal. 
B)  negotiable. 
C)  convenient. 
D)  legally binding. 
A)  principal. 
B)  negotiable. 
C)  convenient. 
D)  legally binding.

Question 9

Which of the following is not an acceptable reason for stop-payment on a check?

Accepted Answer

A)  Loss of check 
B)  Disagreement about a purchase 
C)  Insufficient funds 
D)  Disagreement about a payment 
A)  Loss of check 
B)  Disagreement about a purchase 
C)  Insufficient funds 
D)  Disagreement about a payment

Question 10

Which of the following types of accounts requires a minimum balance and draws interest at the highest rates?

Accepted Answer

A)  Checking account 
B)  Savings account 
C)  Money market savings account 
D)  All of the above 
A)  Checking account 
B)  Savings account 
C)  Money market savings account 
D)  All of the above

Question 11

Checks received in the mail today include those for $90 and $436.If $568 in cash is deposited with the checks,how much is the total deposit?

Accepted Answer

The answer of Checks received in the mail today include...

Question 12

Checks received in the mail today include those for $23.03,$87,and $830.Checks taken in the office from patients include those for $25,$55,$30,and $255.What is the total in checks that will be included in the day's deposit?

Accepted Answer

The answer of Checks received in the mail today include...

Question 13

A patient writes a check for $78 on an account with a balance of $285.What is the total due after the check is posted?

Accepted Answer

The answer of A patient writes a check for $78...

Question 14

Any individual,corporation,or legal party who signs a check or any type of negotiable instrument is considered the

Accepted Answer

A)  maker. 
B)  payer. 
C)  drawer. 
D)  payee. 
A)  maker. 
B)  payer. 
C)  drawer. 
D)  payee.

Question 15

Bank statements should be checked immediately upon receipt and scanned carefully for errors.

Accepted Answer

A) True 
 B)False

Question 16

The maker of the check is the person to whom it is written.

Accepted Answer

A) True 
 B)False

Question 17

The checks received today include $56,$78,$57,$43,and $5,633.12.What is the total amount in checks that will be added to the deposit?

Accepted Answer

The answer of The checks received today include $56,$78,$57,$43,and $5,633.12.What...

Question 18

A patient writes a check for $560 that is returned by the bank.The physician redeposits the check,which clears,and the physician does not want to charge this patient an NSF fee.How much should be added to the patient's account in this transaction?

Accepted Answer

The answer of A patient writes a check for $560...

Question 19

The bank statement reconciliation is used as an audit,or to ensure that the bank is managing the funds in the account accurately.Any errors on the bank statement should be reported to the bank immediately.

Accepted Answer

A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true. 
A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true.

Question 20

When should checks from patients and other sources be deposited?

Accepted Answer

A)  At the same time bills are paid 
B)  As soon as possible after they are received 
C)  When the bank statement is reconciled each month 
D)  At the end of every week 
A)  At the same time bills are paid 
B)  As soon as possible after they are received 
C)  When the bank statement is reconciled each month 
D)  At the end of every week

Exam 19: Banking Services and Procedures

Which of the following best describes an ACH transfer of funds between two separate banking institutions?

Which type of bank account would be best for maintaining funds that are used for paying seasonal expenses,such as insurance premiums?

Electronic payments can be made using the routing and account number and are processed at banks like regular checks.

During the monthly reconciliation of the checkbook,the bank statement balance is $16,589.24.The checkbook balance is $16,569.24.The medical assistant should look for an error in what amount?

The name of the last endorser of the check shows who last __________ the money.

A person presenting a check for payment might be called the __________.

A patient writes a check in the amount of $56 toward her account of $569.What is her balance after the payment?

Something legally transferable to another party is considered

Which of the following is not an acceptable reason for stop-payment on a check?

Which of the following types of accounts requires a minimum balance and draws interest at the highest rates?

Checks received in the mail today include those for $90 and $436.If $568 in cash is deposited with the checks,how much is the total deposit?

Checks received in the mail today include those for $23.03,$87,and $830.Checks taken in the office from patients include those for $25,$55,$30,and $255.What is the total in checks that will be included in the day's deposit?

A patient writes a check for $78 on an account with a balance of $285.What is the total due after the check is posted?

Any individual,corporation,or legal party who signs a check or any type of negotiable instrument is considered the

Bank statements should be checked immediately upon receipt and scanned carefully for errors.

The maker of the check is the person to whom it is written.

The checks received today include $56,$78,$57,$43,and $5,633.12.What is the total amount in checks that will be added to the deposit?

A patient writes a check for $560 that is returned by the bank.The physician redeposits the check,which clears,and the physician does not want to charge this patient an NSF fee.How much should be added to the patient's account in this transaction?

The bank statement reconciliation is used as an audit,or to ensure that the bank is managing the funds in the account accurately.Any errors on the bank statement should be reported to the bank immediately.

When should checks from patients and other sources be deposited?

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