Exam 21: Financial Management Key

Electronic bookkeeping systems contain built-in tax tables that calculate tax ________ for you.

Jim Sanderson comes to the office today to pay the balance due on the statement you sent him last week. He presents the statement, showing an amount due of $96.75, and a money order for $96.75. What should you do?

Which type of check is usually used for payroll in the medical office?

Which of the following demonstrates the practice's profitability by illustrating the practice's total income and expenses?

A(n) ________ banking system speeds up many banking tasks by performing calculations automatically.

One of the most common or numerous disbursements is payment for ____.

When performing bookkeeping procedures, you should strive for 100% _______, because an undetected error at the first link will be carried through all the other links in the chain.

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

One of the basic records of the single-entry system is the patient ________ cards, which show how much each patient owes.

A physician may use _______ checks when attending an out-of-town conference or whenever using a personal check or carrying a lot of cash is not appropriate.

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

By writing a(n) ________, or draft, or order for payment, the payer directs the bank to pay a sum of money on demand to the payee.

In order to be considered ________, or legally transferable from one person to another, a check has to be written and signed by the payer and include the amount of money to be paid.

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

The physician may use a(n) ________ check to withdraw money without having his or her checkbook because this type of check permits her to withdraw funds from her account only.

A(n) ________ statement shows how much cash is available to cover expenses, to invest, or to take as profits.

You should not accept a(n) ________ check that is made out to the patient rather than to the practice unless it is from a health insurance company.

The process of keeping a daily log of the patient charges and payments received from patients each day is called ________.

Which type of check would state "Pay to the Order of Myself Only"?

At the beginning of each day, if you are using a pegboard system, what is the first thing you should put on the pegboard?