Question 1

Match between columns
                        Premises: Estimate of how many employees will be hired or funded by the firm, what positions or capacities they will serve in, what positions will need to be added, what old positions will be deleted, and how much compensation each employee will receive.

Accepted Answer

The Answer of income budget and budget and Interest on is...

Question 2

Lawyers may share fees with other professionals, such as CPAs. ​

Accepted Answer

A) True 
 B)False

Question 3

Explain what an IOLTA is.

Accepted Answer

IOLTA stands for Interest on Lawyers' Tr

Question 4

Match between columns
                        Premises: Amount a firm actually receives in income as opposed to the amount it bills.

Accepted Answer

The Answer of Interest on Lawyers' Trust Account (IOLTA) and is...

Question 5

Trust account funds can be used to _______________________. ​

Accepted Answer

A) pay for law office rent 
B) pay the law office for fees that have now been earned 
C) pay for staff payroll if the staff members worked on the client's case 
D) make a deposit into the law office operating account if the funds will be repaid 
E) none of the above 
A) pay for law office rent 
B) pay the law office for fees that have now been earned 
C) pay for staff payroll if the staff members worked on the client's case 
D) make a deposit into the law office operating account if the funds will be repaid 
E) none of the above

Question 6

When drafting an expense budget, such as estimating overhead expenses, it is recommended that you use a ______________ estimate, because you do not want to underestimate expenses. ​

Accepted Answer

A) liberal 
B) conservative 
C) total guess 
D) recent year's 
E) none of the above 
A) liberal 
B) conservative 
C) total guess 
D) recent year's 
E) none of the above

Question 7

List four examples of acceptable internal controls.

Accepted Answer

- Never allow a bookkeeper or person pre

Question 8

Law offices must return client funds back to a client __________________. ​

Accepted Answer

A) promptly, and must render a full accounting of the funds 
B) when the law office gets around to it 
C) when the client calls the disciplinary administrator 
D) when there are funds in the law office operating account to repay the trust account 
E) none of the above 
A) promptly, and must render a full accounting of the funds 
B) when the law office gets around to it 
C) when the client calls the disciplinary administrator 
D) when there are funds in the law office operating account to repay the trust account 
E) none of the above

Question 9

A draw refers to partners receiving a monthly check as an anticipated share of profits. ​

Accepted Answer

A) True 
 B)False

Question 10

You should always use last year's budget or actual figures to estimate the coming year's budget. ​

Accepted Answer

A) True 
 B)False

Question 11

Match between columns
                        Premises: A projected plan of income and expenses for a set period of time, usually a year.

Accepted Answer

The Answer of zero-based budgeting system and Interest on Lawyers' is...

Question 12

When building a law office budget, the _________________________ adjusts downward the actual amount that will be billed to the client, taking into account the fact that timekeepers are not always able to bill at their optimum levels. ​

Accepted Answer

A) income budget ​ 
B) realization 
C) staffing plan 
D) time-to-billing percentage 
E) none of the above 
A) income budget ​ 
B) realization 
C) staffing plan 
D) time-to-billing percentage 
E) none of the above

Lawyers may share fees with other professionals, such as CPAs.

Explain what an IOLTA is.

Trust account funds can be used to _______________________.

When drafting an expense budget, such as estimating overhead expenses, it is recommended that you use a ______________ estimate, because you do not want to underestimate expenses.

List four examples of acceptable internal controls.

Law offices must return client funds back to a client __________________.

A draw refers to partners receiving a monthly check as an anticipated share of profits.

You should always use last year's budget or actual figures to estimate the coming year's budget.

When building a law office budget, the _________________________ adjusts downward the actual amount that will be billed to the client, taking into account the fact that timekeepers are not always able to bill at their optimum levels.

The Legal Team Law Practices and Law Firm Governance

Legal Administration and Technology

Ethics and Malpractice

Client Relations and Communication Skills

Legal Fees Timekeeping and Billing

Calendaring Docket Control and Case Management

Legal Marketing

File and Law Library Management

Filters

Exam 6: Client Trust Funds and Law Office Accounting

Lawyers may share fees with other professionals, such as CPAs. ​

Explain what an IOLTA is.

Trust account funds can be used to _______________________. ​

When drafting an expense budget, such as estimating overhead expenses, it is recommended that you use a ______________ estimate, because you do not want to underestimate expenses. ​

List four examples of acceptable internal controls.

Law offices must return client funds back to a client __________________. ​

A draw refers to partners receiving a monthly check as an anticipated share of profits. ​

You should always use last year's budget or actual figures to estimate the coming year's budget. ​

When building a law office budget, the _________________________ adjusts downward the actual amount that will be billed to the client, taking into account the fact that timekeepers are not always able to bill at their optimum levels. ​

The Legal Team Law Practices and Law Firm Governance

Legal Administration and Technology

Ethics and Malpractice

Client Relations and Communication Skills

Legal Fees Timekeeping and Billing

Calendaring Docket Control and Case Management

Legal Marketing

File and Law Library Management

Filters

Lawyers may share fees with other professionals, such as CPAs.

Trust account funds can be used to _______________________.

When drafting an expense budget, such as estimating overhead expenses, it is recommended that you use a ______________ estimate, because you do not want to underestimate expenses.

Law offices must return client funds back to a client __________________.

A draw refers to partners receiving a monthly check as an anticipated share of profits.

You should always use last year's budget or actual figures to estimate the coming year's budget.

When building a law office budget, the _________________________ adjusts downward the actual amount that will be billed to the client, taking into account the fact that timekeepers are not always able to bill at their optimum levels.