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Test your basic knowledge |
Bookkeeping
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 47 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The system of recording transactions having two fundamental aspects - one involving the receiving of a benefit and the other to giving the benefit - in the same set of books.
What do you want to look for when receiving a patient check?
Double-entry system
Liabilities
balance
2. Like an invoice. Totaling items ordered - number ordered and cost. (Becky's definition.. not the best as This is not an invoice - but is an order for goods and/or services)
ROA
Purchase order
A/P
Debit
3. Costs that fluctuate according to the demands of the business. (ex: salary - supplies - cost of treating patients - blood draw supplies - etc.)
Assets
Variable cost
pegbord
Petty cash
4. 1. Write legibly 2. Black ink 3. Align columns 4. Double check math 5. Decimal points placed correctly 6. Characters should fit in spaces 7. Information should be current
Accounts payable
Medisoft program
Bookkeeping
What kind of details are crucial in posting and calculating financial transactions? (6)
5. Determines exemptions or withholding allowances
NPI
W-4
Debit
Accounts receivable
6. A decline in the value of assets. A method of allocating the cost of a tangible asset over its useful life.
Packing slip
Accounts receivable
patient ledger
Depreciation
7. Cost that does not vary in total as the number of patients vary
Accounts receivable ratio
Net salary
Fixed cost
Adjustment
8. Reduces the balance owed
Accounting
Credit
NPI
Certified check
9. Accounts receivable
A/are
Accounting
daysheet
Credit
10. Take home pay after all deductions
daysheet
Invoice
Medisoft program
Net salary
11. Check endorsed by its payee to another party who becomes the holder in due course. Most places do not accept third party checks.
W-2
Debit
Third party check
What type of checks are you willing to receive?
12. Properties of value owned by a business
A/are ratio
Assets
Medisoft program
Collection ratio
13. A record of all transactions for that day (used on pegbord system)
daysheet
Where could you find charges for a patients office visit posted?
Fixed cost
Gross salary
14. Daily recording of accounts or transactions of a business.
Depreciation
Bookkeeping
Third party check
Credit
15. W4
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16. Amount owed. Total when all accounting is done.
balance
Petty cash
Accounts receivable
Balance sheet
17. AKA write it once system. Is the most commonly used manual medical accounts receivable system
pegbord
ROA
Employee's withholding allowance certificate
Where could you find charges for a patients office visit posted?
18. Debts - financial obligations for which one is responsible
W-2
Purchase order
Liabilities
Certified check
19. Received on account
Petty cash
ROA
A/are
Purchase order
20. Accounts receivable.
What do you want to look for when receiving a patient check?
A/are ratio
Money the clinic has to collect is recorded in?
Accounts receivable ratio
21. Available in most banks and are convenient ans safer to use than cash when traveling.
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22. Accounts payable
Invoice
superbill
A/P
write-it-once program
23. Date - Name/add - Signature & name should match - Amount - Made out to the correct place/person
Money the clinic has to collect is recorded in?
A/P
Employee's withholding allowance certificate
What do you want to look for when receiving a patient check?
24. Purchase order
P.O.
Where could you find charges for a patients office visit posted?
Variable cost
Accounts receivable
25. Money the business owes
Accounts payable
ROA
Double-entry system
Debit
26. The bank has 'certified' with a date and signature to indicate that the check is good for the amount for which it is written.
ROA
Certified check
Where could you find charges for a patients office visit posted?
Bookkeeping
27. A formula that measures the SPEED by which outstanding accounts are paid
A/are ratio
Third party check
Accounting
What do you want to look for when receiving a patient check?
28. Shows you What was delivered against a purchase order
daysheet
Packing slip
Voucher check
Adjustment
29. A system of monitoring the financial status of a business.
Accounting
Depreciation
A/are ratio
P.O.
30. AKA encounter form or charge slip. A copy of the encounter form is given to the patient after seeing the provider. Identifies the procedures performed - diagnosis - charges and when to return.
What type of checks are you willing to receive?
write-it-once program
Variable cost
superbill
31. Patient account record. Record of all transactions on a patients account.
Accounts receivable
Variable cost
patient ledger
write-it-once program
32. A type of check with a stub attached that can be used to indicate invoice dates - services provided and so on. Payroll checks are written on voucher checks.
Voucher check
W-2
Accounts payable
Employee's withholding allowance certificate
33. The % of outstanding debt collected. (Gross income/The amount that could have been collected) The goal is 90% (SHOWS THE PERCENTAGE OF OUTSTANDING DEBT COLLECTED)
balance
A/are
Liabilities
Collection ratio
34. Itemized statement of assets - liabilities and equity. A statement of financial condition.
Collection ratio
patient ledger
Credit
Balance sheet
35. What you earned before deductions
Accounts payable
Purchase order
Gross salary
Double-entry system
36. Lists items and charges for goods ans services already received
Credit
Invoice
Where could you find charges for a patients office visit posted?
Petty cash
37. A sum kept in the office for unexpected - minor - or routine expenses. (ex postage due mail or coffee supplies)
Variable cost
Petty cash
Net salary
Voucher check
38. Money owed to a business
superbill
daysheet
Accounts receivable
Gross salary
39. Superbill - patient ledger and day sheet
Balance sheet
What do you want to look for when receiving a patient check?
Where could you find charges for a patients office visit posted?
What kind of details are crucial in posting and calculating financial transactions? (6)
40. Practice office program. An accounting system used in medical practices.
Medisoft program
Collection ratio
Invoice
Bookkeeping
41. AKA pegboard system
A/are
patient ledger
write-it-once program
Fixed cost
42. To be paid column
Debit
Collection ratio
superbill
Accounts payable
43. An accounts receivable formula that measures the speed in which outstanding accounts are paid. (outstanding accounts receivable/average monthly gross income)
Depreciation
Double-entry system
Accounting
Accounts receivable ratio
44. Voucher - cashiers - personal - certified and travelers.
Certified check
Liabilities
What type of checks are you willing to receive?
What kind of details are crucial in posting and calculating financial transactions? (6)
45. National provider identifier
Purchase order
Adjustment
Net salary
NPI
46. Summary of all deductions - gross pay - net pay etc for the previous tax year. Must be sent out to employees no later than Jan 31 of each year.
P.O.
Accounts receivable ratio
W-2
Accounts receivable
47. Column. Increases or decreases to patient accounts not due to charges incurred or payments received.
Adjustment
Balance sheet
A/are ratio
Gross salary