Test your basic knowledge |

Bookkeeping

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. Money the business owes






2. An accounts receivable formula that measures the speed in which outstanding accounts are paid. (outstanding accounts receivable/average monthly gross income)






3. Take home pay after all deductions






4. Determines exemptions or withholding allowances






5. A system of monitoring the financial status of a business.






6. Money owed to a business






7. 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)






8. To be paid column






9. The bank has 'certified' with a date and signature to indicate that the check is good for the amount for which it is written.






10. Amount owed. Total when all accounting is done.






11. Purchase order






12. 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.






13. 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)






14. What you earned before deductions






15. A sum kept in the office for unexpected - minor - or routine expenses. (ex postage due mail or coffee supplies)






16. A record of all transactions for that day (used on pegbord system)






17. Cost that does not vary in total as the number of patients vary






18. Date - Name/add - Signature & name should match - Amount - Made out to the correct place/person






19. Reduces the balance owed






20. Patient account record. Record of all transactions on a patients account.






21. Lists items and charges for goods ans services already received






22. Available in most banks and are convenient ans safer to use than cash when traveling.


23. AKA pegboard system






24. Received on account






25. Debts - financial obligations for which one is responsible






26. Superbill - patient ledger and day sheet






27. AKA write it once system. Is the most commonly used manual medical accounts receivable system






28. Check endorsed by its payee to another party who becomes the holder in due course. Most places do not accept third party checks.






29. 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.






30. Accounts receivable






31. 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.






32. Accounts payable






33. Practice office program. An accounting system used in medical practices.






34. A formula that measures the SPEED by which outstanding accounts are paid






35. Itemized statement of assets - liabilities and equity. A statement of financial condition.






36. Daily recording of accounts or transactions of a business.






37. Accounts receivable.






38. W4


39. Costs that fluctuate according to the demands of the business. (ex: salary - supplies - cost of treating patients - blood draw supplies - etc.)






40. Properties of value owned by a business






41. 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.






42. A decline in the value of assets. A method of allocating the cost of a tangible asset over its useful life.






43. National provider identifier






44. 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






45. Shows you What was delivered against a purchase order






46. Column. Increases or decreases to patient accounts not due to charges incurred or payments received.






47. Voucher - cashiers - personal - certified and travelers.