Question 1

When should checks from patients and other sources be deposited?

Accepted Answer

A)   At the same time bills are paid
B)   On a daily basis
C)   When the bank statement is reconciled each month
D)   At the end of every weekE) B) and C)
F) A) and D) B

Question 2

Which of the following is required for a check endorsement?

Accepted Answer

A)   Ink pen or rubber stamp
B)   On the back of the check
C)   Across the left or perforated end
D)   Both A and B
E)   All of the aboveF) A) and B)
G) B) and E)

Question 3

Which of the following agreements for payment plans is not subject to TILA and does not require a signed Truth in Lending Statement?

Accepted Answer

A)   Specific agreement for less than four installments and finance charge
B)   Specific agreement with more than four installments and finance charge
C)   No specific agreement with more than four installments and no finance charge
D)   Credit card or loan specifically for healthcare treatment
E)   All of the aboveF) B) and C)
G) All of the above

Question 4

Which of the following account aging categories requires a final demand letter before the account is turned over to a collection agency?

Accepted Answer

A)   30 to 60 days
B)   60 to 90 days
C)   90 to 120 days
D)   None of the aboveE) A) and D)
F) A) and C) C

Question 5

Many healthcare facilities find small claims court a satisfactory, inexpensive means of collecting delinquent accounts. Parties to small claims actions are represented by an attorney at the hearing but may also send another person to court on their behalf to produce records supporting the claim.

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.E) B) and C)
F) A) and C)

Question 6

The three most common types of bank accounts are checking accounts, savings accounts, and money market savings accounts.

Accepted Answer

A) True 
 B)False

Question 7

A person who writes a check is sometimes called the __________.

Accepted Answer

A)   signer
B)   indigent
C)   drawer
D)   All of the aboveE) All of the above
F) A) and C) C

Question 8

Many direct deposits are processed through which of the following?

Accepted Answer

A)   ACH
B)   NACHA
C)   EPN
D)   EFTE) A) and C)
F) All of the above

Question 9

For offices with a no cash policy, which type of payment is typically recommended for patients without a bank account?

Accepted Answer

A)   Cashier's check
B)   Money order
C)   Voucher check
D)   Either A or B
E)   All of the aboveF) B) and C)
G) A) and D)

Question 10

Which of the following is the most successful collection strategy?

Accepted Answer

A)   Notes
B)   Patient account statement
C)   Collection letter
D)   Telephone callE) All of the above
F) C) and D)

Question 11

The first thing that should be done when an NSF check is received at the physician's office is to

Accepted Answer

A)   add the check back to the patient's statement balance.
B)   call the patient to let the person know that the check was returned.
C)   send a certified letter to the patient to demand payment for the check.
D)   add the NSF fee to the patient's statement balance.E) A) and C)
F) A) and B)

Question 12

The country is divided into how many Federal Reserve districts?

Accepted Answer

A)   8
B)   10
C)   12
D)   14E) None of the above
F) A) and B)

Question 13

A signature on the back of a check whereby the rights of the check are transferred to another party is called a(n)  __________.

Accepted Answer

A)   plaintiff
B)   trustee
C)   claim
D)   endorsementE) C) and D)
F) A) and D)

Question 14

Banking by mail is never done now that the use of the internet is so prevalent.

Accepted Answer

A) True 
 B)False

Question 15

A(n)  __________ endorsement is used in preparing checks for deposit to the physician's checking account.

Accepted Answer

A)   blank
B)   restrictive
C)   special
D)   qualifiedE) A) and B)
F) B) and C)

Question 16

An instrument that is legally transferable to another party is said to be __________.

Accepted Answer

A)   unsecured
B)   negotiable
C)   intangible
D)   discretionaryE) A) and C)
F) None of the above

Question 17

The person who writes the check is called the drawee.

Accepted Answer

A) True 
 B)False

Question 18

Payments to the healthcare facility come as reimbursement from the insurance company only. Adjustments are made to a patient's account when it is necessary to add or subtract a patient payment from the balance.

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.E) None of the above
F) All of the above

Question 19

Blank endorsements make checks payable to the bearer.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following does not conform to the general rules for telephone collections?

Accepted Answer

A)   Call only between 8 am and 9 pm
B)   Make repeated telephone calls on the same day
C)   Assume a positive attitude
D)   Keep the conversation brief and to the pointE) A) and B)
F) All of the above

Exam 27: Accounts, Collections, and Banking

When should checks from patients and other sources be deposited?

Correct AnswerverifiedB

Which of the following is required for a check endorsement?

Correct AnswerverifiedShow Answer

Which of the following agreements for payment plans is not subject to TILA and does not require a signed Truth in Lending Statement?

Correct AnswerverifiedShow Answer

Which of the following account aging categories requires a final demand letter before the account is turned over to a collection agency?

Correct AnswerverifiedC

Many healthcare facilities find small claims court a satisfactory, inexpensive means of collecting delinquent accounts. Parties to small claims actions are represented by an attorney at the hearing but may also send another person to court on their behalf to produce records supporting the claim.

Correct AnswerverifiedShow Answer

The three most common types of bank accounts are checking accounts, savings accounts, and money market savings accounts.

Correct AnswerverifiedShow Answer

A person who writes a check is sometimes called the __________.

Correct AnswerverifiedC

Many direct deposits are processed through which of the following?

Correct AnswerverifiedShow Answer

For offices with a no cash policy, which type of payment is typically recommended for patients without a bank account?

Correct AnswerverifiedShow Answer

Which of the following is the most successful collection strategy?

Correct AnswerverifiedShow Answer

The first thing that should be done when an NSF check is received at the physician's office is to

Correct AnswerverifiedShow Answer

The country is divided into how many Federal Reserve districts?

Correct AnswerverifiedShow Answer

A signature on the back of a check whereby the rights of the check are transferred to another party is called a(n) __________.

Correct AnswerverifiedShow Answer

Banking by mail is never done now that the use of the internet is so prevalent.

Correct AnswerverifiedShow Answer

A(n) __________ endorsement is used in preparing checks for deposit to the physician's checking account.

Correct AnswerverifiedShow Answer

An instrument that is legally transferable to another party is said to be __________.

Correct AnswerverifiedShow Answer

The person who writes the check is called the drawee.

Correct AnswerverifiedShow Answer

Payments to the healthcare facility come as reimbursement from the insurance company only. Adjustments are made to a patient's account when it is necessary to add or subtract a patient payment from the balance.

Correct AnswerverifiedShow Answer

Blank endorsements make checks payable to the bearer.

Correct AnswerverifiedShow Answer

Which of the following does not conform to the general rules for telephone collections?

Correct AnswerverifiedShow Answer

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C

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