Question 1

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 above 
A)  30 to 60 days 
B)  60 to 90 days 
C)  90 to 120 days 
D)  None of the above C

Question 2

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 week 
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 week B

Question 3

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

Accepted Answer

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

Question 4

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 5

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

Question 6

Many direct deposits are processed through which of the following?

Accepted Answer

A)  ACH 
B)  NACHA 
C)  EPN 
D)  EFT 
A)  ACH 
B)  NACHA 
C)  EPN 
D)  EFT

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  unsecured 
B)  negotiable 
C)  intangible 
D)  discretionary 
A)  unsecured 
B)  negotiable 
C)  intangible 
D)  discretionary

Question 9

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 above 
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 above

Question 10

The person who writes the check is called the drawee.

Accepted Answer

A) True 
 B)False

Question 11

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. 
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.

Question 12

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. 
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.

Question 13

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 point 
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 point

Question 14

Which of the following is the most successful collection strategy?

Accepted Answer

A)  Notes 
B)  Patient account statement 
C)  Collection letter 
D)  Telephone call 
A)  Notes 
B)  Patient account statement 
C)  Collection letter 
D)  Telephone call

Question 15

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. 
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.

Question 16

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 above 
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 above

Question 17

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)  endorsement 
A)  plaintiff 
B)  trustee 
C)  claim 
D)  endorsement

Question 18

Blank endorsements make checks payable to the bearer.

Accepted Answer

A) True 
 B)False

Question 19

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)  qualified 
A)  blank 
B)  restrictive 
C)  special 
D)  qualified

Question 20

The country is divided into how many Federal Reserve districts?

Accepted Answer

A)  8 
B)  10 
C)  12 
D)  14 
A)  8 
B)  10 
C)  12 
D)  14

Exam 27: Accounts, Collections, and Banking

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

When should checks from patients and other sources be deposited?

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

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

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

Many direct deposits are processed through which of the following?

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

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

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

The person who writes the check is called the drawee.

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.

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.

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

Which of the following is the most successful collection strategy?

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

Which of the following is required for a check endorsement?

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

Blank endorsements make checks payable to the bearer.

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

The country is divided into how many Federal Reserve districts?

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