Question 1

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 A

Question 2

The physician uses a debit card to pay for purchases totaling $46, $50.02, $802.98, and $73. What is the checkbook balance after the debit card purchases if the account balance is $17,394.83 before the transactions?

Accepted Answer

$16,422.83

Question 3

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 B

Question 4

Most patients who write checks to pay their account with their physician have no intention of fraud.

Accepted Answer

A) True 
 B)False

Question 5

Who in the office is authorized to sign checks?

Accepted Answer

A)  The doctor 
B)  Any trusted staff member 
C)  Only those whose names appear on the signature card 
D)  A responsible medical assistant 
A)  The doctor 
B)  Any trusted staff member 
C)  Only those whose names appear on the signature card 
D)  A responsible medical assistant

Question 6

Bank statements should be checked immediately upon receipt and scanned carefully for errors.

Accepted Answer

A) True 
 B)False

Question 7

Checks received in the mail today include those for $90 and $436. If $568 in cash is deposited with the checks, how much is the total deposit?

Accepted Answer

The answer of Checks received in the mail today include...

Question 8

A patient writes a check for $560 that is returned by the bank. The physician redeposits the check, which clears, and the physician does not want to charge this patient an NSF fee. How much should be added to the patient's account in this transaction?

Accepted Answer

The answer of A patient writes a check for $560...

Question 9

Debit card transactions to be added to the deposit include those for $45, $561, and $887. What is the total of these debits?

Accepted Answer

The answer of Debit card transactions to be added to...

Question 10

The bank statement reconciliation is used as an audit, or to ensure that the bank is managing the funds in the account accurately. Any errors on the bank statement should be reported to the bank immediately.

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 11

__________ bonding covers specific individuals.

Accepted Answer

The answer of __________ bonding covers specific individuals....

Question 12

A capital sum of money due as a debt or used as a fund for which interest is either charged or paid is called

Accepted Answer

A)  disbursement. 
B)  reconciliation. 
C)  principal. 
D)  holder. 
A)  disbursement. 
B)  reconciliation. 
C)  principal. 
D)  holder.

Question 13

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

Question 14

The bank charges a fee of $25 for each of six NSF checks that were returned during the month. If the bank statement balance after outstanding checks are deducted is $12,543.24, what will the balance be after the fees are deducted?

Accepted Answer

The answer of The bank charges a fee of $25...

Question 15

What is required for a check to be negotiable?

Accepted Answer

A)  Be written and signed by the drawer 
B)  Contain a promise or order to pay a sum of money 
C)  Be payable on demand 
D)  Both A and B 
E)  All of the above 
A)  Be written and signed by the drawer 
B)  Contain a promise or order to pay a sum of money 
C)  Be payable on demand 
D)  Both A and B 
E)  All of the above

Question 16

__________ bonds reimburse the physician for any monetary loss caused by employees.

Accepted Answer

The answer of __________ bonds reimburse the physician for any...

Question 17

A person presenting a check for payment might be called the __________.

Accepted Answer

The answer of A person presenting a check for payment...

Question 18

Checks received in the mail today include those for $87, $45, $88, and $100. What is the total check deposit for the day?

Accepted Answer

The answer of Checks received in the mail today include...

Question 19

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 20

The deposits in cash today are $657 and the checks total $8,343. What is the total deposit?

Accepted Answer

The answer of The deposits in cash today are $657...

Exam 17: Banking Services and Procedures

Many direct deposits are processed through which of the following?

The physician uses a debit card to pay for purchases totaling $46, $50.02, $802.98, and $73. What is the checkbook balance after the debit card purchases if the account balance is $17,394.83 before the transactions?

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

Most patients who write checks to pay their account with their physician have no intention of fraud.

Who in the office is authorized to sign checks?

Bank statements should be checked immediately upon receipt and scanned carefully for errors.

Checks received in the mail today include those for $90 and $436. If $568 in cash is deposited with the checks, how much is the total deposit?

A patient writes a check for $560 that is returned by the bank. The physician redeposits the check, which clears, and the physician does not want to charge this patient an NSF fee. How much should be added to the patient's account in this transaction?

Debit card transactions to be added to the deposit include those for $45, $561, and $887. What is the total of these debits?

The bank statement reconciliation is used as an audit, or to ensure that the bank is managing the funds in the account accurately. Any errors on the bank statement should be reported to the bank immediately.

__________ bonding covers specific individuals.

A capital sum of money due as a debt or used as a fund for which interest is either charged or paid is called

The country is divided into how many Federal Reserve districts?

The bank charges a fee of $25 for each of six NSF checks that were returned during the month. If the bank statement balance after outstanding checks are deducted is $12,543.24, what will the balance be after the fees are deducted?

What is required for a check to be negotiable?

__________ bonds reimburse the physician for any monetary loss caused by employees.

A person presenting a check for payment might be called the __________.

Checks received in the mail today include those for $87, $45, $88, and $100. What is the total check deposit for the day?

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

The deposits in cash today are $657 and the checks total $8,343. What is the total deposit?

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