Exam 23: Banking Services and Procedures

The person who writes the check is called a drawee.

A stop-payment order can protect the payer from loss as a result of stolen, lost, or incorrectly drawn checks.

The currency taken in during the day includes 9 $20s, 2 $50s, 4 $100s, 6 $10s, and 17 $5s.What is the total currency?

Travelers' checks are most often used by transitory patients on vacation who become ill and need to see a local physician.

One disadvantage of e-banking is learning the software.

Which of the following is not one of the four types of endorsements?

A patient writes a check for $44 that is returned from the bank.The physician charges a fee of $30 for NSF checks.How much should be added back to the patient's account?

Today's checks include $56, $73, $89, $23, $20, and $82.What is the total in checks for the daily deposit?

The part of the ABA number following the dash on top in the fraction designates:

What are some of the advantages of Internet banking?

Currency and checks should be deposited once a week.

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

What is the first thing the medical assistant should do when a check is returned unpaid by the bank?

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

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

A check drawn on the bank's own account and signed by an authorized bank official is called a:

Which type of bank account would be best for maintaining funds that are used for paying seasonal expenses, such as insurance premiums?

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 a NSF fee.How much should be added to the patient's account in this transaction?

Checks received in the mail today include those for $23.03, $87, and $830.Checks taken in the office from patients include those for $25, $55, $30, and $255.What is the total in checks that will be included in the day's deposit?

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