Exam 17: Banking Services and Procedures

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

The physician uses the debit card for $782.19 to pay for medical supplies, $56 for office supplies, and $76 to stock the employee break room refrigerator. If the balance in the checkbook is $32,830.43, what is the balance after the debit card activity?

Which of the following digits in an RTN represent the individual bank identification number?

The deposit is $450. The checkbook balance is $9,872.54. If one debit card transaction is completed on the account for $251.55, what is the balance in the account?

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.

Something legally transferable to another party is considered

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

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

The __________ discloses any errors that may exist in the checkbook or, on rare occasions, the bank statement.

Electronic payments can be made using the routing and account number and are processed at banks like regular checks.

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

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

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

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

The physician charges $450 for a procedure, and the patient pays one third of the total by check. For what amount is the check written?

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?

A check made payable to "Cash" is most commonly used in the physician's office to

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?

If the bank charges a fee of $12 each time the average balance drops below $5,000, and this has happened seven times during the year, what is the total in these fees that the physician will pay?