CMAA Financial Management and Accounting 3

Question 1

What is the purpose of a patient ledger?

Accepted Answer

Tracking an individual patient's charges, payments, and balance

Answer

Scheduling patient appointments

Answer

Documenting clinical notes

Answer

Recording employee wages

Question 2

What does 'fee schedule' mean in a medical office context?

Accepted Answer

A list of established charges for medical services

Answer

A list of appointment time slots

Answer

A staff salary guide

Answer

A schedule of insurance premium payments

Question 3

Which of the following best describes petty cash in a medical office?

Accepted Answer

A small amount of cash kept on hand for minor office expenses

Answer

Funds reserved for equipment purchases

Answer

Patient refund money

Answer

Insurance premium payments

Question 4

A patient's 'out-of-pocket maximum' means:

Accepted Answer

The maximum amount the patient must pay before insurance covers 100% of costs

Answer

The most the insurance company will pay in a year

Answer

The patient's monthly premium cap

Answer

The highest allowable co-pay amount

Question 5

What is the primary purpose of reconciling the bank statement in a medical office?

Accepted Answer

To verify that practice records match the bank's records and identify discrepancies

Answer

To prepare payroll checks

Answer

To calculate patient balances

Answer

To submit insurance claims

Question 6

Which of the following is an example of an accounts payable transaction in a medical practice?

Accepted Answer

The practice pays an invoice for medical supplies

Answer

A patient pays their co-pay

Answer

Insurance sends a reimbursement check

Answer

A patient pays an outstanding balance