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

A patient ledger is a record that tracks all financial transactions (charges, payments, adjustments) for an individual patient account.

Question 2

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

Accepted Answer

A list of established charges for medical services

Answer

A fee schedule is a complete listing of maximum fees a provider charges for each service or procedure.

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

Petty cash is a small, accessible fund kept in the office to cover minor day-to-day expenses that are impractical to pay by check or card.

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 out-of-pocket maximum is the most a patient will pay for covered services in a plan year; after reaching it, insurance pays 100%.

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

Bank reconciliation ensures the practice's financial records match the bank statement, catching errors or unauthorized transactions.

CMAA - Certified Medical Administrative Assistant Practice Test