CMAA Financial Management and Accounting 1

Question 1

What is a superbill used for in a medical office?

Accepted Answer

Documenting charges for services rendered

Answer

Ordering medical supplies

Answer

Scheduling patient appointments

Answer

Verifying insurance eligibility

Question 2

What does 'accounts receivable' represent in a medical practice?

Accepted Answer

Money owed to the practice for services rendered

Answer

Money the practice owes to vendors

Answer

Employee payroll expenses

Answer

Equipment purchase costs

Question 3

What is a co-pay?

Accepted Answer

A fixed amount a patient pays at each visit

Answer

The total cost of a medical procedure

Answer

The annual deductible amount

Answer

The insurance premium payment

Question 4

In medical billing, what does EOB stand for?

Accepted Answer

Explanation of Benefits

Answer

End of Benefits

Answer

Evidence of Billing

Answer

Extension of Benefits

Question 5

What is the purpose of a day sheet (daily journal) in a medical office?

Accepted Answer

Recording all daily financial transactions

Answer

Tracking staff attendance

Answer

Scheduling daily appointments

Answer

Logging daily medication orders

Question 6

Which term describes the amount a patient must pay out-of-pocket before insurance begins covering costs?

Accepted Answer

Deductible

Answer

Co-pay

Answer

Premium

Answer

Co-insurance