PTCB Inventory Management & Billing 3

Question 1

What does 'AWP' stand for in pharmaceutical pricing, and how is it used?

Accepted Answer

Average Wholesale Price; a benchmark used in drug pricing and reimbursement calculations

Answer

Actual Wholesale Price; the price pharmacies actually pay suppliers

Answer

Adjusted Wholesale Percentage; the discount given to large pharmacy chains

Answer

Authorized Wholesale Provider; a certified pharmaceutical distributor

Question 2

What is the purpose of tracking lot numbers for medications in a pharmacy?

Accepted Answer

To identify specific batches of product in the event of a recall

Answer

To verify the prescriber's DEA number

Answer

To track insurance billing codes

Answer

To calculate days supply for controlled substances

Question 3

A pharmacy technician is processing a claim and receives a rejection code indicating 'refill too soon.' What does this mean?

Accepted Answer

The patient is attempting to refill before the insurance-allowed refill date

Answer

The prescription has expired and cannot be refilled

Answer

The medication requires a new prescription for each fill

Answer

The drug is not covered under the patient's formulary

Question 4

What is a 'chargeback' in pharmaceutical distribution?

Accepted Answer

A credit issued by a manufacturer to a wholesaler when the wholesaler sells to a contracted customer at a discounted price

Answer

A fee charged to patients for late prescription pickup

Answer

A penalty assessed by insurance for incorrect billing

Answer

A refund given to a patient for a recalled medication

Question 5

Which of the following best describes a 'drug shortage' and the pharmacy technician's appropriate response?

Accepted Answer

A temporary supply disruption; the technician should notify the pharmacist so alternatives can be identified

Answer

A drug that is permanently discontinued; the technician should remove it from the formulary

Answer

A drug that requires prior authorization; the technician should contact insurance

Answer

A medication recalled by the FDA; the technician should quarantine all stock

Question 6

What is the primary purpose of conducting a periodic physical inventory count in a pharmacy?

Accepted Answer

To reconcile actual stock on hand with perpetual inventory records and identify discrepancies

Answer

To satisfy DEA requirements for all medications

Answer

To determine which medications should be added to the formulary

Answer

To calculate the pharmacy's daily revenue

Question 7

Under DEA regulations, a pharmacy must take a complete physical inventory of all controlled substances at least once every how many years?

Accepted Answer

2 years

Answer

1 year

Answer

3 years

Answer

5 years