Ch 18 - Banking and Practice Finance Review

Which of the following is a safety precaution that can be implemented to prevent financial fraud?

• Ignoring suspicious transactions

• Sharing your PIN with others

• Regularly monitoring account statements

• Using the same password for all accounts

What type of information is typically found on checks?

• Social Security number

• Bank account number

• Driver's license number

• Passport number

Which of the following is a consideration that must be taken into account when accepting a check as a form of payment?

• The color of the check

• The type of ink used

• The validity of the check

• The size of the check

Which of the following describes different forms of endorsement?

• Blank endorsement, restrictive endorsement, and special endorsement

• Verbal endorsement, written endorsement, and digital endorsement

• Personal endorsement, professional endorsement, and public endorsement

• Temporary endorsement, permanent endorsement, and conditional endorsement

What is one of the responsibilities of a medical assistant in maintaining control of a medical office's banking and bookkeeping procedures?

• Scheduling patient appointments

• Ensuring accuracy with bank deposits and reconciliation of funds

• Administering medications

• Conducting patient examinations

Why is it important for a medical assistant to maintain accuracy in banking and bookkeeping activities?

• To ensure patient satisfaction

• To maintain the trust the physician has placed in the employee

• To improve office decor

• To increase patient visits

Which of the following is a financial function related to recording financial transactions?

• Bookkeeping

• Marketing

• Human Resources

• Customer Service

Which financial function involves the systematic recording, reporting, and analysis of financial transactions?

• Accounting

• Sales

• Operations

• Public Relations

What is the term for the money that a company is owed by its customers?

• Accounts receivable

• Accounts payable

• Inventory

• Equity

Which financial function involves managing the money a company owes to its suppliers?

• Accounts payable

• Accounts receivable

• Budgeting

• Auditing