Question 1

Which of the following types of accounts requires a minimum balance and draws interest at the highest rates?

Accepted Answer

A)   Checking account
B)   Savings account
C)   Money market savings account
D)   All of the above

Question 2

A plan in which payments are transferred, usually electronically, by a paying agency directly to the account of a recipient is called

Accepted Answer

A)   disbursement.
B)   direct deposit.
C)   customer-oriented banking.
D)   endorsement banking.

Question 3

If the medical assistant is allowed to sign checks on the physician's business account, he or she must sign a document at the bank called a

Accepted Answer

A)   confidentiality statement.
B)   bond.
C)   signature card.
D)   noncompete statement.

Question 4

A patient writes a check for $78 on an account with a balance of $285. What is the total due after the check is posted?

Accepted Answer

The answer of A patient writes a check for $78...

Question 5

Banks ask to be notified within a reasonable time if the customer finds a(n) __________ on his or her bank statement.

Accepted Answer

error
Errors should ...

Question 6

During the monthly reconciliation of the checkbook, the bank statement balance is $16,589.24. The checkbook balance is $16,569.24. The medical assistant should look for an error in what amount?

Accepted Answer

The answer of During the monthly reconciliation of the checkbook,...

Question 7

The checks received today include $56, $78, $57, $43, and $5,633.12. What is the total amount in checks that will be added to the deposit?

Accepted Answer

The answer of The checks received today include $56, $78,...

Question 8

__________ bonds reimburse the physician for any monetary loss caused by employees.

Accepted Answer

Fidelity
Fidelity bo...

Question 9

__________ bonding covers specific individuals.

Accepted Answer

Personal
Personal bo...

Question 10

The country is divided into how many Federal Reserve districts?

Accepted Answer

A)   8
B)   10
C)   12
D)   14

Question 11

Who in the office is authorized to sign checks?

Accepted Answer

A)   The doctor
B)   Any trusted staff member
C)   Only those whose names appear on the signature card
D)   A responsible medical assistant

Question 12

When should checks from patients and other sources be deposited?

Accepted Answer

A)   At the same time bills are paid
B)   As soon as possible after they are received
C)   When the bank statement is reconciled each month
D)   At the end of every week

Question 13

The first thing that should be done when an NSF check is received at the physician's office is to

Accepted Answer

A)   add the check back to the patient's statement balance.
B)   call the patient to let the person know that the check was returned.
C)   send a certified letter to the patient to demand payment for the check.
D)   add the NSF fee to the patient's statement balance.

Question 14

Which of the following is not one of the four types of endorsements?

Accepted Answer

A)   Blank
B)   Quality
C)   Restrictive
D)   Special

Question 15

Which of the following endorsements includes words specifying the person to whom the endorser makes the check payable?

Accepted Answer

A)   Blank endorsement
B)   Restrictive endorsement
C)   Special endorsement
D)   Qualified endorsement

Question 16

If a bank cashes a check that is later returned for insufficient funds, whom does it charge to recover the amount lost?

Accepted Answer

A)   The check's maker
B)   The person who received the money
C)   The person to whom the check was written
D)   The person who last endorsed the check

Question 17

The physician uses a debit card to pay for purchases totaling $46, $50.02, $802.98, and $73. What is the checkbook balance after the debit card purchases if the account balance is $17,394.83 before the transactions?

Accepted Answer

The answer of The physician uses a debit card to...

Question 18

Banking by mail is never done now that the use of the Internet is so prevalent.

Accepted Answer

A) True 
 B)False

Question 19

A patient writes a check in the amount of $56 toward her account of $569. What is her balance after the payment?

Accepted Answer

The answer of A patient writes a check in the...

Question 20

Which of the following best describes an ACH transfer of funds between two separate banking institutions?

Accepted Answer

A)   Both accounts are verified and funds are quickly available.
B)   Both accounts are not verified and funds are quickly available.
C)   Both accounts are verified but funds may take several days to be available.
D)   Both accounts are not verified and funds may take several days to be available.

Exam 17: Banking Services and Procedures

A plan in which payments are transferred, usually electronically, by a paying agency directly to the account of a recipient is called

Correct AnswerverifiedShow Answer

If a bank cashes a check that is later returned for insufficient funds, whom does it charge to recover the amount lost?

Correct AnswerverifiedShow Answer

During the monthly reconciliation of the checkbook, the bank statement balance is $16,589.24. The checkbook balance is $16,569.24. The medical assistant should look for an error in what amount?

Correct AnswerverifiedShow Answer

Banks ask to be notified within a reasonable time if the customer finds a(n) __________ on his or her bank statement.

Correct AnswerverifiederrorErrors should ...View AnswerShow Answer

The checks received today include $56, $78, $57, $43, and $5,633.12. What is the total amount in checks that will be added to the deposit?

Correct AnswerverifiedShow Answer

The country is divided into how many Federal Reserve districts?

Correct AnswerverifiedShow Answer

When should checks from patients and other sources be deposited?

Correct AnswerverifiedShow Answer

The physician uses a debit card to pay for purchases totaling $46, $50.02, $802.98, and $73. What is the checkbook balance after the debit card purchases if the account balance is $17,394.83 before the transactions?

Correct AnswerverifiedShow Answer

Which of the following best describes an ACH transfer of funds between two separate banking institutions?

Correct AnswerverifiedShow Answer

The first thing that should be done when an NSF check is received at the physician's office is to

Correct AnswerverifiedShow Answer

__________ bonds reimburse the physician for any monetary loss caused by employees.

Correct AnswerverifiedFidelityFidelity bo...View AnswerShow Answer

Which of the following types of accounts requires a minimum balance and draws interest at the highest rates?

Correct AnswerverifiedShow Answer

If the medical assistant is allowed to sign checks on the physician's business account, he or she must sign a document at the bank called a

Correct AnswerverifiedShow Answer

Which of the following endorsements includes words specifying the person to whom the endorser makes the check payable?

Correct AnswerverifiedShow Answer

__________ bonding covers specific individuals.

Correct AnswerverifiedPersonalPersonal bo...View AnswerShow Answer

A patient writes a check in the amount of $56 toward her account of $569. What is her balance after the payment?

Correct AnswerverifiedShow Answer

Banking by mail is never done now that the use of the Internet is so prevalent.

Correct AnswerverifiedShow Answer

Who in the office is authorized to sign checks?

Correct AnswerverifiedShow Answer

Which of the following is not one of the four types of endorsements?

Correct AnswerverifiedShow Answer

A patient writes a check for $78 on an account with a balance of $285. What is the total due after the check is posted?

Correct AnswerverifiedShow Answer

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Fidelity
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Personal
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