Financial Management

Question 1

A check the bank prepares as a substitute for a regular check to permit the drawer to withdraw funds is a

Answer 1

counter check

Question 2

An account balance represents the

Answer 2

difference between debits and credits

Question 3

Special characters that simplify the sorting and routing of financial documents are

Answer 3

MICR

Question 4

Which of the following forms is the employer’s Quarterly Federal Tax Return?

Answer 4

941

Question 5

An organization’s ability to meet its goals is

Answer 5

effectiveness

Question 6

RBRVS was developed to make physician fees

Answer 6

more equitable

Question 7

FICA taxes are paid

Answer 7

paid equally by the employer and employee

Question 8

Financial transactions are initially recorded in the

Answer 8

general journal

Question 9

The property of value owned or controlled by an organization is known as

Answer 9

asset

Question 10

Money owed to a medical practice for services rendered is

Answer 10

Accounts receivable is money due for services rendered.

Question 11

Funds legally removed from a practice for personal use are often classified as

Answer 11

drawing