Medical Practice and Financial Management Quiz

A medical practice is a business and must produce a profit.

A charge slip is the original record of the doctors services and the charge for these services.

A check from an insurance company includes payment for only one patient.

The person who writes a check is called the payee.

Power of attorney gives someone the legal right over financial matters for one who is too sick to do so.

A bank will never accept a list of deposited items on something other than the bank provided deposit slip, even if the bank's deposit slip is attached.

Reconciliation is usually performed once a month.

When reviewing the electronic checkbook register, change any information that is not correct.

The balance checkbook function electronically reconciles the monthly bank statement.

Compounded interest is paid on the initial investment and on the interest earned on the investment.