Test 5

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Question #1

Accountants are mainly focused on which step of the finance cycle?

A Planning

B Assessment

C Execution

Question #2

The Federal Employment Compensation Act (FECA) provides workers’ compensation for which of the following?

A Nonmilitary nonfederal employees

B Nonmilitary federal employees

C Military nonfederal employees

D Military federal employees

Question #3

Which of the following is the best definition for the insured?

A The insurance company that agrees to pay for health care

B he prepayment of a specified amount for health care coverage

C The one holding the insurance policy

D The insured includes the private insurance companies, employers, and managed care organizations

Question #4

What is sometimes referred to as cost accounting?

A Financial accounting

B Managerial accounting

C Cash accounting

Question #5

Which of the following is an example of an owner’s equity?

A An owner pays $7,000 for supplies and equipment.

B The owner is sued and $2,000 is paid for retaining an attorney.

C A customer pays $3,000 for a piece of equipment.

D An individual starts a new business and puts up $5,000 of their own money to get started.

Question #6

Which of the following would be considered a third-party payer?

A The provider or institution providing care

B The laboratory services

C The organization paying for the care

D The patient

Question #7

What type of budget focuses on the organization’s administrative, research and development, and marketing costs?

A Cash budget

B Capital expenditure budget

C Master budget

D Expense budget

Question #8

Which of the following is not an accrediting body that addresses managed care organizations?

A HEDIS

B JC

C NCQA

D AAAHC

Question #9

Which of the following is a formal document seeking information about products or services available in the marketplace that can meet the organization’s needs?

A Request for quotation

B Request for proposal

C Request for information

Question #10

Employees who are responsible for preparing the budget are involved in which step of the financial cycle?

A Assessment

B Execution

C Planning

Question #11

Accounting procedures, precautions, and forms established to prevent and minimize errors and fraud are called what?

A Audits

B External controls

C Bookkeeping

D Internal controls

Question #12

Which factors greatly influenced the growth of managed care?

A Widespread bankruptcies being filed

B Inflation and legislative changes

C Change in the demands of patients

D Lawsuit actions

Question #13

An employee receives their paycheck and records the amount in their personal checkbook. Which is the best term to describe this action?

A Adding to inventory

B Increasing owner’s equity

C Entering a debit

D Entering a credit

Question #14

In what year did Congress pass the Tax Equity and Fiscal Responsibility Act (TEFRA)?

A 1987

B 1982

C 1985

D 1980

Question #15

What party is the health care provider?

A Third party

B First party

C Fourth party

D Second party

Question #16

Which of the following serves to discover mistakes after their occurrence?

A Audits

B Qualified reports

C Bookkeeping

D Expense budgets

Question #17

Which of the following is not an eligibility requirement for Medicare?

A Diagnosis of end stage renal disease

B Below the federal poverty level

C Having a disability

D 65 years and older

Question #18

Match the type with its descriptor. program designed to provide financing for the poor and impoverished

A worker’s compensation

B Medicaid

C PPO

D TRICARE

Question #19

Match the type with its descriptor. prepaid, organized system for providing comprehensive health care services within a geographic area to all persons under contract

A worker’s compensation

B HIS

C HMO

D TRICARE

Question #20

Match the type with its descriptor. an entity composed of health care providers who contract with an employer or private health insurance company to deliver services at a discounted rate in return for a promise of a high volume of patients

A TRICARE

B PPO

C Medicaid

D HMO

Question #21

Match the type with its descriptor. covers active-duty members of the armed services

A TRICARE

B worker’s compensation

C HMO

D HIS

Question #22

Match the type with its descriptor. provides health services to native American Indians and native Alaskans

A Medicaid

B PPO

C HIS

D HMO

Question #23

Match the type with its descriptor. covers employees who suffer work-related injuries and illnesses

A PPO

B TRICARE

C worker’s compensation

D HIS

Question #24

What is a debt or obligation owed by an organization?

A Owner’s equity

B Liability

C Asset

Question #25

The ___________ __________ is the physician who serves as the gatekeeper or coordinator for all the patient’s care.

A secondary physician

B resident physician

C primary physician

Question #26

Forecasting is best defined as which of the following?

A A retrospective study that is then projected into the future with the assumption of consistency

B An organization’s revenue and expenditure plan

C Activities involved in the purchasing of goods and the contracting for services

D A financial projection of how an organization is likely to perform in the future

Question #27

If you wish to review the true financial condition of an organization, which document should you request?

A Cash flow statement

B Income statement

C Balance sheet

Question #28

How many days of skilled nursing care are covered under Part A?

A 30

B 100

C 60

D 90

Question #29

The managers in an organization are responsible for which step of the financial cycle?

A Execution

B Planning

C Assessment

Question #30

What is an explanation of benefits (EOB)?

A Statement sent to the health care provider and the patient explaining what the patient owes

B Statement sent to the patient explaining what the patient owes

C Statement sent to the health care provider explaining what the third party paid

D Statement sent to the health care provider and the patient explaining what the third party paid

Question #31

What part of Medicare is sometimes referred to as Medicare+Choice?

A A

B D

C B

D C

Question #32

Which of the following statements is true about the BCBS (Blue Cross Blue Shield) Association?

A It covers hospital and related services only.

B It is a for-profit organization.

C It is the single largest trade association of private health care insurers in the United States.

D It covers physician services only.

Question #33

A 55-year-old patient is a veteran who is permanently and totally disabled. What program is the patient eligible for?

A Medicare

B CHAMPVA

C TRICARE

D Medicaid

Question #34

Which of the following is true about managed care?

A It is based solely on financial criteria.

B It is steadily on the decline.

C It is a method used to assume and transfer risk.

D They are second-party payors.

Question #35

Which of the following is a formal document that seeks from a group of vendors pricing information for specific products or services?

A Capital expenditure forms

B RFP

C RFQ

D Budget

Question #36

What was the predominant method of payment used in the United States during the 20th century?

A Prospective payment

B Capitation

C Fee for service

D Health insurance exchange

Question #37

The most powerful of third-party payers is the _____

A federal government

B democrats

C republicans

Question #38

If you are given a document that summarizes the revenue and expenses of an organization, which document do you have?

A Cash flow statement

B Income statement

C Balance sheet

Question #39

The inventory an organization has on hand would be called what?

A Credit

B Debit

C Liability

D Asset

Question #40

Which part of Medicare helps pay for physician and outpatient charges?

A A

B C

C D

D B

Question #41

What is something of value that can be used to serve an organization’s needs?

A Asset

B Owner’s equity

C Liability

Question #42

Which part of Medicare helps pay for charges incurred during an inpatient hospital stay?

A B

B D

C C

D A

Question #43

Which part of Medicare helps pay for prescription drugs?

A D

B C

C B

D A

Question #44

Which of the following is not a way of referring to ROI?

A Rate of return

B Rate

C Rate of profit

D Rate of income

Question #45

Which of the following refer to the efficient and effective use of administrative and clinical functions to capture, manage, and collect revenue related to the delivery of patient services?

A Financial management

B Revenue cycle management

C Management by objectives

D Control management

Question #46

Which of the following is covered by Medicare?

A Hearing aids

B Routine eye examinations

C Dental care

D 100 days of post-hospitalization care in a skilled nursing facility

Question #47

Which of the following statements is true regarding financial accounting?

A The information is displayed in reports called the balance sheet, income statement, and cash flow statement.

B It serves as a basis for managerial accounting.

C It is used only in for-profit organizations.

D It is the day-to-day assessment of an organization’s financial health.

Question #48

Medical necessity does not refer to the principle requiring health care providers to make reasonable efforts to limit the treatments and services rendered to the patient to those that are necessary to accomplish the intended purpose of care

A FALSE

B TRUE

Question #49

If you wish to know how much money an organization has and how it has been spent, which document would you request?

A Balance sheet

B Cash flow statement

C Income statement

Question #50

What is the HIPAA rule that requires covered entities who transmit certain patient data electronically to use specific electronic transactions and code sets?

A HIPAA Transactions Rule

B HIPAA Security Rule

C HIPAA Code Set Rule

D HIPAA Privacy Rule

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