Test 5

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Question #1

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

A Planning

B Execution

C Assessment

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 one holding the insurance policy

B The insurance company that agrees to pay for health care

C he prepayment of a specified amount for health care coverage

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 Cash accounting

C Managerial accounting

Question #5

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

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

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

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

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

Question #6

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

A The laboratory services

B The provider or institution providing care

C The patient

D The organization paying for the care

Question #7

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

A Expense budget

B Cash budget

C Master budget

D Capital expenditure budget

Question #8

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

A AAAHC

B NCQA

C HEDIS

D JC

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 proposal

B Request for quotation

C Request for information

Question #10

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

A Planning

B Assessment

C Execution

Question #11

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

A External controls

B Internal controls

C Audits

D Bookkeeping

Question #12

Which factors greatly influenced the growth of managed care?

A Lawsuit actions

B Widespread bankruptcies being filed

C Inflation and legislative changes

D Change in the demands of patients

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 Increasing owner’s equity

B Entering a debit

C Adding to inventory

D Entering a credit

Question #14

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

A 1980

B 1985

C 1982

D 1987

Question #15

What party is the health care provider?

A First party

B Fourth party

C Second party

D Third party

Question #16

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

A Bookkeeping

B Expense budgets

C Audits

D Qualified reports

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 65 years and older

D Having a disability

Question #18

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

A Medicaid

B PPO

C TRICARE

D worker’s compensation

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 HMO

C TRICARE

D HIS

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 PPO

B Medicaid

C TRICARE

D HMO

Question #21

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

A worker’s compensation

B HIS

C HMO

D TRICARE

Question #22

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

A Medicaid

B HMO

C PPO

D HIS

Question #23

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

A worker’s compensation

B TRICARE

C HIS

D PPO

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 An organization’s revenue and expenditure plan

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

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

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

Question #27

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

A Cash flow statement

B Balance sheet

C Income statement

Question #28

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

A 100

B 60

C 90

D 30

Question #29

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

A Assessment

B Planning

C Execution

Question #30

What is an explanation of benefits (EOB)?

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

B Statement sent to the patient explaining what the patient owes

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

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

Question #31

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

A B

B C

C D

D A

Question #32

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

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

B It covers hospital and related services only.

C It covers physician services only.

D It is a for-profit organization.

Question #33

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

A CHAMPVA

B Medicaid

C TRICARE

D Medicare

Question #34

Which of the following is true about managed care?

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

B It is based solely on financial criteria.

C It is steadily on the decline.

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 RFP

B Capital expenditure forms

C RFQ

D Budget

Question #36

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

A Health insurance exchange

B Capitation

C Prospective payment

D Fee for service

Question #37

The most powerful of third-party payers is the _____

A democrats

B federal government

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 Income statement

B Cash flow statement

C Balance sheet

Question #39

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

A Asset

B Debit

C Credit

D Liability

Question #40

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

A A

B B

C C

D D

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 A

B D

C C

D B

Question #43

Which part of Medicare helps pay for prescription drugs?

A A

B D

C B

D C

Question #44

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

A Rate of profit

B Rate of income

C Rate of return

D Rate

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 Control management

B Revenue cycle management

C Financial management

D Management by objectives

Question #46

Which of the following is covered by Medicare?

A Dental care

B Hearing aids

C Routine eye examinations

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 It is used only in for-profit organizations.

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

C It serves as a basis for managerial accounting.

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 Income statement

B Cash flow statement

C Balance sheet

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 Privacy Rule

C HIPAA Code Set Rule

D HIPAA Security Rule

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