my lab 1- ch.18 hw
An employee who is eligible for overtime works 46 hours in one week with an hourly rate of $18.00. According to the FLSA, how much overtime pay should the employee receive?
$162.00 (18x1.5=27x6=162)
What is a stale check?
A check that has not been presented for payment within the time suggested
Which of the following is the best example of the separation of duties?
A medical assistant endorses a check for the office manager to deposit
What is magnetic ink character recognition (MICR)?
A system of combining characters and numbers
When should a medical assistant reconcile a bank statement?
According to office policy
The general term that refers to the money the office owes to others for the payment of bills is ...
Accounts payable
Medical assistants are frequently involved in which financial aspect of a medical office?
Accounts receivable
The money owed to the medical practice for services provided is called ...
Accounts receivable
Which type of expense would not be included in the schedule of recurring monthly expenses in the accounting software?
Annual lease renewal
When should a check that arrives in a medical office be endorsed?
As soon as it is received
The ABA number identifies the:
Bank on which the check is drawn
To be considered a negotiable instrument, a check must meet all of the following criteria except:
Be signed on the front by the payee
A medical office would not use which of the following types of check endorsements?
Blank
After totaling the amounts on the deposit slip, the medical assistants final number is off by a few cents. The medical assistant should do all of the following except.:
Change the total on the day sheet
The first step in manually reconciling a bank statement for a checking account is to:
Compare the beginning balance of the current statement with the ending balance of the previous statement.
Most medical offices make bank deposits:
Daily
A bank account that is used for paying out funds for business-related expenses is called a ... account.
Disbursement
The federal law that classifies employees as exempt or nonexempt from earning overtime pay is the ...
Fair labor standards act
Where should blank checks be stored?
In a locked cabinet
Where is the check number located on a check?
In both the upper right corner and the MICR
Characteristics that are required for medical assistants in the area of practice finances include all of the following except:
Inattention to detail
What is the risk of accepting a check that the patient has marked "Paid in Full"?
It acknowledges that the patient has paid the bill in full even if this is untrue
Which of the following is not an example of a recurring monthly expense?
Large equipment purchases
When listing payments on a deposit slip, the medical assistant should:
List any money orders for deposit last
A patient asks a medical assistant who is logged into the computerized accounting system for his assistance in the reception area. The medical assistant should:
Log out of the system so no one can use his log in
While reconciling a bank statement, the medical assistant sees check 1807 and check 1809, but not check 1808. Check 1808 does not appear on the statement because it is:
Outstanding
The ... is the name and address that is printed on a bank check.
Payer
If a medical office outsources payroll, penalties related to discrepancies or errors in tax filing are the responsibility of the ...
Payroll company
What is the responsible party in the case of penalties related to discrepancies or errors in tax filing if a medical office outsources payroll?
Payroll company
Because the amount does not vary each month, which of the following recurring monthly expenses would be a good candidate for automatic payment?
Rent
Which type of check endorsement is considered the safest?
Restrictive
A(n) ... employee receives a predetermined amount of money every pay period that is not dependent on the number of hours worked within the pay period.
Salaried
A patient who is writing a personal check for a copayment needs to identify his checking account number. The medical assistant informs the patient that the account number is the:
Second series of numbers along the bottom of the check
The federal government mandates employers to withhold and report all of the following taxes except:
State income tax
A medical assistant should never accept a check:
That exceeds the amount the patient owes
An endorsement can include all of the following except:
The payees initials
What is the "trailing edge" of a check?
The proper location for the endorsement
Which of the following is not a purpose of the MIRC on a check?
To help the payer keep track of his or her checks
What is the main purpose of reconciling a bank statement?
To identify and correct errors
What is the main purpose of using a restrictive endorsement of a check?
To prevent the check from being cashed by a third party
Which of the following statements is true about internal controls in a large medical office?
Two people should be assigned to count the cash at the end of the day
In relation to check writing, the third party refers to the:
Unknown party
The first step in preparing a deposit slip is to:
Verify that each check has been endorsed.
When is it appropriate for a medical office to accept a third-party check?
When the check comes from an insurance company
Deductions of federal, state, and city taxes from gross wages are called ...
Withholding
According to federal banking regulations, the endorsement is placed:
Within the top 1.5 inches on the left side of the back of the check.
When endorsing a check that arrives in the medical office, the medical assistant should:
Write or stamp "For Deposit Only" on the check
One of the banking functions that needs to be performed in a medical office is:
Writing checks
When using payroll software to keep payroll in-house in a medical office, the tax rate schedules must be updated each ...
Year
