Question: Which kind of endorsement is most common in a business setting?

-Blank endorsement

-Restrictive endorsement

-Special endorsement

-Qualified endorsement

Answer: Restrictive endorsement

Question: Which of the following definitions best describes a deposit slip?

-An itemized statement of ATM withdrawals

-A careless mistake made when depositing money

-An itemized memo of funds to be posted to a bank account

-A receipt given to patients after they pay their bill

Answer: An itemized memo of funds to be posted to a bank account

Question: Which of the following definitions best describes a bank statement?

-A contractual agreement between a bank and a business

-A list of all deposits made in a year

-A monthly summary of all accounting transactions

-A monthly summary of a bank account

Answer: A monthly summary of a bank account

Question: Which of the following endorsements specifies the person to whom the endorser is making the check payable?

-Blank endorsement

-Special endorsement

-Restrictive endorsement

-Qualified endorsement

Answer: Special endorsement

Question: Which of the following pieces of information on a bank statement would be found in the Activity Synopsis section?

-List of checks not processed for the month

-Total amount of money deposited for the month

-List of checks processed for the month

-Number of deposits made for the month

Answer: Total amount of money deposited for the month

Question: Why is it necessary to reconcile the bank statement with the office check ledger?

-To ensure the accuracy of both documents

-To find out which deposits have been processed

-To find out which checks have not been processed

-All of the above

Answer: All of the above

Question: The ending balance on the bank statement will always be the same as the current balance in the check ledger.

-True

-False

Answer: False

Question: Ideally, how often should money received by the office be deposited?

-Daily

-At the discretion of the medical office assistant

-Weekly

-When the sum reaches over $1,000

Answer: Daily

Question: Reconciling the bank statement is optional.

-True

-False

Answer: False

Question: Which of these best describes a check endorsement?

-The payor’s signature on the front of the check

-The date on the front of the check

-The amount written for the check to be made payable for

-The payee’s signature on the back of the check

Answer: The payee’s signature on the back of the check