ch 63 financial management in the dental office – Flashcards
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Accounting
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a system designed to maintain the financial records of a business
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Accounts payable
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expenses and disbursements paid out from a business
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Audit trail
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method of tracking the accuracy and completeness of bookkeeping records
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Bonding
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form of insurance that reimburses an employer for loss resulting from theft by an employee
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Carrier
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the insurance company that pays the claims and collects premiums
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Change fund
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fixed amount of cash
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Check
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a draft or an order drawn on a bank account for payment of a specified amount of money
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Check register
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record of all checks issued on and deposits made to a specific amount
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Coordination of benefits (COB)
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coordinating insurance coverage between two insurance carriers
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Current Dental Terminology (CDT)
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publication that lists the procedure codes assigned to dental services for the processing of dental insurance
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Customary fee
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a fee is wintin the range of the usual fee charged for the service
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Deposit slip
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an itemized memorandum of funds to be deposited into the bank
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Disbursements
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payments on any outstanding accounts payable
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Expenses
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the overhead costs of a business that must be paid to keep operating
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Fixed overhead
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business expenses that are ongoing
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Goss income
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the total of all professional income received
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Invoice
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an itemized list of goods that specifies the prices and terms of sale
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Ledger
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a financial statement that maintains all account transactions
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Net income
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gross income minus expenses
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Packing slip
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an itemized listing of shipped goods
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Payee
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the person (orbusiness) named on the check as the recipient of the amount shown
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Pegboard system
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a manual bookkeeping system
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Petty cash fund
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a limited amount of cash that is kept on hand for small daily expenese
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Posted
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describes the documentation of money transactions within a business
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Provider
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the dentist who provides treatment to the patient
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Reasonable fee
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a fee that is considered justified for an extensive or complex treatment
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Responsible party
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person who has agreed to pay for services or for an account
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Statement
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a summary of all charges, payments, credits, and debits for the month
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Transaction
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any charge, payment, or adjustment made to a financial account
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Usual fee
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a fee that the dentist charges for a specific service
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Variable Overhead
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business expenses that change depending on the types of services neede
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Walkout statement
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a written indication of any balance due on an account, given to a patient as he or she leaves the practice at the end of an appointment
