NAB Exam with 100% correct answers.

The two types of 'Inventory Valuing Methods': ___ and ___. LIFO (Last In First Out) or FIFO (First In First Out) ___ inventory: Do an initial inventory, then count inventory every 12 months. (Inventory 'tracking' method) "Periodic" Inventory ___ inventory: Counts inventory constantly throughout the year. (Inventory 'tracking' method) "Perpetual" Inventory ___ is a cash expense and the goal is to have just enough but not too much, and prevent theft and loss. "Inventory" is a cash expense... ___-__-___: Inventory level management system where the inventory is delivered on the day it is needed. "Just-in-time" inventory level management ___ ___ ___: Maintaining just enough inventory to meet the needs. Not too much or too little. "Economic Order Quantity" inventory level management To collect your ___ ___ all you have to do is pick up the phone and ask them to pay you money they already owe you. "Accounts receivable" If you decrease your ___ ___ you are paying off debts and decrease cash. (Money a business owes to its suppliers.) "Accounts payable" If you have any extra cash on hand put it in a ___ ___ ___. "Money market account" (similar to a savings account i.e. interest) G.A.A.P. (stands for) Generally Accepted Accounting Principles ___ Principle: The owner is separate from the company and must disclose all transactions. (Accounting) "Entity" Principle ___ Principle: Must value your assets at the lowest valuation possible. (Accounting) "Conservatism" Principle ___ ___ Principle: Must use the same calendar or fiscal year from one year to the next. (Accounting) "Time Period" Principle ___ ___: Must use the same accounting system from one year to the next. (Accounting) "Consistency Period" ___ ___ Principle: Must use the most objective evidence of your income and expenses. (Accounting) "Objective Evidence" Principle ___ documents: Original documents such as cancelled checks, invoices, billing statements, etc. (Accounting) "Source" documents ___ Principle: Must record all transactions that are material to the company's financial condition. (Accounting) "Materiality" Principle ___ ___ Principle: Must fully record and disclose all financial transactions. (Accounting) "Full Disclosure" Principle Medicare Part A is 'in or out' patient? In-patient care (emergency, acute care) __-___ services: A patient who stays 'in' a Hospital/SNF or Home Health/Hospice. "In-patient" services Medicare part 'A or B' Automatically get (no premium) at age 65. Medicare part "A" (Medicare part A) ___% co-pay from (after) Day 21? 20% co-pay (Medicare part A) 20% co-pay from (after) Day ___? From (after) day 21 (Medicare part A) You must spend at least ___ days in the hospital before Medicare will cover your stay in an SNF. Must spend 3+ days in the hospital before Medicare will cover your stay in an SNF (Medicare part A) Care in a SNF for up to ___ days during each spell of illness. Up to "100 days" (Medicare part A) In the first ___ days, the patient pays $0 (no co-pay). Medicare pays 100%. In the first "20" days (Medicare part A) Days 21 - 100 the patient pays ___% co-pay. Days 21 - 100 the patient pays "20%" co-pay. (Medicare part A) ___ days after discharge from Hosp/SNF, if your condition worsens, you can 'return' to Hosp/SNF. "30" days after discharge (Medicare part A) No limit to the number of benefit periods (100 days) you can have, provided that ___ days have elapsed between each one. "60" days have elapsed between each one. Medicare Part B is 'in or out' patient? "Out"-patient care (receives medical treatment without being admitted to a hospital. Day-to-day medical needs) (Medicare part B) 'Does or does not' pay for custodial care? Medicare part B "does not" pay for custodial care (ADL: bathing, dressing and transferring themselves from seated to standing or in and out of bed) If you don't sign up for Part __ when you're first eligible, you may have to pay a late enrollment penalty. Part "B" Does Medicare Part 'A or B' has a monthly premium. Medicare Part B has a monthly premium ($144 payment/$198 deductible)