The Business of Chiropractic (TBOC) Practice Test

These questions are part of the practice quiz. Start practicing

• Which statement about the employment-at-will doctrine is true?
• Which organization handles federal fraud investigations in healthcare?
• For six people in an education space, what is the minimum square footage?
• In an employer-employee relationship, who is responsible for federal and state tax withholdings when the worker is classified as an employee?
• How should dividends paid be classified?
• How should cash received from issuance of stock be classified?
• Which of the following is NOT typically considered a fundamental early step in starting a business?
• Which of the following is common mistake when naming your company?
• Which of the following is NOT one of the common early steps in starting a business?
• Which item is a financing activity?
• An oral/verbal/unwritten employment agreement is:
• Which branding touchpoint would best help a chiropractor build trust with their audience?
• Which financial statement best helps predict a company's long-term success?
• What is the primary purpose of the Cash Flow Statement?
• Which of the following is an improper time of service discount?
• Which of the following are reasons to document effectively?
• Which of the following is NOT one of the four core financial statements?
• When an insurance company pays for services rendered, which account increases?
• Which item is typically evaluated by lenders when evaluating loan applications?
• A covenant not to compete restricts competition within what scope?
• In the context of a chiropractic practice, which of the following would be considered a potential opportunity?
• In-network and not yet met their $500 deductible. The patient has 85% co-insurance. The doctor performs an adjustment and 2 units of therapeutic exercise. The allowed adjustment amount is $35 and the allowed amount for therapeutic exercise is $45. What amount does the patient pay out of pocket?
• Which of the following is a noncash investing/financing activity?
• A covenant not to compete provides that a former employee cannot compete against the employer within a specific territory for a specific length of time, and that kind of covenant is:
• In an equipment lease, if the manufacturer goes out of business and the equipment stops working, what happens to the lessee's liability for monthly payments?
• True or False: Your policy and procedure manual should serve as a reference for staff.
• According to Kristi's presentation, which is the estimated annual cost of healthcare fraud in the nation?
• Which size is a standard treatment room?
• Which organization sits at the top of the tier that makes the rules and regulations governing chiropractic practice?
• Which of the following is one of the five most common billing violations performed by a healthcare provider?
• Which of the following is NOT a good practice for selecting employees?
• Which organization licenses chiropractors at the state level?
• What is the primary role of the policy and procedure manual?
• Which of the following questions should you be prepared to answer in an interview for a chiropractic position?
• For a multi-owner small business, which of the following should be included in an owners' agreement?
• What is the personal liability of a sole proprietor?
• Do you need an NPI number before credentialing with an insurance company?
• What is the first step to enhancing your personal brand experience?
• Federal law for vacations requires that:
• Statement: If an employee agrees to an Employment Agreement that includes an arbitration clause, the employee has probably given up or waived their right to a jury trial for any disputes about the employment agreement.
• Great Hands Chiropractic pays a monthly fee to maintain the website. Choose the correct way to record this item.
• Which factor should you consider about a building's image?
• Auditors focus on which financial sheet?
• Which financial statement is best for assessing liquidity at a specific date?
• Cash paid to purchase equipment is classified as which activity?
• Charging a fixed amount per adjustment as a result of talking with others and agreeing on price is a per se violation of which Act?
• Which scenario best illustrates a non-cash financing activity in a clinic?
• Which form has owners called shareholders and is managed by a board of directors?
• If an office is 1000 square feet, how many ADA restrooms are needed?
• How does the balance sheet help you as a chiropractor?
• Salary payments to employees should be recorded in which type of account?
• Which statement shows revenue and expenses over a period?
• How should cash paid for inventory be classified?
• Which is a re-examination code?
• Having five chiropractic tables, how should these items be recorded in the books?
• What is a major drawback of perfectionism for entrepreneurs?
• Which of the following is an example of a financing activity on the income statement?
• Which code corresponds to a 1-2 region adjustment?
• Which statement shows profits reinvested or distributed?
• Which best describes the purpose of progressive discipline?
• To manage employee performance effectively, feedback should be provided how?
• What is the in-network price shown for a Chiropractic Manipulative Treatment, 1-2 spinal regions, CPT code 98940 at Parker University?
• Violating the False Claims Act carries significant penalties that can total 3 times the amount of claim plus fines up to $11,000 per claim.
• Which is the best way to find an attorney?
• Which of the following describes a chiropractic adjustment code used in the examples?
• In Texas, if a chiropractic clinic is owned by someone who is not a licensed chiropractor, who is responsible for compliance with all the rules of the Texas Board of Chiropractic Examiners?
• Which task can be delegated by a chiropractor?
• Which statement would you consult to view a firm's financial position as of a date?
• Issuing bonds for cash is classified as which activity?
• Which factor is most critical when conducting market research for your business?
• According to the definition of success, which statement is most accurate?
• Which statement best describes the advantage of a written employment agreement?
• Which agreement prevents the potential buyer from soliciting or inducing employees to leave the employment of the business?
• Which of the following is the least appropriate interview question?
• How should cash flow item be classified: cash used to repay principal amount of loan?
• Which action is not recommended during due diligence before purchasing a business?
• An increase in cash flow is a debit on the cash flow statement.
• How should utility bills be classified?
• Marketing expenses in a chiropractic practice are generally classified as which type of expense on the income statement?
• Which statement correctly reflects the liability of partners in a general partnership?
• Purchases of new chiropractic equipment are categorized as which type of expenditure?
• How often should an employer conduct a performance appraisal to evaluate workers and tell them how well they are performing?
• Which action best confirms that a seller's title is free from encumbrances before purchasing assets?
• When purchasing real estate from an unaffiliated third party in an arms-length sale, which deed is most appropriate?
• What is the primary purpose of the statement of retained earnings?
• For a 1600 square foot office, how many ADA restrooms are typically recommended?
• In the patient treatment flow, how often is a superbill completed?
• Which of the following is a question you should ask regarding benefits?
• Which of the following codes does Medicare cover?
• In 2019, the Office of the Inspector General was getting ____ per $1.00 invested due to fraudulent claims.
• Which action is essential to ensure licensing compliance when hiring?
• In-network patient already met deductible. You performed an adjustment and therapeutic exercises. The allowed amounts are Adjustment $45 and Therapy $40. The insurance covers 80% of the services. How much does the patient pay out of pocket?
• True or false: Leases always give the tenant the right to sublease or freely assign the entire lease.
• What is the minimum square footage range for a reception area with six chairs?
• In which form are owners called members with liability generally limited to the amount invested?
• Which of the following workers is properly classified as an independent contractor?
• Which item is not an operating expense, but rather a capital-related cost?
• In a scenario with a low conversion percentage of new patients, which is the least likely cause?
• A mission statement should include detailed financial metrics to define the organization's purpose.
• In an employer-employee relationship, who is typically liable for negligent acts committed by the employee within the course of employment?
• Which option best represents the four stages in the life cycle of a patient in a practice?
• What is the personal liability of a shareholder in a corporation?
• What is the purpose of a radius clause in an associate contract?
• Who appoints the officers who manage day-to-day operations in a corporation?
• Which of the following is an example of a non-cash financing activity that might occur in a chiropractic office?
• What is a key advantage of structuring a chiropractic practice as an LLC?
• A payment from an insurance company for services rendered should be recorded under which account?
• What is the recommended per small chair space for lounge seating?
• Which government office is associated with fraudulent claims data used to assess return per dollar invested?
• Which statement about the balance sheet is true?
• Which document memorializes the terms of an employee agreement?
• Among the listed standard treatment room sizes, which provides the most square footage?
• Which of the following would typically be categorized as a direct cost?
• Which of the following is NOT a key element of personal branding?
• When determining fees, which of the following is considered a direct cost to delivering an adjustment?
• Which quality is most crucial for building and sustaining a thriving chiropractic practice?
• When buying or agreeing to purchase a business, which of the following best describes due diligence?
• Which is the correct order of preparation of the four core financial statements?
• Which of the following is used to report the profitability of a business over a period?
• In a partnership where one owner controls 77% and the other 23%, would lenders typically require both owners on the loan?
• Which CPT code is used for a new patient evaluation?
• True or false: The landlord is always responsible to pay for any renovations required for leased office space to comply with the Americans with Disabilities Act.
• A business Purchase Agreement should ideally include which elements to protect the buyer?
• How should exchange of note payable to building be classified?
• Are employers required to provide malpractice insurance to protect their employees?
• Which item belongs in the financial outlook section of an SBA business plan?
• Which of the following is an example of a non-cash financial activity?
• How should the following cash flow item be classified: purchase stock of another company?
• Which loan type is most commonly associated with the lowest rates?
• In an arms-length real estate transfer, which deed provides more protection than a quitclaim deed but less than a full warranty deed?
• Before closing a real estate purchase, which items should the buyer investigate?
• Which statement provides a snapshot of a company's financial position at a given point in time?
• Which of the following is a strategic benefit of being located near referral sources?
• How should cash received from sale of equipment be classified?
• Which option is commonly included with financing applications to show the business plan and liquidity?
• Should a business Purchase Agreement include a complete description of assets, an unambiguous purchase price and payment terms, and covenants not to compete to protect the buyer?
• Which option describes the stage that involves turning satisfied patients into advocates who refer others?
• Which of the following would NOT be included in your CLINIC POLICY section?
• Which of the following is typically required when applying for a small business loan?
• You are allowed to offer a discount to your patient for all of the following reasons except which?
• Is it required to provide a superbill upon request if you are a cash practice?
• Which of the following is an ICD-10 code?
• Which statement best describes an independent contractor?
• Which financial statement tracks incoming and outgoing cash?
• Which action verifies licenses and permits held by a business?
• Great Hands Chiropractic Center has a loan owed to the bank. Choose the correct way to record this item.
• What is the personal liability of a general partner in a general partnership?
• True or False: Job Injury/Workman's Comp policies should NOT be included in Employee Information.
• You are reviewing a hospital's finances: inpatient revenue is 2,000,000, outpatient revenue is 4,000,000, and the contractual allowance is 1,000,000. What is the net patient revenue?
• Based on a 77% ownership by you and 23% by your partner, would the bank likely require your partner to be on the business loan?
• What is the primary purpose of a business plan?
• Before purchasing assets, what is the primary purpose of a UCC lien search?
• Which type of loan typically offers the lowest rates?
• Environmental risk: which statement best describes the importance of conducting environmental due diligence when buying commercial property?
• Which statement best describes the purpose of market research?
• If an employment agreement includes arbitration, what right is typically waived?
• How should interest paid be classified in the cash flow statement?
• How can I use retained earnings?
• Should a letter of intent create a binding agreement to purchase a business for a specific price?
• Which document is typically used to protect a seller's confidential information during due diligence?
• Which of the following should be included in your Policy and Procedure Manual?
• In an interview, which question addresses how compensation is affected by performance?
• What is the personal liability of a member in a limited liability company?
• In a chiropractic practice income statement, which item would typically be classified as an operating expense?
• When purchasing a business, can you purchase the name a business uses?
• Which approach best supports long-term practice growth?
• A proposed employment agreement states the term of the agreement is 3 years. But the proposed agreement also gives the employer the right to terminate the agreement at any time with or without cause. From the employee's perspective, how long is the employee assured they will be employed:
• What did Kristi identify as the main reason for the high error rate on Medicare claims?
• What is the per-person square footage used for an education space for six people?
• According to Kristi, to avoid an inducement violation, you can offer an incentive up to how much per event, with what annual limit?
• Which CPT code represents manual therapy?
• A waiting room with lounge seating accommodates 8 people. If each person requires 20 square feet, what is the total space?
• Kristi described five dangerous items in a chiropractic practice. Which of the following is NOT listed among them?
• What is the total gross revenue before contractual allowances if inpatient revenue is 2,000,000 and outpatient revenue is 4,000,000?
• In the example, how many chiropractic tables does the practice own?
• Which of the following should you ask a future employer?
• Which organization is associated with state-level consumer protection and potential legal actions?
• Which deed transfers ownership without warranties about the title?
• A mission statement should avoid including detailed financial metrics.
• An employer is generally vicariously liable for the negligence of its employees when those employees are acting within the scope of employment, even if the employer was not personally negligent.
• A written agreement is preferable to an oral/verbal/unwritten agreement because:
• Using the employment at will doctrine, an employer can fire an employee because:
• Which business form has day-to-day operations managed by officers who are appointed by directors elected by shareholders?
• Which statement about job descriptions in a small chiropractic practice is true?
• Which financial statement helps determine solvency?
• Which of the following would be classified as an indirect cost for a chiropractic office?
• Which business form has owners called members?
• Before giving a potential seller access to the business's records and finances, the buyer should have the seller sign binding agreements?
• True or false: For office space that is leased, the landlord must provide the leased office with access to utilities such as water, sewer, electricity, and gas.
• What is the CPT code for a wellness adjustment?
• In a corporation, a shareholder's personal liability is typically limited to what amount?
• Which business form is the least expensive to start?
• Which of the following is the most appropriate question for an employer to ask an applicant during an interview?
• Which entity could engage in the practice of a licensed profession such as medicine?
• In-network and has met $450 of their $500 deductible. Insurance covers 80% of chiropractic care after the deductible is met. The doctor performs an adjustment and 1 unit of manual therapy. Adjustment $40 and the manual therapy $60. How much does the patient owe for this visit?
• How should interest received be classified?
• Which sequence correctly describes the lifecycle stages of a client who becomes a patient in a practice?
• What is a conversion?
• A general business license is required in Texas.
• Net patient revenue is best described as
• Which of the following is NOT a characteristic of a good policy for an employer?
• Which of the following would be a use of retained earnings?
• An employer should:
• Statement: If a worker is classified as an independent contractor, no taxes are withheld from the pay, so the worker should save money and prepare to pay income taxes and file a tax return on April 15.
• What does a low Scheduled/Actual New Patients (Sch/Act NP) percentage suggest?
• Which clause commonly appears in associate contracts and may affect where you practice after termination?