Match Each Term with Its Definition

question 23

Multiple Choice

Match each term with its definition.
-Type of payment used for centuries in the past

• A)bartered goods
• B)claim form
• C)third-party reimbursers
• D)CMS-1500
• E)CMS-1450
• F)Explanation of Benefits (EOB) form
• G)Standard Electronic Data Interchange (EDI) Enrollment form
• H)Remittance Advice form
• I)manual insurance log
• J)signature on file
• K)assignment of benefits clause
• L)Electronic Data Interchange (EDI) transactions
• M)Administrative Simplification Compliance Act (ASCA)
• N)clearinghouse
• O)Electronic Claims Tracking (ECT) systems
• P)credit balance
• Q)secondary insurance

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Definitions:

Expenses

The economic costs that a business incurs through its operations to earn revenue.

Purchase Inventory

The process by which a business buys goods and materials for use in producing its products or for resale to customers.

Advertising

Advertising is the action of calling public attention to products, services, needs, etc., through paid announcements by an identified sponsor.

Business Transaction

Any activity or event that involves the exchange of goods, services, or funds between two or more parties that affects the financial position of a business.