A Faculty Member Explains to a Class of Nursing Students

question 20

Multiple Choice

A faculty member explains to a class of nursing students that Medicare: (Select all that apply.)

• A) covers children younger than 18 years of age.
• B) covers persons older than 65 years of age.
• C) helps pay for medications.
• D) includes some chronic disability.
• E) is a federal insurance program.

---

Definitions:

Balance Sheet

A financial statement that presents a company's financial position, including assets, liabilities, and equity, at a specific point in time.

Closing Process

The process of transferring the balances of temporary accounts to permanent accounts at the end of the accounting period.

Balance Sheet Accounts

Accounts displayed on the balance sheet, such as assets, liabilities, and equity, reflecting a company's financial standing at a specific point in time.

Income Statement Accounts

Accounts found on the income statement, including revenues, expenses, gains, and losses, used to calculate net profit or loss for a period.