Individual Practice Association,group Practice,and Point-Of-Service Plans Are the Three Basic

question 135

Multiple Choice

Individual practice association,group practice,and point-of-service plans are the three basic types of

• A)Blue Cross Blue Shield plans.
• B)traditional indemnity plans.
• C)major medical expense plans.
• D)health maintenance organizations.
• E)fee-for-service policies.

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Definitions:

Conservation Principle

A principle in physics stating that certain properties such as mass, energy, or charge in an isolated system remain constant over time.

Perpetual Inventory System

An inventory accounting system where updates are made continuously to the inventory accounts and cost of goods sold as transactions occur.

FIFO

"First In, First Out," an inventory valuation method where the costs of the oldest inventory items are assigned to the cost of goods sold first.

Cost of Goods Sold

The immediate expenses related to producing goods a company sells, encompassing both materials and labor costs.