Billing Task Training Quiz

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| By BillingQT
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BillingQT
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Quizzes Created: 3 | Total Attempts: 275
Questions: 11 | Attempts: 91

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Billing Task Training Quiz - Quiz

Billing is not an as easy job as it seems. This billing task training quiz will prove that to you when you attempt these questions. The billing specialist handles the tasks of sending invoices to clients as well as monitoring outstanding balances to make sure each account gets the payment on time and in full. As billing specialists, they help organizations keep track of what amount of money is owed and by which person. So, let's take this quiz and learn more.


Questions and Answers
  • 1. 

    If the term of a new business policy comes from 07-01-2014 to 03-14-2015, the due date on their billing statement will be

    • A.

      1

    • B.

      18

    • C.

      26

    • D.

      14

    Correct Answer
    D. 14
    Explanation
    The due date on the billing statement will be 14 because it is the last day of the term of the new business policy. The due date is typically set to be the last day of the policy term to allow the policyholder enough time to make the payment before the policy expires.

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  • 2. 

    When might a schedule smooth be used? Check all that apply.

    • A.

      Policy changes have been done.

    • B.

      Correcting misapplied money

    • C.

      Billing months need to be added to the schedule.

    • D.

      Required down payment (RDP) reversal has been done.

    Correct Answer(s)
    A. Policy changes have been done.
    B. Correcting misapplied money
    D. Required down payment (RDP) reversal has been done.
    Explanation
    A schedule smooth might be used when policy changes have been done, correcting misapplied money, or when a required down payment (RDP) reversal has been done. This tool helps to ensure that the schedule is adjusted smoothly and accurately after these changes or corrections have been made.

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  • 3. 

    It's used for specifying a payment.

    • A.

      PM-DC

    • B.

      PM-TC

    • C.

      PM-TK

    • D.

      PM-TP

    Correct Answer
    D. PM-TP
    Explanation
    PM-TP is the correct answer because TP stands for "Transaction Payment" and PM stands for "Payment Method". Therefore, PM-TP is used to specify a payment method for a transaction.

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  • 4. 

    It's used to release a refund.

    • A.

      PM-RC

    • B.

      PM-TC

    • C.

      PM-TP

    • D.

      PM-PC

    Correct Answer
    B. PM-TC
    Explanation
    PM-TC is the correct answer because PM stands for Project Manager, and TC stands for Test Coordinator. In the context of the given explanation, PM-TC suggests that the Project Manager is responsible for coordinating the testing process. The statement "It's used to release a refund" is not directly related to the answer options provided, so it is unclear how it connects to PM-TC.

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  • 5. 

    If a refund check is not received, it be outstanding before a replacement check can be issued for _______.

    • A.

      No requirements

    • B.

      2 years

    • C.

      30 days

    • D.

      40 days

    Correct Answer
    C. 30 days
    Explanation
    A refund check must be outstanding for 30 days before a replacement check can be issued. This means that the recipient must wait for a period of 30 days to pass before they can request a replacement check if the original refund check is not received. This waiting period allows for any potential delays or issues with the mail delivery to be resolved before issuing a replacement check.

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  • 6. 

    In PeopleSoft, if a check has been cashed, this would show

    • A.

      Payment Clear date

    • B.

      Payment Issue date

    • C.

      Exception Comments

    • D.

      None of these

    Correct Answer
    A. Payment Clear date
    Explanation
    In PeopleSoft, the Payment Clear date would show if a check has been cashed. This date indicates when the payment has been successfully processed and the funds have been transferred. It is an important record for tracking the status of payments and ensuring accurate financial reporting. The Payment Issue date, on the other hand, represents the date when the payment was initially issued or sent out. Exception Comments may contain additional information about any issues or discrepancies related to the payment. However, none of these options directly indicate whether a check has been cashed or not, except for the Payment Clear date.

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  • 7. 

    How many numbers have to be there in the check number to find the check-in PeopleSoft?

    • A.

      7

    • B.

      12

    • C.

      9

    • D.

      10

    Correct Answer
    D. 10
    Explanation
    The number of numbers required to find the check-in PeopleSoft is 10.

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  • 8. 

    The Receivables department has to correct any encoding error.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because the Receivables department is responsible for managing and processing all incoming payments from customers. If there is an encoding error, it means that there is a mistake in the way the payment information is entered into the system. The Receivables department is then responsible for identifying and rectifying these errors to ensure that the correct payment information is recorded and processed accurately.

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  • 9. 

    What information should be there in Apex notes when you are sending a void/reissue request? Check all that apply.

    • A.

      Reason for request

    • B.

      Requestor name

    • C.

      Amount of check

    • D.

      Check number

    Correct Answer(s)
    A. Reason for request
    B. Requestor name
    C. Amount of check
    D. Check number
    Explanation
    When sending a void/reissue request in Apex notes, the following information should be included: the reason for the request, the name of the requestor, the amount of the check, and the check number. These details are necessary to provide a clear and complete explanation of the request and ensure that the correct check is voided or reissued.

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  • 10. 

    What questions should you ask when it's the case of a missing payment? Check all that apply.

    • A.

      What account was the payment intended for?

    • B.

      Did the payment clear the bank?

    • C.

      Are you sure you made the payment?

    • D.

      What type of payment was made?

    Correct Answer(s)
    A. What account was the payment intended for?
    B. Did the payment clear the bank?
    D. What type of payment was made?
    Explanation
    When dealing with a missing payment, it is important to ask the following questions: What account was the payment intended for? This helps identify if there was any confusion regarding the recipient of the payment. Did the payment clear the bank? This helps determine if the payment was successfully processed or if there were any issues with the transaction. What type of payment was made? This helps understand the method used for the payment, which can provide insights into potential problems or discrepancies.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Sep 01, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 31, 2015
    Quiz Created by
    BillingQT
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