Practice Management Final Review

Question 1

Different from a corporation by the fact that all partners retain decision making capacity

Answer 1

Limited Liability Partnership - LLP

Question 2

Referring Practitioners, Mailing Campaigns, and Signage are examples of ?

Answer 2

External marketing

Question 3

No more than 100 shareholders

Answer 3

S – corporations

Question 4

Separate legal entity from owners

Answer 4

corporations:

Question 5

Competence and knowing limitations of when to refer?

Answer 5

Non-maleficence

Question 6

LLC (limited liability company has what type of liability)

Answer 6

limited liability

Question 7

Do good, always best efforts

Answer 7

Beneficence

Question 8

No legal distinction between the person and the business

Answer 8

Sole Proprietorship

Question 9

state values and purposes that will guide the decision making at every level of the company

Answer 9

mission statement

Question 10

Privacy, patient confidentiality describes what ADA principle of ethics?

Answer 10

Patient Autonomy

Question 11

Multiple classes of stock

Answer 11

C – corporations

Question 12

This has one or more partners who have limited liability and no rights of management.

Answer 12

Limited Partnership - LP

Question 13

are the number one reason we exist

Answer 13

patients

Question 14

Dentists ranked ____ out of all professions in honesty and ethics

Answer 14

5th

Question 15

Limited liability does not protect you from

Answer 15

malpractice

Question 16

Profits pass directly to owner with taxes paid on personal tax return

Answer 16

Sole Proprietorship

Question 17

All partners have limited liability

Answer 17

Limited Liability Partnership - LLP

Question 18

Do no harm describes what ADA principle of ethics?

Answer 18

Non-maleficence

Question 19

Must be US citizen or resident, 100 share limit

Answer 19

S - corporations:

Question 20

Typically used by lawyers, accountants and architects

Answer 20

Limited Liability Partnership - LLP

Question 21

All U.S. citizens or residents

Answer 21

S – corporations

Question 22

Fairness/Treat without prejudice

Answer 22

Justice

Question 23

Only 1 type of stock

Answer 23

S – corporations

Question 24

will clearly state why your company exists

Answer 24

mission statement

Question 25

Profits are double taxed

Answer 25

C - corporations:

Question 26

Which companies do not provide limited liability protection

Answer 26

sole proprietorships and general partnerships

Question 27

Technically ________ do not require the filing of any paperwork with the federal or state government

Answer 27

sole proprietorships and general partnerships

Question 28

Blend of aspects of a partnership (or sole proprietorship if there is a single owner) and a corporation

Answer 28

Limited Liability Company - LLC

Question 29

Types of partnerships:

Answer 29

•  General partnership (GP) •  Limited partnership (LP) •  Limited liability partnership (LLP)

Question 30

Types of corporations:

Answer 30

C – corporation S – corporation

Question 31

Limited liability protect you from your

Answer 31

partners malpractice (LP, LLP and LLC) or other shareholders malpractice (corporations)

Question 32

Self Determination describes what ADA principle of ethics?

Answer 32

Patient Autonomy

Question 33

All owners have personal liability for all debts, taxes and liabilities of the business. Shared risks and costs.

Answer 33

General Partnership - GP

Question 34

The type of business structure you choose will depend on four main factors:

Answer 34

Liability •  Taxation •  Decision making capacity •  Record-keeping

Question 35

In a _________ all partners are part of the decision making process

Answer 35

general partnership

Question 36

Shareholders elect a Board of Directors

Answer 36

corporations:

Question 37

Brochures, Patient Referrals and Business cards are examples of

Answer 37

internal marketing

Question 38

Financial liability for the companies debts is limited

Answer 38

fixed sum

Question 39

Shareholders own the corporation through stock ownership

Answer 39

corporations:

Question 40

Formed under state or federal law. Legally treated as an artificial person, distinct from the individuals that own it.

Answer 40

Corporations

Question 41

LP, LLP, LLC and Incorporation all provide their partners and shareholders with

Answer 41

limited liability protection

Question 42

limited corporate liability

Answer 42

S and C corporations

Question 43

Present all treatment options

Answer 43

Veracity

Question 44

Not double taxed o  Corporate income is divided among the shareholders o  Individual shareholders must declare their income on their personal taxes

Answer 44

S - corporations:

Question 45

An association or two or more persons who contribute money, labor and skill to a business and who share in its profits, losses and management.

Answer 45

Partnerships

Question 46

Truthfulness

Answer 46

Veracity

Question 47

Taxation of a limited liability company is similar to what

Answer 47

sole proprietorship or general partnership

Question 48

Unlimited shareholders

Answer 48

C – corporations

Question 49

is a business owned and operated by one person for profit.

Answer 49

sole proprietorship

Question 50

defines a vision for the whole company

Answer 50

mission statement

Question 51

is a key marketing strategy that often gets ignored.

Answer 51

patient retention