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OMS Benchmark 1

On a statement, line item is just another term for transaction.

True

False

If a line item's total is a negative number, the line item can be referred to as a:

Credit

Debit

A receipt and a chit are synonymous.

True

False

Every line item should also have an associated chit.

True

False

The balance forward is the value of the member's balance COMING INTO the month.

True

False

The statement total is the value of the member's balance AT THE END of the month.

True

False

The statement total and the balance due don't refer to the same thing.

True

False

The balance due should always equal the sum of which of the following (select all that apply):

Balance forward

Current aging

30 day aging

60 day aging

90 day aging

120+ day aging

Member's can have up to 2 separate minimum periods.

True

False

A minimum period can be monthly or annually, but not quarterly.

True

False

The balance forward should always be equal to the previous month's balance due.

True

False

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