Question 1

A budget variance can be interpreted, or analyzed, as something that:

Accepted Answer

A) Is always controllable by the manager and staff. 
B) Is not controllable by the manager and staff. 
C) Can be both controllable and uncontrollable. 
D) Results from incompetent budgeting processes. 
A) Is always controllable by the manager and staff. 
B) Is not controllable by the manager and staff. 
C) Can be both controllable and uncontrollable. 
D) Results from incompetent budgeting processes.

Question 2

What part of Medicare covers the cost of durable medical equipment like wheelchairs and blood glucose monitors?

Accepted Answer

A) Part A 
B) Part B 
C) Part C 
D) Part D 
A) Part A 
B) Part B 
C) Part C 
D) Part D

Question 3

Which financial management function can be described as the process of determining the nature of any discrepancies between the actual and projected figures that were documented in the budget?

Accepted Answer

A) Budget analysis 
B) Variance analysis 
C) Mixed cost analysis 
D) A pivot table 
A) Budget analysis 
B) Variance analysis 
C) Mixed cost analysis 
D) A pivot table

Question 4

Select a type of variance that is paired with a possible corrective action.

Accepted Answer

A) Positive variance: Increase productivity 
B) Positive variance: Decrease salaries 
C) Negative variance: Increase efficiency 
D) Negative variance: Decrease patient census 
A) Positive variance: Increase productivity 
B) Positive variance: Decrease salaries 
C) Negative variance: Increase efficiency 
D) Negative variance: Decrease patient census

Question 5

You observe a positive variance in terms of your operating expenses during your monthly review of the departmental budget. After analysis, you have determined that the source of the variance is patient care supplies. What should you do?

Accepted Answer

A) Praise the staff because they have successfully conserved patient supplies. 
B) Immediately report this over spending to your immediate supervisor. 
C) Have a staff meeting and inform the staff that they have to conserve patient care supplies. 
D) Nothing at all because this variance is probably not at all accurate. 
A) Praise the staff because they have successfully conserved patient supplies. 
B) Immediately report this over spending to your immediate supervisor. 
C) Have a staff meeting and inform the staff that they have to conserve patient care supplies. 
D) Nothing at all because this variance is probably not at all accurate.

Question 6

Which complex skill is necessary for accurate expense forecasting?

Accepted Answer

A) Inductive reasoning 
B) Intuitive thinking 
C) Evidence based clinical practice 
D) Complex data collection and analysis 
A) Inductive reasoning 
B) Intuitive thinking 
C) Evidence based clinical practice 
D) Complex data collection and analysis

Question 7

You are the director of the special care units in a university medical center. Your spouse is the CFO of a small manufacturing company that produces educational toys for children. Who has the most complex challenges in respect to productivity measurement?

Accepted Answer

A) You have the greatest challenges because there are more staff members in your department than employees in your spouse's company. 
B) You have the greatest challenges because the measurement of output is far more complex in health care settings than it is in manufacturing. 
C) Your spouse has the greatest challenges because the ability of a manufacturing company to survive is far greater than a medical center. 
D) Your spouse has the greatest challenges because the measurement of output is far more complex in manufacturing than it is in a health care setting. 
A) You have the greatest challenges because there are more staff members in your department than employees in your spouse's company. 
B) You have the greatest challenges because the measurement of output is far more complex in health care settings than it is in manufacturing. 
C) Your spouse has the greatest challenges because the ability of a manufacturing company to survive is far greater than a medical center. 
D) Your spouse has the greatest challenges because the measurement of output is far more complex in manufacturing than it is in a health care setting.

Question 8

State hospitals are:

Accepted Answer

A) Not-for-profit health care facilities that are established with federal legislation. 
B) Proprietary health care facilities that are established with state legislation. 
C) Governmental health care facilities that are established with federal legislation. 
D) Governmental health care facilities that are established with state legislation. 
A) Not-for-profit health care facilities that are established with federal legislation. 
B) Proprietary health care facilities that are established with state legislation. 
C) Governmental health care facilities that are established with federal legislation. 
D) Governmental health care facilities that are established with state legislation.

Question 9

What are some of the most qualitative factors that impact on productivity in health care?

Accepted Answer

A) Size and location of the health care facility 
B) Number of inpatients and Medicare reimbursement rates. 
C) Salaries and unanticipated overtime wages 
D) Quality of care and staff competencies. 
A) Size and location of the health care facility 
B) Number of inpatients and Medicare reimbursement rates. 
C) Salaries and unanticipated overtime wages 
D) Quality of care and staff competencies.

Question 10

The Healthcare Integrated General Ledger Accounting System (HIGLAS) is an accepted financial accounting format for:

Accepted Answer

A) All integrated health care systems. 
B) All home care and community health providers. 
C) Medicare Parts A and B providers. 
D) All U.S. government-funded health care facilities. 
A) All integrated health care systems. 
B) All home care and community health providers. 
C) Medicare Parts A and B providers. 
D) All U.S. government-funded health care facilities.

Question 11

Payroll tax deductions, such federal withholding and state withholding taxes, are formatted in what section and subsection of a Balance Sheet?

Accepted Answer

A) Payroll Taxes Payable: Liability 
B) Payroll Taxes Payable: Asset 
C) Direct Costs: Expense 
D) Direct Costs: Indirect Cost 
A) Payroll Taxes Payable: Liability 
B) Payroll Taxes Payable: Asset 
C) Direct Costs: Expense 
D) Direct Costs: Indirect Cost

Question 12

Which of the following is formatted under liabilities on a Balance Sheet?

Accepted Answer

A) Accounts receivable 
B) Accounts payable 
C) Capital 
D) Equipment 
A) Accounts receivable 
B) Accounts payable 
C) Capital 
D) Equipment

Question 13

Which of the following is a PPPV model that is used to measure profitability as a function of productivity and other variables?

Accepted Answer

A) The Japanese Kurosawa model 
B) The Greek Entropy model 
C) The American Valence model 
D) The Finnish Variance model 
A) The Japanese Kurosawa model 
B) The Greek Entropy model 
C) The American Valence model 
D) The Finnish Variance model

Question 14

You, as the nurse manager, have done the budget on an annual basis for the last 5 years. What data should you consider in order to forecast your pro-rated share of the organization's utilities costs?

Accepted Answer

A) Utility costs for healthcare facilities like yours in the community 
B) The average percentage of your utility cost changes over the last 5 years 
C) The average of all of your utility cost changes over the last 5 years 
A) Utility costs for healthcare facilities like yours in the community 
B) The average percentage of your utility cost changes over the last 5 years 
C) The average of all of your utility cost changes over the last 5 years

Question 15

A community outpatient health agency will be reimbursed for some preventive health care under what legislation?

Accepted Answer

A) Federal government Medicare Part A legislation 
B) Federal government Medicare Part B legislation 
C) State government Medicaid Part A legislation 
D) State government Medicaid Part B legislation 
A) Federal government Medicare Part A legislation 
B) Federal government Medicare Part B legislation 
C) State government Medicaid Part A legislation 
D) State government Medicaid Part B legislation

A budget variance can be interpreted, or analyzed, as something that:

What part of Medicare covers the cost of durable medical equipment like wheelchairs and blood glucose monitors?

Which financial management function can be described as the process of determining the nature of any discrepancies between the actual and projected figures that were documented in the budget?

Select a type of variance that is paired with a possible corrective action.

You observe a positive variance in terms of your operating expenses during your monthly review of the departmental budget. After analysis, you have determined that the source of the variance is patient care supplies. What should you do?

Which complex skill is necessary for accurate expense forecasting?

You are the director of the special care units in a university medical center. Your spouse is the CFO of a small manufacturing company that produces educational toys for children. Who has the most complex challenges in respect to productivity measurement?

State hospitals are:

What are some of the most qualitative factors that impact on productivity in health care?

The Healthcare Integrated General Ledger Accounting System (HIGLAS) is an accepted financial accounting format for:

Payroll tax deductions, such federal withholding and state withholding taxes, are formatted in what section and subsection of a Balance Sheet?

Which of the following is formatted under liabilities on a Balance Sheet?

Which of the following is a PPPV model that is used to measure profitability as a function of productivity and other variables?

You, as the nurse manager, have done the budget on an annual basis for the last 5 years. What data should you consider in order to forecast your pro-rated share of the organization's utilities costs?

A community outpatient health agency will be reimbursed for some preventive health care under what legislation?

Physical Care

Pyschosocial Care

Role of the Aide

Medical Assisting, NNAAP, and Pharmacological

Total Factor Productivity, Orientation, and Health Care

HR

Performance

Strategic Management

Financial Management

Midwifery

Filters

Exam 6: Finances

A budget variance can be interpreted, or analyzed, as something that:

What part of Medicare covers the cost of durable medical equipment like wheelchairs and blood glucose monitors?

Which financial management function can be described as the process of determining the nature of any discrepancies between the actual and projected figures that were documented in the budget?

Select a type of variance that is paired with a possible corrective action.

You observe a positive variance in terms of your operating expenses during your monthly review of the departmental budget. After analysis, you have determined that the source of the variance is patient care supplies. What should you do?

Which complex skill is necessary for accurate expense forecasting?

You are the director of the special care units in a university medical center. Your spouse is the CFO of a small manufacturing company that produces educational toys for children. Who has the most complex challenges in respect to productivity measurement?

State hospitals are:

What are some of the most qualitative factors that impact on productivity in health care?

The Healthcare Integrated General Ledger Accounting System (HIGLAS) is an accepted financial accounting format for:

Payroll tax deductions, such federal withholding and state withholding taxes, are formatted in what section and subsection of a Balance Sheet?

Which of the following is formatted under liabilities on a Balance Sheet?

Which of the following is a PPPV model that is used to measure profitability as a function of productivity and other variables?

You, as the nurse manager, have done the budget on an annual basis for the last 5 years. What data should you consider in order to forecast your pro-rated share of the organization's utilities costs?

A community outpatient health agency will be reimbursed for some preventive health care under what legislation?

Physical Care

Pyschosocial Care

Role of the Aide

Medical Assisting, NNAAP, and Pharmacological

Total Factor Productivity, Orientation, and Health Care

HR

Performance

Strategic Management

Financial Management

Midwifery

Filters