Question 1

In the absence of a state law specifying the timeframe for authentication of verbal orders, the nurse manager must assure CMS verbal order authentication within:

Accepted Answer

A) 12 hours 
B) 24 hours 
C) 36 hours 
D) 48 hours 
A) 12 hours 
B) 24 hours 
C) 36 hours 
D) 48 hours

Question 2

In recent years, healthcare professionals have become visibly more accountable. Nurse managers are in the front line of dealing with a wide range of fiscal interests, and the repercussions if things go wrong. Challenges in financial management can include health care economics and health care policy. Generally, financial management challenges are presented in the areas of:

Accepted Answer

A) Hospital policy 
B) Staffing vs. patient care load 
C) Lack of formal education in the financial field 
D) All of the above 
A) Hospital policy 
B) Staffing vs. patient care load 
C) Lack of formal education in the financial field 
D) All of the above

Question 3

Budget forecasting for staffing requires the nurse manager to include variables into the equation. Some of the more important variables that must be considered are:

Accepted Answer

A) Staffed beds, cost variance and levels of staffing 
B) The difference between the amount that was budgeted for a specific cost and the actual cost 
C) Unit type, month, day, shift and time 
D) All of the above 
A) Staffed beds, cost variance and levels of staffing 
B) The difference between the amount that was budgeted for a specific cost and the actual cost 
C) Unit type, month, day, shift and time 
D) All of the above

Question 4

In determining staffing requirements for expense forecasting, the nurse manager must take into account:

Accepted Answer

A) Intensity of care levels 
B) Department or unit type 
C) History of total unit census 
D) All of the above 
A) Intensity of care levels 
B) Department or unit type 
C) History of total unit census 
D) All of the above

Question 5

Inflation and raises are expected to raise salaries of registered nurses by 2.5% next year. The new median salary for registered nurses will be:

Accepted Answer

A) $26.60 per hour 
B) $26.35 per hour 
C) $26.65 per hour 
D) $26.50 per hour 
A) $26.60 per hour 
B) $26.35 per hour 
C) $26.65 per hour 
D) $26.50 per hour

Question 6

Inside the expenses category in your departmental budget, subsets of this category should include:

Accepted Answer

A) Personnel, paid ETO days, salaries, taxes and employee health contributions 
B) Employee sick hours lost, unaccounted for work time, measured losses 
C) Office supplies, employee training, travel, pool nurse debt 
D) A and C 
A) Personnel, paid ETO days, salaries, taxes and employee health contributions 
B) Employee sick hours lost, unaccounted for work time, measured losses 
C) Office supplies, employee training, travel, pool nurse debt 
D) A and C

Question 7

In order to accomplish goals set by administrators and have a grasp of the hospital financial process, it is imperative that the nurse manager understand basic financial terminology used in healthcare. The following questions are basic financial terminology used in the healthcare setting.What are staffed beds?

Accepted Answer

A) Staffed beds are beds occupied by patients which require skilled nursing attendance 
B) Staffed beds are beds occupied by patients for less than one 24 hour period 
C) Staffed beds are beds occupied by patients for longer than 12 hours in a 24 hour period 
D) Staffed beds are those in service and patient ready for more than half of the days in the reporting period 
A) Staffed beds are beds occupied by patients which require skilled nursing attendance 
B) Staffed beds are beds occupied by patients for less than one 24 hour period 
C) Staffed beds are beds occupied by patients for longer than 12 hours in a 24 hour period 
D) Staffed beds are those in service and patient ready for more than half of the days in the reporting period

Question 8

What is a cost-effective analysis?

Accepted Answer

A) A measurement of the cost of a product, service or intervention 
B) Costs spent per outcome achieved 
C) Ratio of total costs to total benefits expressed in both dollars and benefit value 
D) Comparison of interventions to achieve one quality-adjusted life year 
A) A measurement of the cost of a product, service or intervention 
B) Costs spent per outcome achieved 
C) Ratio of total costs to total benefits expressed in both dollars and benefit value 
D) Comparison of interventions to achieve one quality-adjusted life year

Question 9

The budget's purpose is to:

Accepted Answer

A) Allow management to project action plans and their economic impact on the future so that objectives of the organization are coordinated and met 
B) Allow floor staff to provide anticipated patent care 
C) Hire ancillary employees while controlling work hours 
D) Provide a line-item monetary profit / loss projection 
A) Allow management to project action plans and their economic impact on the future so that objectives of the organization are coordinated and met 
B) Allow floor staff to provide anticipated patent care 
C) Hire ancillary employees while controlling work hours 
D) Provide a line-item monetary profit / loss projection

Question 10

State laws affect the ability of the nurse manager to be fiscally responsible in ways which continue to evolve as health care reform comes into implementation. The major concern in fiscal oversight in the future will be relationship dependent upon:

Accepted Answer

A) State budget allocations to Medicaid and Medicare 
B) State budget allocations to health care organizations 
C) State tax incentives to health care organizations 
D) All of the above 
A) State budget allocations to Medicaid and Medicare 
B) State budget allocations to health care organizations 
C) State tax incentives to health care organizations 
D) All of the above

In the absence of a state law specifying the timeframe for authentication of verbal orders, the nurse manager must assure CMS verbal order authentication within:

Budget forecasting for staffing requires the nurse manager to include variables into the equation. Some of the more important variables that must be considered are:

In determining staffing requirements for expense forecasting, the nurse manager must take into account:

Inflation and raises are expected to raise salaries of registered nurses by 2.5% next year. The new median salary for registered nurses will be:

Inside the expenses category in your departmental budget, subsets of this category should include:

What is a cost-effective analysis?

The budget's purpose is to:

State laws affect the ability of the nurse manager to be fiscally responsible in ways which continue to evolve as health care reform comes into implementation. The major concern in fiscal oversight in the future will be relationship dependent upon:

Physical Care

Pyschosocial Care

Role of the Aide

Medical Assisting, NNAAP, and Pharmacological

Total Factor Productivity, Orientation, and Health Care

Finances

HR

Performance

Strategic Management

Midwifery

Filters

Exam 10: Financial Management

In the absence of a state law specifying the timeframe for authentication of verbal orders, the nurse manager must assure CMS verbal order authentication within:

Budget forecasting for staffing requires the nurse manager to include variables into the equation. Some of the more important variables that must be considered are:

In determining staffing requirements for expense forecasting, the nurse manager must take into account:

Inflation and raises are expected to raise salaries of registered nurses by 2.5% next year. The new median salary for registered nurses will be:

Inside the expenses category in your departmental budget, subsets of this category should include:

What is a cost-effective analysis?

The budget's purpose is to:

State laws affect the ability of the nurse manager to be fiscally responsible in ways which continue to evolve as health care reform comes into implementation. The major concern in fiscal oversight in the future will be relationship dependent upon:

Physical Care

Pyschosocial Care

Role of the Aide

Medical Assisting, NNAAP, and Pharmacological

Total Factor Productivity, Orientation, and Health Care

Finances

HR

Performance

Strategic Management

Midwifery

Filters