Question 1

Which of the following is not true regarding productivity?

Accepted Answer

A)  It is a measure of the time spent in billable activity during a predetermined period. 
B)  It is affected only by billable or productive time. 
C)  Expectations for productivity vary a great deal from setting to setting. 
D)  It is commonly expressed as a percentage subset of the total amount of time worked in a day or week. 
A)  It is a measure of the time spent in billable activity during a predetermined period. 
B)  It is affected only by billable or productive time. 
C)  Expectations for productivity vary a great deal from setting to setting. 
D)  It is commonly expressed as a percentage subset of the total amount of time worked in a day or week. B

Question 2

The term productivity can best be defined as:

Accepted Answer

A)  Care that is provided that proves to be beneficial to the patient in retrospective reviews. 
B)  The number of rehabilitation treatments provided to a patient during a Medicare-approved acute hospital stay. 
C)  Care that is provided that is medically necessary and deemed to be a skilled service. 
D)  The number of units of billed care or the percentage of time spent in billable activity during a predetermined period of time. 
A)  Care that is provided that proves to be beneficial to the patient in retrospective reviews. 
B)  The number of rehabilitation treatments provided to a patient during a Medicare-approved acute hospital stay. 
C)  Care that is provided that is medically necessary and deemed to be a skilled service. 
D)  The number of units of billed care or the percentage of time spent in billable activity during a predetermined period of time. D

Question 3

Costs that vary with the volume of services provided would best be called:

Accepted Answer

A)  Volume-driven costs. 
B)  Direct costs. 
C)  Variable costs. 
D)  Net expense. 
A)  Volume-driven costs. 
B)  Direct costs. 
C)  Variable costs. 
D)  Net expense. C

Question 4

Net revenue is equal to gross revenue minus any allowances, deductions, and anticipated bad debt.

Accepted Answer

A) True 
 B)False

Question 5

A single piece of equipment that exceeds a predetermined amount (e.g., $5,000) and has a life span of longer than a predetermined period (e.g., 1 year) would best be called which of the following?

Accepted Answer

A)  Capital improvements 
B)  Capital equipment 
C)  Capital investments 
D)  Capital depreciation 
A)  Capital improvements 
B)  Capital equipment 
C)  Capital investments 
D)  Capital depreciation

Question 6

Costs that increase when volume increases and decrease when volume decreases are commonly referred to as variable costs.

Accepted Answer

A) True 
 B)False

Question 7

Basic principles of accounting as identified by Ellexson include which of the following?

Accepted Answer

A)  Tracking accounts 
B)  Managing risk 
C)  Monitoring cash flow 
D)  All of the above 
A)  Tracking accounts 
B)  Managing risk 
C)  Monitoring cash flow 
D)  All of the above

Question 8

A type of code that identifies a specific diagnosis and is used to classify morbidity data from inpatient and outpatient records is a(n):

Accepted Answer

A)  CPT code. 
B)  ICD code. 
C)  G-code. 
D)  HCPC code. 
A)  CPT code. 
B)  ICD code. 
C)  G-code. 
D)  HCPC code.

Question 9

The term fiscal year refers to the time period used by the federal government to assess taxes for private businesses.

Accepted Answer

A) True 
 B)False

Question 10

The number of hours paid to a full-time employee during a designated time period, including payment of vacation or other benefit time, would best be called:

Accepted Answer

A)  Productive time. 
B)  Full-time equivalent. 
C)  Taxable hours. 
D)  Accountable equivalent. 
A)  Productive time. 
B)  Full-time equivalent. 
C)  Taxable hours. 
D)  Accountable equivalent.

Question 11

A type of code used by an occupational therapy practitioner to describe the type of services provided by an occupational therapy practitioner, a physical therapy practitioner, a physician, or other healthcare provider would best be called a(n):

Accepted Answer

A)  ICD code. 
B)  HCPCS code. 
C)  CPT code. 
D)  CO code. 
A)  ICD code. 
B)  HCPCS code. 
C)  CPT code. 
D)  CO code.

Question 12

Which of the following best defines the term net revenue?

Accepted Answer

A)  The total revenue charged after multiplying total units provided by charge per unit during a specific period 
B)  The total revenue charged minus any expenses such as salary, rent, and equipment purchased 
C)  Gross revenue minus any allowances, deductions, and anticipated bad debt that are applied 
D)  The revenue that varies according to the volume of work produced 
A)  The total revenue charged after multiplying total units provided by charge per unit during a specific period 
B)  The total revenue charged minus any expenses such as salary, rent, and equipment purchased 
C)  Gross revenue minus any allowances, deductions, and anticipated bad debt that are applied 
D)  The revenue that varies according to the volume of work produced

Question 13

A method of allocating the cost of a major asset, such as a piece of capital equipment, over its useful life for tax and accounting purposes is best called:

Accepted Answer

A)  Capital allocation. 
B)  Expense accounting. 
C)  Depreciation. 
D)  Overhead. 
A)  Capital allocation. 
B)  Expense accounting. 
C)  Depreciation. 
D)  Overhead.

Question 14

The two concepts that are used to determine if services provided under Medicare in hospital settings are appropriate as billed services are:

Accepted Answer

A)  The correct ICD code and the correct CPT code. 
B)  Medical necessity and the correct CPT code. 
C)  Medical necessity and qualifying as skilled service. 
D)  Qualifying as skilled service and the correct ICD code. 
A)  The correct ICD code and the correct CPT code. 
B)  Medical necessity and the correct CPT code. 
C)  Medical necessity and qualifying as skilled service. 
D)  Qualifying as skilled service and the correct ICD code.

Question 15

Medicare diagnostic-related groups, or DRGs, are a type of payment provided in which of the following settings?

Accepted Answer

A)  Hospitals 
B)  Outpatient clinics 
C)  Skilled nursing facilities 
D)  Hospitals, outpatient clinics, and skilled nursing facilities 
A)  Hospitals 
B)  Outpatient clinics 
C)  Skilled nursing facilities 
D)  Hospitals, outpatient clinics, and skilled nursing facilities

Question 16

To determine the gross revenue for a department, you need to identify the charges for each service provided and which of the following?

Accepted Answer

A)  Number of units of care 
B)  Insurance deduction rate 
C)  Bad debt 
D)  Allowances 
A)  Number of units of care 
B)  Insurance deduction rate 
C)  Bad debt 
D)  Allowances

Question 17

Which of the following best defines the term fiscal year?

Accepted Answer

A)  A period of time representing one full budget cycle 
B)  A period of time representing a federal tax period 
C)  A period of time representing a staff recruitment cycle based on graduation dates 
D)  A period of time representing a year of performance used to determine staff merit increases (pay increases) 
A)  A period of time representing one full budget cycle 
B)  A period of time representing a federal tax period 
C)  A period of time representing a staff recruitment cycle based on graduation dates 
D)  A period of time representing a year of performance used to determine staff merit increases (pay increases)

Question 18

Two key conditions that often must be satisfied to justify reimbursement are that services are:

Accepted Answer

A)  Medically necessary and evidence-based. 
B)  Skilled and evidence-based. 
C)  Functional and skilled. 
D)  Medically necessary and skilled. 
A)  Medically necessary and evidence-based. 
B)  Skilled and evidence-based. 
C)  Functional and skilled. 
D)  Medically necessary and skilled.

Question 19

Salary costs for social workers and case managers are an example of a direct cost that would be applied to most occupational therapy departments in traditional hospitals and inpatient rehabilitation hospitals.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following best defines the term full-time equivalent (FTE)?

Accepted Answer

A)  The number of hours paid to a full-time employee during a designated time period, including payment of vacation or other benefit time 
B)  The productive hours paid to a full-time employee equivalent to one caseload in a particular setting 
C)  The volume of work produced by one full-time employee who is meeting established productivity expectations 
D)  The number of hours used to determine if a full-time employee has reached "exempt" status and must be paid overtime 
A)  The number of hours paid to a full-time employee during a designated time period, including payment of vacation or other benefit time 
B)  The productive hours paid to a full-time employee equivalent to one caseload in a particular setting 
C)  The volume of work produced by one full-time employee who is meeting established productivity expectations 
D)  The number of hours used to determine if a full-time employee has reached "exempt" status and must be paid overtime

Which of the following is not true regarding productivity?

The term productivity can best be defined as:

Costs that vary with the volume of services provided would best be called:

Net revenue is equal to gross revenue minus any allowances, deductions, and anticipated bad debt.

A single piece of equipment that exceeds a predetermined amount (e.g., $5,000) and has a life span of longer than a predetermined period (e.g., 1 year) would best be called which of the following?

Costs that increase when volume increases and decrease when volume decreases are commonly referred to as variable costs.

Basic principles of accounting as identified by Ellexson include which of the following?

A type of code that identifies a specific diagnosis and is used to classify morbidity data from inpatient and outpatient records is a(n):

The term fiscal year refers to the time period used by the federal government to assess taxes for private businesses.

The number of hours paid to a full-time employee during a designated time period, including payment of vacation or other benefit time, would best be called:

A type of code used by an occupational therapy practitioner to describe the type of services provided by an occupational therapy practitioner, a physical therapy practitioner, a physician, or other healthcare provider would best be called a(n):

Which of the following best defines the term net revenue?

A method of allocating the cost of a major asset, such as a piece of capital equipment, over its useful life for tax and accounting purposes is best called:

The two concepts that are used to determine if services provided under Medicare in hospital settings are appropriate as billed services are:

Medicare diagnostic-related groups, or DRGs, are a type of payment provided in which of the following settings?

To determine the gross revenue for a department, you need to identify the charges for each service provided and which of the following?

Which of the following best defines the term fiscal year?

Two key conditions that often must be satisfied to justify reimbursement are that services are:

Salary costs for social workers and case managers are an example of a direct cost that would be applied to most occupational therapy departments in traditional hospitals and inpatient rehabilitation hospitals.

Which of the following best defines the term full-time equivalent (FTE)?

Leadership: The Art, Science, and Evidence

Engaging in Evidence-Based Management

Understanding Healthcare Systems and Practice Contexts

Understanding and Working Within Organizations

Communicating Effectively in Complex Environments

Roles and Functions of Managers: Planning, Organizing and Staffing, Directing, and Controlling

Roles and Functions of Supervisors

Occupational Therapistoccupational Therapy Assistant Partnership: Supervision and Collaboration

Professional Teams, Interprofessional Education, and Collaborative Practice

Strategic Planning

Managing Change and Solving Problems

Surviving and Thriving in High-Demand Settings

Assessing and Promoting Clinical and Managerial Competency

Continuous Quality Improvement

Marketing Occupational Therapy Services

Developing Evidence-Based Occupational Therapy Programming

Introducing Others to Evidence-Based Practice

Turning Theory Into Practice: Managerial Strategies

Responsible Participation in a Profession: Fostering Professionalism and Leading for Moral Action

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Exam 12: Financial Planning, Management, and Budgeting

Which of the following is not true regarding productivity?

The term productivity can best be defined as:

Costs that vary with the volume of services provided would best be called:

Net revenue is equal to gross revenue minus any allowances, deductions, and anticipated bad debt.

A single piece of equipment that exceeds a predetermined amount (e.g., $5,000) and has a life span of longer than a predetermined period (e.g., 1 year) would best be called which of the following?

Costs that increase when volume increases and decrease when volume decreases are commonly referred to as variable costs.

Basic principles of accounting as identified by Ellexson include which of the following?

A type of code that identifies a specific diagnosis and is used to classify morbidity data from inpatient and outpatient records is a(n):

The term fiscal year refers to the time period used by the federal government to assess taxes for private businesses.

The number of hours paid to a full-time employee during a designated time period, including payment of vacation or other benefit time, would best be called:

A type of code used by an occupational therapy practitioner to describe the type of services provided by an occupational therapy practitioner, a physical therapy practitioner, a physician, or other healthcare provider would best be called a(n):

Which of the following best defines the term net revenue?

A method of allocating the cost of a major asset, such as a piece of capital equipment, over its useful life for tax and accounting purposes is best called:

The two concepts that are used to determine if services provided under Medicare in hospital settings are appropriate as billed services are:

Medicare diagnostic-related groups, or DRGs, are a type of payment provided in which of the following settings?

To determine the gross revenue for a department, you need to identify the charges for each service provided and which of the following?

Which of the following best defines the term fiscal year?

Two key conditions that often must be satisfied to justify reimbursement are that services are:

Salary costs for social workers and case managers are an example of a direct cost that would be applied to most occupational therapy departments in traditional hospitals and inpatient rehabilitation hospitals.

Which of the following best defines the term full-time equivalent (FTE)?

Leadership: The Art, Science, and Evidence

Engaging in Evidence-Based Management

Understanding Healthcare Systems and Practice Contexts

Understanding and Working Within Organizations

Communicating Effectively in Complex Environments

Roles and Functions of Managers: Planning, Organizing and Staffing, Directing, and Controlling

Roles and Functions of Supervisors

Occupational Therapistoccupational Therapy Assistant Partnership: Supervision and Collaboration

Professional Teams, Interprofessional Education, and Collaborative Practice

Strategic Planning

Managing Change and Solving Problems

Surviving and Thriving in High-Demand Settings

Assessing and Promoting Clinical and Managerial Competency

Continuous Quality Improvement

Marketing Occupational Therapy Services

Developing Evidence-Based Occupational Therapy Programming

Introducing Others to Evidence-Based Practice

Turning Theory Into Practice: Managerial Strategies

Responsible Participation in a Profession: Fostering Professionalism and Leading for Moral Action

Filters