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4) PT Admin > 6) Fiscal Management > Flashcards

6) Fiscal Management Flashcards

1
Q

Budget

A

Mechanism to assess an organization’s/department’s success and progress

  • Helps the manager control the implementation of a program
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2
Q

Planning-Programming-Budgeting System (PPBS)

A

Plan for a new program developed from the mission and objectives

  • Look at all programs for duplicates
  • Evals cost and revenue against projections
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3
Q

Zero-Base Budgeting

A

Takes a fresh look at each program at the beginning of the budget period and calculates the cost of running the program from as if it never existed

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4
Q

Break-Even Budgeting

A

Traditional type of PT budget where the goal is to break even at the end of the year

  • Based on incremental incr/decr from the prior year
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5
Q

Productivity-Based Budgeting

A

Relies on manager’s decisions regarding staffing levels

  • # of PT’s needed to provide services
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6
Q

Cost Analysis

A

Determines expenses related to the production of a product/service

  • Cost info is used to manage expenses and set prices
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7
Q

Financial Management

A

Art of obtaining needed funds in the most economical manner and making optimal use of those funds

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8
Q

Financial Professional

A

Studies business administration, accounting, or economics

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9
Q

What does being financially savvy do and why?

A

It protects the income generated by your practice/dept bc you’ll understand where your dept stands

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10
Q

Financial Statements

A

Reports that describe the financial position and operating results of an organization for a specified time period

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11
Q

Balance Sheet

A

Summarizes the financial position of an organization as of a particular date

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12
Q

Assets

A

Economic resources owned by an organization

  • Liabilities + Owner’s Equity
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13
Q

Liquid Assets

A

Can quickly be converted to cash

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14
Q

Fixed Assets

A

Can’t be converted to cash

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15
Q

What are some liabilities?

A

Debt & Accounts Payable

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16
Q

Current Liabilities

A

Must be paid in the short-term (w/in 1yr)

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17
Q

Long-Term Liabilities

A

Paid over the long-term

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18
Q

Owner’s Equity

A

Portion of the assets that’s owned by the organization’s owners; Earnings from profitable operations

  • Can incr through investment of resources by the owner
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19
Q

Income Statement

A

Demonstrates an organizations profit (net income)/loss(net loss) from operations from a specific time period; Evals the organization’s performance comparing expenses vs revenue for a specific time period

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20
Q

Formula for net income/loss

A

Revenue + Expenses

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21
Q

Revenue

A

Income received for services sold during a specific period of time

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22
Q

Operating Revenue

A

Revenue from sale of services

23
Q

Non-Operating Revenue

A

Revenue from other services

24
Q

Accrual Basis of Accounting

A

Revenue is recorded in the period that the revenue was made

25
Q

Cash Basis of Accounting

A

Revenue is recorded when $ is received

26
Q

Can income come from the assumption of risk and how?

A

Yes → Occurs in a capitated payment agreement

27
Q

Expenses

A

Money spent to produce goods/services during a specific period of time

28
Q

Capital Intensive

A

Money spent on equipment

29
Q

Labor Intensive Expenses

A

Money spent on salary and benefits

30
Q

Statement of Operations

A

Compares the projected income statement w/the actual income statement for a period of time

  • Looks at (+)/(-) variance
31
Q

Ratio Analysis

A

Financial statements that allow you to make comparisons btwn one piece of financial info and another

32
Q

Current Ratio

A

Compares current assets w/current liabilities

  • The higher the ratio, the better the organization’s ability to pay its bills
  • Important to creditors and investors
33
Q

Quick Ratio

A

Compares liquid assets w/current liabilities

34
Q

Debt Ratio

A

Compares total liabilities to total assets; Gives the % of the assets that are financed by borrowing & determines if the organization is a good credit risk

  • A lower percent means less money is being borrowed
35
Q

Receivable Turnover Ratio

A

Avg # of days it takes to convert accounts receivable into cash

  • The older the debt, the less likely it is to be collected
36
Q

Revenue Productivity Ratio

A

Amount of revenue generated for each dollar of salary expense (Total Revenue/Salary Expenses)

  • An indicator of salary expense
37
Q

Return-on-Assets

A

Used to eval an organization’s ability to earn a return on funds supplied from all sources (Net Income + Interest Expenses/Total Assets)

  • Justifies purchase of equipment
  • Higher Return = Higher Performance
38
Q

Cash Flow Statement

A

Demonstrates how an organization’s cash balance changes over a specific period of time

  • Ultimately impacts an organization’s ability to grow
39
Q

What is the most important use of financial info for an organization?

A

Financial Planning

40
Q

Operating Budget

A

Guides the operation by outlining tupes and levels of expenditures

  • Typically for a year, and then subdivided into quarters and months
41
Q

Chart of Accounts

A

Collect info about how money is spent and earned

42
Q

Fee Schedule

A

Listing of services and products provided by the practice

43
Q

What is revenue a function of?

A

Reimbursement Type

44
Q

Non-Operating Revenue

A

Incoming revenue that refers to the incoming money that adds value to the business but does not result directly from the sale of a product of or service

45
Q

Accounts Payable

A

Recording and payment of money owed by the business to its creditors

46
Q

Operating Costs

A

Cost of resources needed to produce the product or servuce

47
Q

Capital

A

Purchase of equipment and facilities that contribute to the production of goods and services

48
Q

Direct Expenses

A

Directly associated w/production

  • Salary, benefits, supplies, depreciation of equipment
49
Q

Indirect Expenses

A

Incurred but not directly related to service delivery

  • Administrative salaries, financial services, grounds/buildings, cafeteria
50
Q

Fixed Cost

A

Cost that’s unchanged regardless of volume

51
Q

Variable Cost

A

Incr/decr relative to volume

  • Salaries, linen, and medical supplies
52
Q

Semi-Variable Cost

A

Basic cost is fixed, but per-use is variable

53
Q

Total Cost

A

Sum of fixed, variable, and semivariable cost

4) PT Admin (23 decks)

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