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LABMAN FINALS > budgeting > Flashcards

budgeting Flashcards

1
Q

manages the lab budget

A

lab head or lab manager

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2
Q

assets and expenses similarities and difference

A

similarities = both needs to be paid
difference = intention /goal of paying

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3
Q

owning a property

A

asset

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4
Q

= renting a building

A

EXPENSES

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5
Q

LONG-TERM ASSET

A

catex

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6
Q

Equipment that becomes ours

A

long-term asst

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7
Q

evenue spending/ operating expenditure

A

short term asset

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8
Q

–electricity
bills water bills, etc. needed for daily
operation

A

opex

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9
Q

Process of planning, forecasting, controlling,
monitoring the financial resource of organization

A

budgeting

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10
Q

To determine what kind of asset are needed by the
company and the capacity or ability of the company
to purchase such assets ()

A

importance of budgeting to capex

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11
Q

To ensure you have enough money to pay or sustain
the bills or expenses. To anticipate if funds are
enough to carry out daily operational expenses
()

A

importance of budgeting to opex

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12
Q

twoo type of budgetin

A

opex and catex

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13
Q

2 type of opex

A

flexible budgeting and zero-based budgeting

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14
Q

Advertising, salary, consumables, rent, maintenance

A

opex

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15
Q

Daily/regular expenses

A

opex

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16
Q

Expenses that does not directly relate to services
given to patient but is needed for tha lab to function
properly

A

opex

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17
Q

Covers equipments, acquisitions and projects that
require financial equipment

A

capex

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18
Q

Process used to plan ,eval and choose future
investment , equipments, projects, building

A

capex

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19
Q

Mostly used in labs

A

flexible budgeting

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20
Q

attempts to set expenditure based on variable
workload volume

A

flexible budgeting

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21
Q

budget with flexibility para pag madami patients
need mas madami staff, reagents, census na
bibilin or required

A

FLEXIBLE BUDGETING

22
Q

census drop if number of test decreases tas
employee den decreases, pati demand

A

FLEXIBLE BUDGETING

23
Q

opex increase if workload increases vice versa

A

FLEXIBLE BUDGETING

24
Q

analysing needs based on prioritising of goods and
objectives and not on past or history allocations

A

Zero-based budgeting

25
Q

based on priority,objectives, or kung ano in
demand

A

Zero-based budgeting

26
Q

the process is independent or whether total
budget for specific test is decreasing or increasing

A

Zero-based budgeting

27
Q

OPERATIONAL BUDGETING PREPARATIOn

A
  1. TIME FRAME
  2. FORECASTING STAGE
  3. SCHEDULING STAY
  4. SYNETHESIS OF INFORMATION
28
Q

annual budget (1 year) or budget cycle in the man
working guidelines for the management

A

TIME FRAME

29
Q

you forecast based on historical information or
predict the budget that will be prepared out of
history 2-3 years back

A

FORECASTINGSTAGE

30
Q

USED IN FORECASTING STAGE

A
  • SHIFT IN PATIENT MIX OR VOLUME
    -CHANGE IN MED STAFF COMPOSITION
  • CHANGE IN BUSINESS PARAMETERS LIKE INFLATION AND REIMBURSEMENT RATE
  • EXPANSION OR CUTBACK IN SERVICE OFFERED BY HOSPITAL OR LAB
  • POPULATION FLUNJCTUATION BROUGHT ABOUT BY CHANGES IN LOCAL ECONOMY
31
Q

when budget is prepared must be at a time prior to
physical year most of the time January.

A

SCHEDULING STAY

32
Q

how financial information is organized

A

synthesis of information

33
Q

Budget management is organized in 3 parts

A

a. Revenue and volume figure
Revenue
b. Itemized cost categories
c. Labor hours

34
Q

income generated from the services
and sales

A

revenue

35
Q

budget must be presented logically.
Sources/income/Funds using should be presented
first before expenses yung 3 part sa taas, kung
magkano gusto mo kitain next year and kung
magkano censu

A

synthesis of information

36
Q

type of analysis in capex

A

NARRATIVE DESCRIPTION AND QUANTITATIVE TECHNIQUE

37
Q

includes written
justification of the project and a prioritization of the
competing proposa

A

NARRATIVE DESCRIPTION

38
Q

detailed rationale for the project budget,
how it will benefit the lab and why it should
be considered over competing subject

A

JUSTIFICATION

39
Q

= reviewing to maintain service level
= Provide significant savings over
current methods
= enhance or improve current
programs
= offer new products or services

A

PROPOSAL JUSTIFICATION

40
Q

additional step on justification is to
prioritise project, both in the time frame and in relation to other request, capital budget
forms as scaled according to rank ??

A

PRIORITIZATION

41
Q

in relation to other request, capital budget
forms as scaled according to rank ??

A

OPPORTUNITY COST

42
Q

used to determine the
financial feasibility of tehe project m

A

QUANTITATIVE TECHNIQUE

43
Q

Length of time it will take
to cover the cash outlays for a project.

A

PAYBACK

44
Q

METHODS USED IN QUANTITATIVE TECHNIQUE

A
  1. PAYBACK PERIOD
  2. AVERAGE RATE OF RETURN
  3. NET PRESENT VALUE
  4. INTERNAL RATE OF RETURN
  5. REQUIRED RATE OF RETURN
45
Q

PAYBACK PERIOD COMPUTATION

A

computation: purchase price of
project/equipment divided by annual income
generated by the project or equipment

46
Q

average yield over
life of an investment. Magkano kikitain in a
lifespaN

A

AVERAGE RATE OF RETURN

47
Q

worth of future earnings
at today’s rate;

A

NET PRESENT VALUE

48
Q

ratio of cash flow
and cost of capital factors to amount of
investment required. Magkanoo kikitain over
the invested mone

A

INTERNAL RATE OF RETURN

49
Q

bottom-line level
of income requirement by a company before
any project is considered. Pag di kumita to
ng specific amount of money di bibilin

A

. required rate of return

50
Q
A

LABMAN FINALS (6 decks)

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