Chapter 31: Financial Management of Pharmacy Operations

Question 1

Which of these is a systematic process of evaluating costs and benefits of programs?

Answer 1

cost-benefit

Question 2

Which of these is considered to be the implementation of managerial efforts to achieve cost objectives?

Answer 2

cost control

Question 3

Which of these requires the best alternative be possible regardless whether it is least costly?

Answer 3

cost-effectiveness

Question 4

Which of these involves all information about the financial disbursements of a program?

Answer 4

Cost-analysis

Question 5

What is it called when groups of buyers pool their buying power to gain lower prices?

Answer 5

group purchasing

Question 6

What is it called when items are purchased from one source?

Answer 6

wholesale purchasing

Question 7

What is it called when an individual pharmacist or technician works alone on deals?

Answer 7

independent purchasing

Question 8

Pharmacy purchasing usually involves the following, EXCEPT

Answer 8

retail purchasing

Question 9

Purchasing a major portion from a drug supplier would be considered

Answer 9

prime supplier

Question 10

Cost analysis studies are usually performed to

Answer 10

estimate total cost and compare advantages of two or more systems

Question 11

Pharmacy costs are often expressed as the following, EXCEPT

Answer 11

cost per lives saved

Question 12

An advantage of purchasing from a prime supplier would be

Answer 12

simplified purchasing and receiving paperwork

Question 13

The following are considered expense accounts, EXCEPT

Answer 13

drug rebates

Question 14

If a total cost of delivering a prescription changes unexpectedly, which factor would most likely be to blame?

Answer 14

change in costs of prescription labels

Question 15

Which of the following is true regarding pharmacy management?

Answer 15

The need for pharmacy managers has increased.

Question 16

When cost finding, what is commonly overlooked?

Answer 16

overhead

Question 17

A convenient and effective technique for ordering might include

Answer 17

colored stickers corresponding to when an item was purchased

Question 18

An example of cost control would be

Answer 18

changing to an alternate supplier of less expensive prescription vials

Question 19

An example of a cost analysis study would be

Answer 19

examining the average cost to dispense one prescription

Question 20

implementation of managerial efforts to achieve cost objectives

Answer 20

cost control

Question 21

companies that negotiate procurement contracts on behalf of their members

Answer 21

group purchasing

Question 22

form describing a purchase and the amount due

Answer 22

invoice

Question 23

where the pharmacy works alone and directly with pharmaceutical companies or wholesalers to negotiate price, quantity, and delivery

Answer 23

independent purchasing

Question 24

packaging of bulk containers into patient-specific containers

Answer 24

unit-of-packaging

Question 25

code placed on packaging to help standardize and regulate inventory control

Answer 25

bar coding