Chapter 5

Question 1

3 types of plans

Answer 1

Strategic
Operating
Continuous or rolling plan

Question 2

A continuous process of assessing and establishing goals and objectives and implementing and evaluating and controlling them.

Answer 2

Planning

Question 3

Looking into the future and decide in advance

Answer 3

Forecasting

Question 4

It gives an agency something to strive for.

Answer 4

Vision

Question 5

It outlines the organizations future role and function

Answer 5

Vision

Question 6

A preestablish and often self-imposed objectives or purpose

Answer 6

Mission

Question 7

Statement of belief and values that directs ones practice.

Answer 7

Philosophy

Question 8

Gives direction towards attainment of a certain goal

Answer 8

Philosophy

Question 9

Desired aims or condition towards which one is willing to work

Answer 9

Goal

Question 10

Statement of desired short-term condition or achievement, with measurable end result

Answer 10

Objectives

Question 11

Kroh’s formula

Answer 11

What- when- where-how-who-why-can

Question 12

Allocating one’s time through setting goals, assigning priorities

Answer 12

Time management

Question 13

Principles of time management

Answer 13

Planning for contingencies
List of tasks
Inventory
Sequencing
Setting and keeping deadlines
Delegating

Question 14

Calendar of activities

Answer 14

List of tasks

Question 15

Thinking of other options

Answer 15

Planning for contingencies

Question 16

Looking at the task done and not done

Answer 16

Inventory

Question 17

A systematic financial translation of a plan

Answer 17

Budgeting

Question 18

A tool for planning, monitoring and controlling cost and meeting expenses

Answer 18

Budgeting

Question 19

Income the management expects to generate

Answer 19

Revenue budget

Question 20

Money for the acquisition or maintenance of fixed assets

Answer 20

Capital budget

Question 21

Budget based on quantitative workload measurement

Answer 21

Personnel budget

Question 22

The actual operating budget plan in details

Answer 22

Cash budget

Question 23

A day to dat budget and represents money coming in and going out

Answer 23

Cash budget

Question 24

Estimation of cash flows of a business over a specific period of time

Answer 24

Cash budget

Question 25

Portrays a company’s expenses, expected cost, and estimated income

Answer 25

Operating budget

Question 26

Money received, cash receipt and disbursement during planning period

Answer 26

Cash budget

Question 27

Program acquisition, disposal and improvements in the institutions physical capacity

Answer 27

Capital budget

Question 28

Designed to meet future service expectation for clients, provide patient care at minimum cost.

Answer 28

Hospital budget

Question 29

Include all employee-related expenses, including salary and bonuses

Answer 29

Personnel budget

Question 30

It is utilized over a longer period of time, it often depreciates

Answer 30

Supplies and equipment budget

Question 31

Classified as a long tern asset and usually refers to items that will last and be used longer than a year

Answer 31

Equipment (supplies and equipment budget)

Question 32

3 uses of budget

Answer 32

Planning Monitoring and motivating Communication

Question 33

Preparation for a budget forces the organization to plan for the future

Answer 33

Planning

Question 34

Budget stages

Answer 34

Formulation stage Review & enactment stage Execution stage

Question 35

Develop objectives and management plan ( budget stage)

Answer 35

Formulation stage

Question 36

Revise and combine into organizational budget

Answer 36

Review & enactment stage

Question 37

Direct and evaluate expenses and receipts

Answer 37

Execution stage

Question 38

Revise budget if indicated

Answer 38

Execution stage

Question 39

Production cost that change in proportion to the amount of goods that are produced

Answer 39

Variable costs

Question 40

Not related to volume

Answer 40

Fixed costs

Question 41

Remain constant as volume increases or decreases

Answer 41

Fixed costs

Question 42

Fixed expenses that cannot be recovered even if a program is cancelled

Answer 42

Sunk costs

Question 43

Providing the product or service

Answer 43

Direct costs

Question 44

Expenses that cannot be traced back to a single costs object or cost source during manufacturing process

Answer 44

Indirect costs

Question 45

Legal expenses, administrative salary, housekeeping, office expenses and building maintenance

Answer 45

Indirect costs

Question 46

Advertising, research and development, hiring employees and training/seminars

Answer 46

Sunk costs

Question 47

Raw material- labor- production- commission- cards-freight

Answer 47

Variable costs

Question 48

Rentals, loans and taxes

Answer 48

Fixed costs

Question 49

Types of expenses or costs

Answer 49

Fixed Variable Sunk Direct Indirect

Question 50

Standing plans used repeatedly, or guides

Answer 50

Policies

Question 51

Are specific guide to action

Answer 51

Procedures

Question 52

Minimal level of achievement acceptable to meet the set objectives

Answer 52

Standards

Question 53

It is deciding in advance what to do, how to do a particular task, when to do it and who is to do it.

Answer 53

Planning