EXAM2 pt2

Question 1

Consumers are primarily interested in product availability with the lower price. Which type of concept is this?

Answer 1

Production Concept

Question 2

Value can be increased by those EXCEPT:

Answer 2

Increasing Non-Monetary cost

Question 3

“How likely is it that you recommend company X to a friend or colleague” describes:

Answer 3

Loyalty

Question 4

Assurance is one of the dimensions of Service Quality; defined as:

Answer 4

The knowledge and courtesy of employees and their ability to convey trust and confidence

Question 5

Designing the company’s image and offering to occupy a distinctive place in the mind of the target market

Answer 5

Positioning

Question 6

SWOT Analysis stands for:

Answer 6

Strength
Weakness
Opportunities
Threats

Question 7

Patient Satisfaction surveys are part of which of the following:

Answer 7

Control Process

Question 8

Effective Inventory management is an important in meeting consumer demands for both goods and services is an Operation Prospective of Inventory Mgmt

Answer 8

False

Question 9

Which of the following factors can help decide what and how many goods to purchase

Answer 9

Pharmacy goals

Pharmacy image

Question 10

Venus Pharmacy buys 15 pints of castor oil from MCP distributors. MCP sends more of them, What desciribes this scenario

Answer 10

Cash discount
Quantity discount
Serial discount
[NONE OF THE ABOVE]

Question 11

Acquisition cost would best be described as:

Answer 11

Price the pharmacy pays for the product

Question 12

In the scope of merchandising, having the prescription department located at the rear of the pharmacy increases:

Answer 12

• Impulse Purchases

- Time spent browsing

Question 13

Which of the following typically be located at the front of the prescription department

Answer 13

• Vitamins and herbal products

- Items at high risk of theft

Question 14

What is/are used to display large quantities of an item

Answer 14

Floor stand displays

Question 15

Majority of purchasing decisions are made before the consumer enters the store

Answer 15

False

Question 16

The placement of items in more than one department is called

Answer 16

Cross-merchandising

Question 17

The need of purchasing goods is determined by

Answer 17

Customer

Question 18

Code information of reimbursement ____ medical

Answer 18

Description code

Question 19

The pharmacist need what to perform INR for Warfarin management

Answer 19

COW

Question 20

What is the first step in order to incorporate an added value service

Answer 20

Develop a business plan

Question 21

On average the percentage of business breakdown in an independent pharmacy is:

Answer 21

5% Front Store & 95% pharmacy sales

Question 22

On average, the market area around your pharmacy you would typically need in order to secure a successful independent pharmacy is:

Answer 22

3 to 5 miles

Question 23

Issues to consider when deciding whether to buy an existing independent pharmacy or to build a new one include:

Answer 23

-Financial Options
-Personal goals and interest
-Physical Availability
[all of the above]

Question 24

Risk in pharmacy can be defined as:

Answer 24

Anything that threatens the ability of the pharmacy to accomplish its mission

Question 25

Speculative Risk:

Answer 25

Not insurable

Question 26

Five steps in Risk Management include:

Answer 26

• Establish context
• Evaluate and prioritize the risks
• Selecting and implementing an appropriate risk management strategy
• Monitoring decisions and updating the risk management program
• [all of the above]

Question 27

In order for a pure risk to be insurable, it:

Answer 27

Must be accidental for the inusred

Question 28

The amount of insured loss to be paid or absorbed by the policy holder is the:

Answer 28

Deductible

Question 29

The scope or extent of protection provided under an insurance contract is the:

Answer 29

Coverage

Question 30

Employee his or her family for job related injury or death is:

Answer 30

Worker’s compensation

Question 31

A provision that requires the insured party to share or to absorb some of the costs of the covered services or losses on a fixed percentage basis is:

Answer 31

Coinsurance

Question 32

An individuals responsibility for causing injury to another person or damage to another’s property through negligence is

Answer 32

Liability

Question 33

Hospital pharmacies absorb risk through

Answer 33

Expired compounded medications

Question 34

Community pharmacies absorb risk through

Answer 34

• Shoplifting
• Employee theft
• Unsalable products
• Shrinkage

Question 35

OBRA

Answer 35

• Requires prospective drug reviews
• Patient counseling
• Requires proper patient records

Question 36

The pharmacy manager’s responsibilities relative to HIPAA include:

Answer 36

Notice of Privacy practice

Question 37

Investigations into medication errors tend to focus on the front end

Answer 37

True

Question 38

Effective approaches to medication error investigations:

Answer 38

Focus on the latent or blunt end factors

Question 39

During the medication ordering process, errors occur due to:

Answer 39

• Illegible Handwriting
• Look-alike drug names
• Sound-alike drug names
• Ambigious orders

Question 40

Confirmation Bias can be described as:

Answer 40

A phenomenon that when choosing an item, people see what they are looking for and once they think they have find it, stop looking further

Question 41

The process of compounding sterile admixtures particulary:

Answer 41

• Patients are often more acutely ill
• Most IV admixtures look alike once compounded

(physicians dont deliver med)

Question 42

Soft Skills are easy to quantify and evaluate a staff member of the performance evaluation

Answer 42

False

Question 43

Hard skills are

Answer 43

Specific, teachable abilities that may be required in a given

Question 44

Pharmacy Benefit Managers

Answer 44

-Are hired by third parties to provide Rx claims processing
-Hired by insurance companies, employers, Medicare and State Medicaid
-Establish pharmacy networks as part of their claims management services
-Provide drug benefit design and drug utilization mgmt
[ALL THE ABOVE]

Question 45

Consideration in evaluating third party contracts include:

Answer 45

I. The message that is sent to other parties
II. The effect on private pay customer
III. The effect on other sources of revenue