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Final Flashcards

1
Q

What is a fiscal year?

A

A 12-month period used by a business for accounting purposes.

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2
Q

What does FASB stand for?

A

Financial Accounting Standards Board, the organization that sets the rules for how companies prepare financial statements.

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3
Q

What is a balance sheet?

A

A snapshot of a company’s assets, liabilities, and owner’s equity at a specific point in time.

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4
Q

What does an income statement show?

A

How much money a company made or lost over a period of time.

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5
Q

What is the statement of cash flows?

A

Shows how cash moved in and out of a company over a specific period of time.

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6
Q

What are variable expenses?

A

Costs that change based on the amount of business, like the cost of raw materials or labor.

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7
Q

What are fixed expenses?

A

Costs that stay the same regardless of the amount of business, like rent or mortgage payments.

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8
Q

What is a full-time equivalent (FTE)?

A

A unit that measures the workload of one full-time employee for one year (usually 2,080 hours).

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9
Q

What is horizontal analysis?

A

Comparing financial data over time to see trends.

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10
Q

What is vertical analysis?

A

Comparing financial data within a single time period to see the relationship between different parts of the business.

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11
Q

What are common-size statements?

A

Financial statements where each item is expressed as a percentage of a significant total, making it easier to compare different companies or time periods.

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12
Q

What are trend percentages?

A

Showing changes in financial data over time, often using a base year as a reference point.

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13
Q

What is ratio analysis?

A

Using financial ratios to assess a company’s financial health, identify trends, and make informed business decisions.

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14
Q

What are financial ratios?

A

Mathematical calculations that compare different items on financial statements to evaluate a company’s performance.

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15
Q

What do profitability ratios measure?

A

A company’s ability to generate profit.

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16
Q

What do liquidity ratios measure?

A

A company’s ability to pay its short-term debts.

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17
Q

What do debt management ratios measure?

A

A company’s ability to manage its debt.

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18
Q

What do turnover ratios measure?

A

How efficiently a company uses its assets.

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19
Q

What is operational analysis?

A

A detailed analysis of a company’s operating performance.

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20
Q

What is the acid test (quick ratio)?

A

Measures a company’s ability to pay its current liabilities with its most liquid assets (excluding inventory).

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21
Q

What does profit margin (return on sales) measure?

A

How much profit a company makes for every dollar of sales.

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22
Q

What is Gross Margin?

A

Represents the percentage of sales revenue left after deducting the cost of goods sold.

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23
Q

What is a Specialty Drug?

A

A high-cost medication that often requires special handling, storage, or distribution and is used to treat complex or rare diseases.

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24
Q

What is Prior Authorization (PA)?

A

A process where a health plan requires approval before covering certain medications or treatments.

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25
Q

What is Risk Evaluation and Mitigation Strategy (REMS)?

A

A program required by the FDA for certain drugs to ensure that their benefits outweigh their risks.

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26
Q

What is Buy and Bill?

A

A reimbursement model where the provider buys drugs, administers treatment, and bills the payer for the drug and services.

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27
Q

What is External Delivery (White Bagging)?

A

A reimbursement model where the specialty pharmacy ships the drug to the provider, who then administers it to the patient.

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28
Q

What is Pharmacoeconomics?

A

The study of the cost and value of medications and health care interventions.

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29
Q

What are Direct medical costs?

A

Costs directly related to medical care, such as doctor visits, medications, and hospital stays.

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30
Q

What are Direct non-medical costs?

A

Costs associated with medical care but not directly related to the medical intervention, such as travel costs or child care.

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31
Q

What are Indirect costs?

A

Costs related to lost productivity due to illness or death.

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32
Q

What are Intangible costs?

A

Costs that are difficult to measure in monetary terms, such as pain, suffering, and anxiety.

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33
Q

What is Discounting?

A

Adjusting the value of future costs and benefits to account for the time value of money.

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34
Q

What is Inflation?

A

The general rise in the prices of goods and services over time.

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35
Q

What is Cost-minimization analysis (CMA)?

A

Comparing the costs of treatments that have similar outcomes.

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36
Q

What is Budget impact analysis?

A

Estimating the impact of a new treatment or program on a health plan’s budget.

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37
Q

What is Cost-effectiveness analysis (CEA)?

A

Comparing the costs and outcomes of different treatments.

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38
Q

What is a Surrogate outcome?

A

A measure that is used to predict a more important outcome, such as blood pressure as a surrogate for the risk of heart attack.

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39
Q

What is a Final outcome?

A

A measure of the ultimate goal of a treatment, such as survival or quality of life.

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40
Q

What is Cost-utility analysis (CUA)?

A

A type of cost-effectiveness analysis that uses quality-adjusted life years (QALYs) as the outcome measure.

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41
Q

What is a Quality-adjusted life year (QALY)?

A

A measure that combines the length and quality of life into a single number.

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42
Q

What does Utility refer to in health economics?

A

A measure of the value a person places on a particular health state.

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43
Q

What is Time trade-off (TTO)?

A

A method for measuring utility where people are asked how much time in perfect health they would be willing to trade for a longer time in a less desirable health state.

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44
Q

What is Standard gamble (SG)?

A

A method for measuring utility where people are asked to choose between a certain outcome and a gamble with a chance of a better outcome and a chance of a worse outcome.

45
Q

What is Cost-benefit analysis (CBA)?

A

Comparing the costs and benefits of a treatment or program, with both costs and benefits expressed in monetary terms.

46
Q

What is Indemnification?

A

An agreement where one party agrees to protect another party from financial loss.

47
Q

What is Insurance?

A

A contract where an insurance company agrees to pay for certain losses in exchange for a premium.

48
Q

What is Risk Management?

A

The process of identifying, assessing, and controlling risks.

49
Q

What is an Aggregate limit?

A

The maximum amount an insurance company will pay in total for all claims during a policy period.

50
Q

What is a Per occurrence limit?

A

The maximum amount an insurance company will pay for a single claim.

51
Q

What is a Claims-made policy?

A

An insurance policy that covers claims that are made during the policy period, regardless of when the incident occurred.

52
Q

What is an Occurrence policy?

A

An insurance policy that covers claims for incidents that occurred during the policy period, regardless of when the claim is made.

53
Q

What is an Umbrella policy?

A

An insurance policy that provides additional liability coverage above the limits of other policies.

54
Q

What is a Primary Layer in insurance?

A

The first layer of insurance coverage that pays first in the event of a claim.

55
Q

What is an Excess Layer?

A

The second layer of insurance that provides coverage above the limits of the primary policy.

56
Q

Who is considered an Employee?

A

A person who works for an employer and is subject to the employer’s control.

57
Q

What is an Independent Contractor?

A

A person who provides services to a company but is not an employee and is not subject to the company’s control.

58
Q

What is Discrimination?

A

Treating someone unfairly based on their race, religion, sex, national origin, age, or disability.

59
Q

What is Sexual Harassment?

A

Unwelcome sexual advances or conduct that creates a hostile work environment.

60
Q

What is Quid Pro Quo Harassment?

A

A type of sexual harassment where a person is offered something in exchange for sexual favors.

61
Q

What is Hostile Work Environment Harassment?

A

A type of sexual harassment where unwelcome sexual conduct creates an intimidating or offensive work environment.

62
Q

What is Defamation?

A

Making false statements that harm someone’s reputation.

63
Q

What is Negligent Referral?

A

When a former employer gives a negative reference about an employee that is not true and causes harm.

64
Q

What is Recruitment?

A

The process of finding and attracting qualified candidates for a job.

65
Q

What is Selection?

A

The process of choosing the best candidate for a job.

66
Q

What is Job Orientation?

A

The process of introducing a new employee to the company and their job.

67
Q

What is Training?

A

The process of teaching employees the skills they need to perform their job.

68
Q

What is Development?

A

The process of helping employees grow and advance in their careers.

69
Q

What is Progressive Discipline?

A

A system of increasingly severe disciplinary actions that are taken in response to employee misconduct.

70
Q

What is Performance Management?

A

A process for setting goals, monitoring progress, and providing feedback to employees to improve their performance.

71
Q

What is Performance Appraisal?

A

A formal evaluation of an employee’s performance.

72
Q

What is 360-degree Feedback?

A

A type of performance appraisal where feedback is gathered from multiple sources, including the employee’s supervisor, peers, and subordinates.

73
Q

What is Marketing?

A

The process of creating, communicating, and delivering value to customers.

74
Q

What is Exchange?

A

The process of trading something of value for something else of value.

75
Q

What is Transactional Marketing?

A

A focus on making a single sale rather than building long-term relationships with customers.

76
Q

What is Relationship Marketing?

A

A focus on building long-term relationships with customers to create loyalty and repeat business.

77
Q

What are the four key elements of the marketing mix?

A

The four key elements of marketing are product, price, place, and promotion.

78
Q

What is a market segment?

A

A market segment is a group of customers who share similar characteristics.

79
Q

What is a market niche?

A

A market niche is a smaller, more specific market segment.

80
Q

What is a pitch deck?

A

A pitch deck is a presentation that is used to persuade investors to fund a business.

81
Q

What is professionalism?

A

Professionalism refers to the standards, behaviors, and character of an individual engaged in their work or profession.

82
Q

What is a personal brand?

A

A personal brand is the way you present yourself to the world, showcasing your unique qualities, values, skills, and expertise.

83
Q

What is ethics?

A

Ethics is the branch of philosophy that deals with moral principles and values.

84
Q

What is bioethics?

A

Bioethics is the study of ethical issues related to healthcare.

85
Q

What is principlism?

A

Principlism is an approach to ethics that uses four key principles: autonomy, beneficence, nonmaleficence, and justice.

86
Q

What is autonomy in ethics?

A

Autonomy is the right of a person to make their own decisions.

87
Q

What is beneficence?

A

Beneficence is the duty to do good.

88
Q

What is nonmaleficence?

A

Nonmaleficence is the duty to avoid harm.

89
Q

What is justice in ethics?

A

Justice is the fair distribution of benefits and burdens.

90
Q

What is fidelity?

A

Fidelity is the duty to keep promises and be loyal.

91
Q

What is virtue ethics?

A

Virtue ethics is an approach to ethics that emphasizes the character of the person rather than the actions they take.

92
Q

What is care-based ethics?

A

Care-based ethics is an approach to ethics that emphasizes the importance of relationships and caring.

93
Q

What is innovation?

A

Innovation is the process of creating something new and valuable.

94
Q

What is entrepreneurship?

A

Entrepreneurship is the process of starting and running a new business.

95
Q

What is equity financing?

A

Equity financing is raising money for a business by selling ownership shares.

96
Q

What is debt financing?

A

Debt financing is raising money for a business by borrowing money that must be repaid with interest.

97
Q

What is intrapreneurship?

A

Intrapreneurship is the process of developing new products or services within an existing organization.

98
Q

What is simple interest?

A

Simple interest is interest that is calculated only on the principal amount of a loan.

99
Q

What is compound interest?

A

Interest that is calculated on the principal amount plus any accrued interest.

100
Q

What is risk tolerance?

A

The amount of risk an investor is willing to take.

101
Q

What is diversification?

A

Investing in a variety of assets to reduce risk.

102
Q

What is net worth?

A

The difference between a person’s assets and liabilities.

103
Q

What is a tax deduction?

A

An expense that can be subtracted from taxable income.

104
Q

What is a tax credit?

A

A dollar-for-dollar reduction in tax liability.

105
Q

What is a personal exemption?

A

An amount of money that a taxpayer can deduct from their taxable income for themselves and their dependents.

106
Q

What is a 401(k) plan?

A

A retirement savings plan offered by employers that allows employees to make pre-tax contributions.

107
Q

What is an IRA (Individual Retirement Account)?

A

A retirement savings plan that allows people to make pre-tax or after-tax contributions.

108
Q

What is a Roth IRA?

A

A retirement savings plan that allows people to make after-tax contributions, but withdrawals in retirement are tax-free.

109
Q

What is a SEP (Simplified Employee Pension) Plan?

A

A retirement savings plan for small businesses and self-employed individuals.

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