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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
What is Risk Evaluation and Mitigation Strategy (REMS)?
A program required by the FDA for certain drugs to ensure that their benefits outweigh their risks.
26
What is Buy and Bill?
A reimbursement model where the provider buys drugs, administers treatment, and bills the payer for the drug and services.
27
What is External Delivery (White Bagging)?
A reimbursement model where the specialty pharmacy ships the drug to the provider, who then administers it to the patient.
28
What is Pharmacoeconomics?
The study of the cost and value of medications and health care interventions.
29
What are Direct medical costs?
Costs directly related to medical care, such as doctor visits, medications, and hospital stays.
30
What are Direct non-medical costs?
Costs associated with medical care but not directly related to the medical intervention, such as travel costs or child care.
31
What are Indirect costs?
Costs related to lost productivity due to illness or death.
32
What are Intangible costs?
Costs that are difficult to measure in monetary terms, such as pain, suffering, and anxiety.
33
What is Discounting?
Adjusting the value of future costs and benefits to account for the time value of money.
34
What is Inflation?
The general rise in the prices of goods and services over time.
35
What is Cost-minimization analysis (CMA)?
Comparing the costs of treatments that have similar outcomes.
36
What is Budget impact analysis?
Estimating the impact of a new treatment or program on a health plan's budget.
37
What is Cost-effectiveness analysis (CEA)?
Comparing the costs and outcomes of different treatments.
38
What is a Surrogate outcome?
A measure that is used to predict a more important outcome, such as blood pressure as a surrogate for the risk of heart attack.
39
What is a Final outcome?
A measure of the ultimate goal of a treatment, such as survival or quality of life.
40
What is Cost-utility analysis (CUA)?
A type of cost-effectiveness analysis that uses quality-adjusted life years (QALYs) as the outcome measure.
41
What is a Quality-adjusted life year (QALY)?
A measure that combines the length and quality of life into a single number.
42
What does Utility refer to in health economics?
A measure of the value a person places on a particular health state.
43
What is Time trade-off (TTO)?
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.
44
What is Standard gamble (SG)?
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
What is Cost-benefit analysis (CBA)?
Comparing the costs and benefits of a treatment or program, with both costs and benefits expressed in monetary terms.
46
What is Indemnification?
An agreement where one party agrees to protect another party from financial loss.
47
What is Insurance?
A contract where an insurance company agrees to pay for certain losses in exchange for a premium.
48
What is Risk Management?
The process of identifying, assessing, and controlling risks.
49
What is an Aggregate limit?
The maximum amount an insurance company will pay in total for all claims during a policy period.
50
What is a Per occurrence limit?
The maximum amount an insurance company will pay for a single claim.
51
What is a Claims-made policy?
An insurance policy that covers claims that are made during the policy period, regardless of when the incident occurred.
52
What is an Occurrence policy?
An insurance policy that covers claims for incidents that occurred during the policy period, regardless of when the claim is made.
53
What is an Umbrella policy?
An insurance policy that provides additional liability coverage above the limits of other policies.
54
What is a Primary Layer in insurance?
The first layer of insurance coverage that pays first in the event of a claim.
55
What is an Excess Layer?
The second layer of insurance that provides coverage above the limits of the primary policy.
56
Who is considered an Employee?
A person who works for an employer and is subject to the employer's control.
57
What is an Independent Contractor?
A person who provides services to a company but is not an employee and is not subject to the company's control.
58
What is Discrimination?
Treating someone unfairly based on their race, religion, sex, national origin, age, or disability.
59
What is Sexual Harassment?
Unwelcome sexual advances or conduct that creates a hostile work environment.
60
What is Quid Pro Quo Harassment?
A type of sexual harassment where a person is offered something in exchange for sexual favors.
61
What is Hostile Work Environment Harassment?
A type of sexual harassment where unwelcome sexual conduct creates an intimidating or offensive work environment.
62
What is Defamation?
Making false statements that harm someone's reputation.
63
What is Negligent Referral?
When a former employer gives a negative reference about an employee that is not true and causes harm.
64
What is Recruitment?
The process of finding and attracting qualified candidates for a job.
65
What is Selection?
The process of choosing the best candidate for a job.
66
What is Job Orientation?
The process of introducing a new employee to the company and their job.
67
What is Training?
The process of teaching employees the skills they need to perform their job.
68
What is Development?
The process of helping employees grow and advance in their careers.
69
What is Progressive Discipline?
A system of increasingly severe disciplinary actions that are taken in response to employee misconduct.
70
What is Performance Management?
A process for setting goals, monitoring progress, and providing feedback to employees to improve their performance.
71
What is Performance Appraisal?
A formal evaluation of an employee's performance.
72
What is 360-degree Feedback?
A type of performance appraisal where feedback is gathered from multiple sources, including the employee's supervisor, peers, and subordinates.
73
What is Marketing?
The process of creating, communicating, and delivering value to customers.
74
What is Exchange?
The process of trading something of value for something else of value.
75
What is Transactional Marketing?
A focus on making a single sale rather than building long-term relationships with customers.
76
What is Relationship Marketing?
A focus on building long-term relationships with customers to create loyalty and repeat business.
77
What are the four key elements of the marketing mix?
The four key elements of marketing are product, price, place, and promotion.
78
What is a market segment?
A market segment is a group of customers who share similar characteristics.
79
What is a market niche?
A market niche is a smaller, more specific market segment.
80
What is a pitch deck?
A pitch deck is a presentation that is used to persuade investors to fund a business.
81
What is professionalism?
Professionalism refers to the standards, behaviors, and character of an individual engaged in their work or profession.
82
What is a personal brand?
A personal brand is the way you present yourself to the world, showcasing your unique qualities, values, skills, and expertise.
83
What is ethics?
Ethics is the branch of philosophy that deals with moral principles and values.
84
What is bioethics?
Bioethics is the study of ethical issues related to healthcare.
85
What is principlism?
Principlism is an approach to ethics that uses four key principles: autonomy, beneficence, nonmaleficence, and justice.
86
What is autonomy in ethics?
Autonomy is the right of a person to make their own decisions.
87
What is beneficence?
Beneficence is the duty to do good.
88
What is nonmaleficence?
Nonmaleficence is the duty to avoid harm.
89
What is justice in ethics?
Justice is the fair distribution of benefits and burdens.
90
What is fidelity?
Fidelity is the duty to keep promises and be loyal.
91
What is virtue ethics?
Virtue ethics is an approach to ethics that emphasizes the character of the person rather than the actions they take.
92
What is care-based ethics?
Care-based ethics is an approach to ethics that emphasizes the importance of relationships and caring.
93
What is innovation?
Innovation is the process of creating something new and valuable.
94
What is entrepreneurship?
Entrepreneurship is the process of starting and running a new business.
95
What is equity financing?
Equity financing is raising money for a business by selling ownership shares.
96
What is debt financing?
Debt financing is raising money for a business by borrowing money that must be repaid with interest.
97
What is intrapreneurship?
Intrapreneurship is the process of developing new products or services within an existing organization.
98
What is simple interest?
Simple interest is interest that is calculated only on the principal amount of a loan.
99
What is compound interest?
Interest that is calculated on the principal amount plus any accrued interest.
100
What is risk tolerance?
The amount of risk an investor is willing to take.
101
What is diversification?
Investing in a variety of assets to reduce risk.
102
What is net worth?
The difference between a person's assets and liabilities.
103
What is a tax deduction?
An expense that can be subtracted from taxable income.
104
What is a tax credit?
A dollar-for-dollar reduction in tax liability.
105
What is a personal exemption?
An amount of money that a taxpayer can deduct from their taxable income for themselves and their dependents.
106
What is a 401(k) plan?
A retirement savings plan offered by employers that allows employees to make pre-tax contributions.
107
What is an IRA (Individual Retirement Account)?
A retirement savings plan that allows people to make pre-tax or after-tax contributions.
108
What is a Roth IRA?
A retirement savings plan that allows people to make after-tax contributions, but withdrawals in retirement are tax-free.
109
What is a SEP (Simplified Employee Pension) Plan?
A retirement savings plan for small businesses and self-employed individuals.

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