Financial

Question 1

Profit and Loss Statement

Answer 1

P&L- aka income statement, core financial report.
Revenue - expenses = net income

Question 2

Intangible Property

Answer 2

Non-physical property that has value

Question 3

Assests

Answer 3

Everything of value owned by the practice

Question 4

Cost of Goods Sold

Answer 4

COGS

Question 5

3 steps in analyzing p&l when unexpected figures are present

Answer 5

1. Compare %s
2. ask questions of the %s
3. Implement change

Question 6

Financial reporting process

Answer 6

Timeliness
Accuracy
Simplicity
Sufficiently Detailed
Analytical

Question 7

Financial Analysis Perspectives

Answer 7

Safeguard Assets
Pricing/fee structure
Cost evaluation
Procurement of capital
Incremental performance
Accountability via departmentalization
Profitability analysis
Return on Capital analysis

Question 8

KPI

Answer 8

Key Performance Indicators

Question 9

Payroll Methods

Answer 9

Manual
Automated in-house processing

Question 10

Payroll period

Answer 10

Weekly
Biweekly
Semi-monthly
Shift Differential

Question 11

Payroll Deductions

Answer 11

Federal tax
State tax

Question 12

Average AR

Answer 12

Beginning AR + Ending AR / 2 = Average AR

Question 13

Days in AR

Answer 13

of days in period/AR turnover