financial management Flashcards

1
Q

It is the planning document used by as organization
that forecast both the relationship between funds
and expenses

A

budgeting

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2
Q

2 Approaches in Budget

A
  • Centralized
  • Decentralized
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3
Q

According to whom that the roles of leaders are spokesperson, budgetary, or resource allocator, figurehead, decision maker and liaison

A

Henry Mintzberg

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4
Q

fully controlled by the leader

A

centralized

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5
Q

there is participation of the
lower level

A

decentralized

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6
Q

TYPES OF BUDGET:

A

Fix-ceiling Budget
Open-ended Budget
Flexible Budget
Sunset Budget
Zero-based Budget
Contingency Budget

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7
Q

dangerous type because it
has no specific amount declared

A

Open-ended Budget

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8
Q

start from nothing

A

Zero-based Budget

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9
Q

self destructing and cessation
budget

A

Sunset Budget

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10
Q

uppermost spending limits set
by the organization

A

Fix-ceiling Budget

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11
Q

one can adjust

A

Flexible Budget –

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12
Q

used during emergency

A

Contingency Budget

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13
Q

deals with the process of planning for the laboratory as an ongoing business concern accounting for
everyday need

A

Operational Budget

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14
Q

OPERATIONAL BUDGET PREPARATION

A

➔ Time Frame
➔ Forecasting stage
➔ Scheduling Stage
➔ Synthesis of Information

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15
Q

– is to provide the manager
with the information to operate the business

A

COST ACCOUNTING

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16
Q

is another name
given to this branch of accounting because its
emphasis on analyzing and providing operational
information

A

MANAGERIAL ACCOUNTING

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17
Q

The important determinant in forecasting the staffing
needs for the budget year is the projected volume
of work

A

Job Costing

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18
Q

The Marketing Management Philosophy

A

Production Concept
Selling concept
Marketing Concept
Social marketing Concept

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19
Q

The number of labor hours needed can be projected
in ratios that calculate the tests performed per paid
hours and/or worked hours

A

Job Costing

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20
Q

demand for a product is greater than the
supply

A

Production Concept

21
Q

supply for a product is greater than
demand

A

Marketing Concept

22
Q

adds to the marketing concept the idea that
the company should contribute to the
betterment of society as a whole

A

Social marketing Concept

23
Q

Emphasis is needed to sell the product to
increase profit

A

Selling concept

24
Q

is product oriented. It implies a good
product will sell itself

A

Production Concept

25
Q

creating intense competition among
supplier

A

Marketing Concept

26
Q

The laboratory manager should know the factors
that influence the customer’s decision to go to a
particular laboratory

A

The Laboratory Customer

27
Q

Example of laboratory customer

A

Patient, physician, parent, employer, insurance,
company, government agency

28
Q

4 RULES IN MARKETING

A

● Rule 1: Provide the best offering in the marketplace
by excelling in a specific dimension of value.
● Rule 2: Maintain threshold standards on other
dimensions value
● Rule 3: Dominate your market by improving value
year after year
● Rule 4: Build a well-tuned operating model,
dedicated to delivering unmatched value

29
Q

4 Ps OF MARKETING

A
  1. Price
  2. Product
  3. Place
  4. Promotion
30
Q

factors that can be
manipulated to attract customers

A

Marketing variables

31
Q
  • actors that make a product
    or service attractive to customers
A

Product Differentiation

32
Q

Promotional Tools

A

Advertisement
Sales promotion
Personal selling
Publicity
People
Physical environment
Process

33
Q

– How do people obtain your product

A

process

34
Q

non-commercial informational
presentations

A

publicity

35
Q

example of publicity

A

News release, seminar

36
Q

paid commercial presentations to
promote the products and services

A

advertisement

37
Q

example of advertisement

A

Newspaper, journals, brochures, flyers

38
Q

Short term purchase incentives

A

Sales promotion

39
Q

Example of sales promotion

A

Discounts, freebies

40
Q

selling through personal contact

A

personal selling

41
Q

example of personal selling

A

Through sales representatives

42
Q

Represent the business

A

people

43
Q

The ambience, mood, or
tone of the environment

A

physical environment

44
Q

The formal strategy to identify, attract, and
maintain customers

A

MARKETING PLAN

45
Q

It is the process of systematically gathering,
recording, and analyzing data and information
about customers, competitors, and market

A

MARKET RESEARCH

46
Q

Like all plans, the steps include needs awareness,
market research, analysis of alternative solutions,
action plan, and implementation

A

MARKETING PLAN

47
Q

MARKETING PROPOSAL FORMAT

A
  1. Purpose of the proposal
  2. Market Overview
  3. SWOT Analysis
  4. Opportunities
  5. Approval request for implementation of Plan
48
Q

MARKET RESEARCH

A

➔ To help create a marketing plan.
➔ To help launch a new product or service,
expand into the new markets.
➔ To determine which portion of the
population will purchase a product,
based on variables like age, gender,
location, and income level.