financial management

Question 1

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

Answer 1

budgeting

Question 2

2 Approaches in Budget

Answer 2

• Centralized
• Decentralized

Question 3

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

Answer 3

Henry Mintzberg

Question 4

fully controlled by the leader

Answer 4

centralized

Question 5

there is participation of the
lower level

Answer 5

decentralized

Question 6

TYPES OF BUDGET:

Answer 6

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

Question 7

dangerous type because it
has no specific amount declared

Answer 7

Open-ended Budget

Question 8

start from nothing

Answer 8

Zero-based Budget

Question 9

self destructing and cessation
budget

Answer 9

Sunset Budget

Question 10

uppermost spending limits set
by the organization

Answer 10

Fix-ceiling Budget

Question 11

one can adjust

Answer 11

Flexible Budget –

Question 12

used during emergency

Answer 12

Contingency Budget

Question 13

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

Answer 13

Operational Budget

Question 14

OPERATIONAL BUDGET PREPARATION

Answer 14

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

Question 15

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

Answer 15

COST ACCOUNTING

Question 16

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

Answer 16

MANAGERIAL ACCOUNTING

Question 17

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

Answer 17

Job Costing

Question 18

The Marketing Management Philosophy

Answer 18

Production Concept
Selling concept
Marketing Concept
Social marketing Concept

Question 19

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

Answer 19

Job Costing

Question 20

demand for a product is greater than the
supply

Answer 20

Production Concept

Question 21

supply for a product is greater than
demand

Answer 21

Marketing Concept

Question 22

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

Answer 22

Social marketing Concept

Question 23

Emphasis is needed to sell the product to
increase profit

Answer 23

Selling concept

Question 24

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

Answer 24

Production Concept

Question 25

creating intense competition among supplier

Answer 25

Marketing Concept

Question 26

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

Answer 26

The Laboratory Customer

Question 27

Example of laboratory customer

Answer 27

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

Question 28

4 RULES IN MARKETING

Answer 28

● 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

Question 29

4 Ps OF MARKETING

Answer 29

1. Price 2. Product 3. Place 4. Promotion

Question 30

factors that can be manipulated to attract customers

Answer 30

Marketing variables

Question 31

- actors that make a product or service attractive to customers

Answer 31

Product Differentiation

Question 32

Promotional Tools

Answer 32

Advertisement Sales promotion Personal selling Publicity People Physical environment Process

Question 33

– How do people obtain your product

Answer 33

process

Question 34

non-commercial informational presentations

Answer 34

publicity

Question 35

example of publicity

Answer 35

News release, seminar

Question 36

paid commercial presentations to promote the products and services

Answer 36

advertisement

Question 37

example of advertisement

Answer 37

Newspaper, journals, brochures, flyers

Question 38

Short term purchase incentives

Answer 38

Sales promotion

Question 39

Example of sales promotion

Answer 39

Discounts, freebies

Question 40

selling through personal contact

Answer 40

personal selling

Question 41

example of personal selling

Answer 41

Through sales representatives

Question 42

Represent the business

Answer 42

people

Question 43

The ambience, mood, or tone of the environment

Answer 43

physical environment

Question 44

The formal strategy to identify, attract, and maintain customers

Answer 44

MARKETING PLAN

Question 45

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

Answer 45

MARKET RESEARCH

Question 46

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

Answer 46

MARKETING PLAN

Question 47

MARKETING PROPOSAL FORMAT

Answer 47

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

Question 48

MARKET RESEARCH

Answer 48

➔ 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.