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ABB GK > GK > Flashcards

GK Flashcards

1
Q

Financial Accounting is

A

Company’s general accounting, which includes profits, revenue, losses, etc. It is your taxes accounting.

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2
Q

Cost Accounting is

A

Accounting of a specific unit (a specific test, a specific product). It is used for internal purposes and it is part of the financial account.

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3
Q

Forecast budget

A

Budget items are increased or decreased based on previous year’s budget. Takes in consideration the revenue from previous year together with # of tests forecasted for the next year

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4
Q

The budget used for equipment purchase or expansion of the lab is

A

Capital budget

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5
Q

In a rolling quarter budget, the budget is prepared every

A

3 months (quarterly)

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6
Q

On flexible budget,

A

Itemizes items such as overhead (fixed cost) and variable expenses. It is usefull when the variable portion needs be adjusted, for instance if test volumes changes

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7
Q

CLIA ‘88 for US federal law mandates that the lab director is responsible for

A

1) Hriring qualified personnel
2) Record and report results promptly, accurately and proficienctly
3) Making sure that lab is compliant with applicable regulations

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8
Q

The bugdet used for the laboratory operations is

A

Operational budget

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9
Q

How often cash budget is prepared?

A

Monthly, so the cash flow can be anticipated.

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10
Q

What is not included on Conversion Costs?
A) Direct Labor
B) Overhead
C) Materials

A

C

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11
Q 
Full Production Costs include:
A) Direct labor
B) Direct material
C) Overhead
D) All of the above
A

D

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12
Q

Prime Cost + Ready to Serve Costs =

A

Fully loaded costs

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13
Q

Fringe benefits can be up to 25% of the employee salary. Is that true or false?

A

True

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14
Q

7.65% unemployment compensation is also known as:

A

FICA (Social Security Tax)

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15
Q

Full production costs includes

A

Direct labor + direct material + overhead

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16
Q

Ready to serve cost is the operational cost to serve your client. It includes:

A

Overhead in general (operational + section) and other costs associated with the publication and delivery of your results.

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17
Q

Fully loaded cost =

A

Prime cost + Ready to serve cost

Direct labor+ direct material + overhead + collection, reporting, delivery of your product.

18
Q

tests to break even =

A

Fixed cost / (test price - variable cost)

19
Q

Charges to break even ($)

A

Fixed cost/test volume + (variable cost)

20
Q

Minimum to break even =

A

Fixed cost / test price (unit) - variable cost (unit)

Or

Fixed cost / contribution margin %

21
Q

In the demand oriented pricing, the prices are set based on what is believed that the customer is willing to pay.

A

True

22
Q

The strategy used to set pricing to maximize profit taking advantage of a short term situation, is called

A

Skim pricing

23
Q 
Offesive pricing to undercut competitor and atract customers is know as
A) Loss Leader Price
B) Skim Price
C) Penetration Price
D) Mark-up
A

C

24
Q

Loss of leader price is when

A

Profit of one product is reduced (lower price) so customers are attraced to also buy other products at a higher price

25
Q

Three ILLEGAL prices strategies are:
A) Price discrimination, skim price and price fixing
B) Deceptive pricing, minimum pricing, price fixing
C) Price fixing, penetration price and discount pricing

A

B

26
Q

On price fixing strategy, sellers can discuss their prices with their competitors

A

False

27
Q

In Minimum pricing

A

The product can’t be priced below the cost for any extended period with the intention to destroy the competitors

28
Q

The managed care insurances were introduced in the USA by the

A

Health Maintenance Organization Act (1973)

29
Q

In the captation agreement,

A

The managed careorganization pays a fixed amount of money for its members to thehealth careprovider.

30
Q

One of the determinations of the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 is that

A

Reimbursements for Medicare Part A procedures (hospitals, hospice care, nursing or home care) is based on ICD-10 codes

31
Q

What is the criteria to qualify for Medicare?

A
  • Over 65 years old
  • Have end-stage renal disease and met the waiting period;
  • permanently disabled
32
Q

Medicare Part B and C covers for

A

Part B: outpatient lab tests, physician services and other medical services. Coverage is NOT automatic and beneficiary must opt in.

Part C: is a Medicare Advantage Plan - an HMO type. It is from commercial insurance companies

33
Q

Healthcare Common Procedure Coding System (HCPCS) adds:

A

Category II Codes: start with letters A-V and these are codes designated for special services/circumstances where a CPT code doesn’t exist

Category III Codes: codes used for emerging technologies, that don’t have a CPT Code yet

34
Q

What is modifier 91?

A

Is used when a lab test needs to be repeated

35
Q

When a laboratory refers a test to another laboratory, which modifier needs to be added to the service billed

A

Modifier 90

36
Q

What is a modifier

A

These are 2 letter codes used to supplement information or adjust care descriptions to provide extra details concerning aprocedureor service provided by a physician, without modifying the service definition.

37
Q

Sensitivity is the probability of identify a diseased person as diseased

A

True

38
Q

The difference between accuracy and precision is

A

accuracy is the degree of veracity while precision is the degree of reproducibility

39
Q

In a normal bell curve distribution

A
  1. 26% will fall in the 1SD of the mean
  2. 46% in the 2SD of the nean
  3. 73% in the 3SD of the mean
40
Q

Student T test is used to determine how significant the difference between two groups are

A

True

41
Q

Confidence interval can be determined by calculating

A

CI = mean +/- 2(SD)

ABB GK (1 decks)

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