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2nd year, 1st sem > labman g3 Financial Management > Flashcards

labman g3 Financial Management Flashcards

1
Q

a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved

A

Financial Management

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2
Q

a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved

A

Financial Management

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3
Q

is a process in which executives of an organization establish their goals and objectives as well as their vision for the future

A

Strategic Planning

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4
Q

with representatives from all areas, leads the process in an open, documented way.

A

Strategic Planning

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5
Q

often set using SMART criteria, enable leaders to measure and track progress toward the mission

A

The Goals

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6
Q

defines its purpose, direction, and goals, providing a broad yet actionable foundation

A

The Mission

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7
Q

strategic planning begins by assessing the business’s current position through tools like SWOT analysis to understand its environment and trajectory

A

Identify

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8
Q

planners set objectives aligned with the mission, focusing on the most relevant, urgent goals while considering resources, timelines, and KPIs

A

Prioritize

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9
Q

stakeholders create tactical plans that fit into the overall strategy, using tools like strategy maps and balancing costs with priorities

A

Develop

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10
Q

the strategic plan is put into action with clear communication, assigned responsibilities, and regular reviews to keep it on track

A

Implement

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11
Q

the plan is periodically reviewed and adjusted to align with changing conditions and new opportunities, using metrics for performance assessment

A

Update

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12
Q

reviewing the plan every quarter provides a convenient interval to reassess initial assumptions and evaluate progress using key metrics

A

Quarterly Reviews

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13
Q

it allows leaders to examine metrics from the past year and make necessary adjustments to the strategic plan

A

Annual Reviews

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14
Q

it focuses on competitive advantages, growth opportunities, and resource allocation to achieve goals

A

Business

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15
Q

it organizes company structure, policies, and leadership to align with strategic objectives

A

Corporate

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16
Q

It supports corporate strategy with detailed focus on departments like marketing, HR, and finance, covering policies, processes, and budgets

A

Functional

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17
Q

This helps stakeholders see how goals, like improving workflows to reduce costs, interconnect within the strategy

A

Strategy Map

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18
Q

it is the division of a business responsible for finding, recruiting, screening, and training job applicants and administering employee benefits programs

A

Human Resources (HR)

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19
Q

it is a strategic approach to managing company employees the work culture, and the work environment so that people can function as effectively and productively as possible

A

Human Resource Management

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20
Q

they provide a comprehensive approach to managing employees and an organization’s culture and environment

A

HRM strategies

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21
Q

the actual expense or expenditure incurred to acquire or produce something

A

Cost

22
Q

a planned allocation of resources or funds for a specific purpose or project

A

Budgeting

23
Q

cost directly related to each procedure

A

Direct Costs

24
Q

general support costs not linked to specific tests

A

Indirect Costs

25
Q

cost assigned to each individual test or procedure

A

Unit Costs

26
Q

Expenses that do not fluctuate with work volume

A

Fixed Costs

27
Q

expenses that change directly with workload

A

Variable Costs

28
Q

costs that vary based on workload but gradually or in steps

A

Semi-variable costs

29
Q

a formalized plan describing the use and source of financial and operating resources over a given time period

A

Budget

30
Q

A financial tool that outlines anticipated revenue and expenses over a specified period (day-to-day) also known as Recurrent Budget or on Macro / Government level as Non-development

A

Operational Budget

31
Q

purpose is to plan for the acquisition of land, buildings, and equipments for expansion and/or replacement

A

Capital Budget

32
Q

a detailed statement outlining estimated project costs to support, grow and expand the project

A

Development Budget

33
Q

a combination of all the lower-level budgets of various functional areas in an organization

A

Master Budget

34
Q

it encompasses evaluating options, making choices, and taking actions related to financial matters

A

Financial Decision-Making

35
Q

clear and achievable financial goals provide a roadmap for financial decision-making

A

Setting Financial Goals

36
Q

involves estimating income and expenses over a specific period to ensure that financial resources are allocated wisely

A

Budgeting and Forecasting

37
Q

assessing and managing risks integral to financial decision-making

A

Risk management

38
Q

Consider various investment options (stocks, bonds, mutual funds) based on risk tolerance time horizon, and expected returns.

A

Investment Choices

39
Q

Make informed decisions about borrowing, including types of debt (credit cards, loans) and repayment strategies.

A

Debt Management

40
Q

Develop a comprehensive plan that includes savings, investments, insurance and retirement planning.

A

Financial Planning

41
Q

Develop a comprehensive plan that includes savings, investments, insurance and retirement planning.

A

Financial Planning

42
Q

Continuously monitor and adjust financial strategies based on changes in personal circumstances or market conditions.

A

Regular Review

43
Q

it also called sales or turnover

A

Revenue

44
Q

total income generated from the sale of goods or services

A

Revenue

45
Q

the process by which a company markets and sells a product or service to produce income

A

Generation of Revenue

46
Q

Revenue that is collected for performing laboratory testing.

A

Net Revenue

47
Q

Revenue that is charged for performing laboratory testing; gross revenue is rarely the same as net revenue.

A

Gross Revenue

48
Q

Fixed, prearranged payment received per patient enrolled in a health plan.

A

Capitated Revenue

49
Q

payment based on patient episode; it does not vary based on services provided

A

Bundled Revenue

50
Q

simply, “selling the right thing to the right person at the right price on the right day.”

A

Revenue Management

51
Q

These include essential devices like imaging equipment (e.g., MRI and CT scanners), diagnostic tools, surgical instruments, and lab equipment.

A

Direct Sales of Medical Devices

52
Q

Platforms for electronic health records (EHR), patient management, and diagnostics generate revenue through licensing and subscriptions.

A

Software and Digital Health Solutions

2nd year, 1st sem (41 decks)

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