Laboratory Budget

Question 1

monitoring the financial resources of the org

Answer 1

budgeting

Question 2

process of planning for the lab as on ongoing business

Answer 2

operational budgeting

Question 3

types of operational budgets

Answer 3

capital budget
flexible budgeting
zero-base budgeting

Question 4

plans for the acquisition and completion of specific equipment

Answer 4

Capital budget

Question 5

budgeting process that attempts to set expenditures

Answer 5

flexible budgeting

Question 6

analyzes needs based on prioritizing of goals and objectives and not on past allocations

Answer 6

zero-base budgeting

Question 7

operating costs

Answer 7

operating cost
direct cost
indirect cost
fixed cost
variable cost
capital cost

Question 8

costs to produce test results. includes direct and indirect costs

Answer 8

operating cost

Question 9

directly associated with producing test result

Answer 9

direct cost

Question 10

indirectly contribute to producing lab test

Answer 10

indirect cost

Question 11

remain the same from month to month

Answer 11

fixed cost

Question 12

change with the amount of work performed

Answer 12

variable cost

Question 13

purchasing equipment that have a life span of more than 1 year

Answer 13

capital cost

Question 14

operational budget preparation

Answer 14

time frame
forecasting stage
scheduling stage
synthesis of information

Question 15

review of budgeting procedures, budget based on the exploitation of historical data

Answer 15

Pro Forma Budget

Question 16

monetary needs of the institution

Answer 16

capital

Question 17

building project, place of equipment or instruments that meets specific institutional guidelines

Answer 17

capital item

Question 18

document issued by a government regulatory body to authorize a capital project

Answer 18

certificate of need

Question 19

instrument/project capital proposal

Answer 19

narrative tools
quantitative tools

Question 20

narrative tools 3

Answer 20

prioritization
justification
opportunity cost

Question 21

the value of what is given up in order to pursue another projecy

Answer 21

opportunity cost

Question 22

4 quantitative tools

Answer 22

payback period
average range of return
net present value
internal rate of return

Question 23

the length of time it will take to recover cash

Answer 23

payback period

Question 25

average yield over the life of investment

Answer 25

average range of return

Question 26

the future value of money compared of today

Answer 26

the value of money

Question 27

the worth of future earning

Answer 27

net present value

Question 28

the ration of cash flow and cost of capital factors

Answer 28

required rate of return

Question 29

the monetary value by which assets diminish with time and usage

Answer 29

depreciation

Question 30

value of an item at the time of reale, trade or dispossal

Answer 30

salvage value

Question 31

calculation methods

Answer 31

straight line depreciation
annual depreciation

Question 32

a method based on the time element of depreciation

Answer 32

straight line depreciation

Question 33

cost of project-salvage value/ life expectancy

Answer 33

annual depreciation

Question 34

a method of determining the depreciation allowance

Answer 34

unit of output

Question 35

unit depreciation = ?

Answer 35

purchase price - salvage value/estimated # of units

Question 36

methods allowed by regulatory agencies to encourage investments

Answer 36

accelerated depreciation