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(3) Organization & Administration > S2_L1: Fiscal Management & Budgeting > Flashcards

S2_L1: Fiscal Management & Budgeting Flashcards

1
Q

This is the process of keeping an organization running efficiently
within its allotted budget.

A

Fiscal Management

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2
Q

TRUE OR FALSE: Fiscal Management is done to improve the way the department
operates by properly planning, recording, and performing procedures that relate to the budget

A

True

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3
Q

TRUE OR FALSE: Fiscal Management is often used interchangeably with financial management

A

True

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4
Q

A poor fiscal management is indicated by a lack of (1)_____ and unnecessary or unplanned (2)_____ that can cause a department to go over budget or fail to meet its objectives.

A

1.record keeping
2. expenditures

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5
Q

Usually, the fiscal planning is done _____, often coinciding with the fiscal year under which the
department operates.

A

yearly

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6
Q

Fiscal Management is led by (1)______ in larger organizations or managed with the assistance of (2)______ in smaller organizations.

A
  1. professional financial experts
  2. financial consultants
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7
Q

Fiscal management records all business (1)_____, focus on (2)____ & ____, and guard against theft, waste or loss of (3)_____

A
  1. transactions
  2. revenue and expenses
  3. assets
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8
Q

Determine the accounting term.

What is left after debt were paid.

A

Net worth

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9
Q

Determine the accounting term.

Debts of the organization

A

Liabilities

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10
Q

Determine the accounting term.

Debts payable to individuals who have provided products

A

Accounts payable

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11
Q

Determine the accounting term.

Property such as the goods, equipment, buildings, installations, land, investments, and retained earnings

A

Asset

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12
Q

Determine the accounting term.

Represent the value of debt that are held for payment in the future

A

Accrued expenses

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13
Q

Determine the accounting term.

Are promises to pay a certain amount of money at a
certain time in the future

A

Notes payable

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14
Q

Determine the accounting term.

When expenses exceed revenue.

A

Loss

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15
Q

Determine the accounting term.

Gross income

A

Revenue

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16
Q

Determine the accounting term.

Is an income tax deduction that allow the taxpayer to recover the costs owned property or other assets placed in service over time that have a determinable
useful life.

A

Depreciation

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17
Q

Determine the accounting term.

Is money spent to produce/purchase a service or
product that is sold.

A

Expense

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18
Q

Determine the accounting term.

Top priority for managers to determine

A

Costs

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19
Q

TRUE OR FALSE: For individuals (like students), the assets would
include personal cash, savings, interest on savings and investments, and other valuable items that are owned outright

A

True

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20
Q

TRUE OR FALSE: Total assets are the amount of the organization’s assets that are owned by its predators. Such
assets are accounts payable, accrued expenses, and notes payable.

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

B. Both statements are false

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21
Q

TRUE OR FALSE: Owner’s equity is the difference between
organization’s total assets and its total liabilities

A

True

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22
Q

TRUE OR FALSE: Expenses may be a profit when the organization’s revenue exceed the expenses for a scheduled period of time

A

True

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23
Q

In Healthcare/Clinic Organization and Administration, costs are usually expressed as the cost per ______.

A

patient visit

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24
Q

Determine what accounting term fits the examples.

sick leave

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

B. Accrued expenses

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25
Q

Determine what accounting term fits the examples.

Vacation time

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

B. Accrued expenses

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26
Q

Determine what accounting term fits the examples.

professionals

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

C. Accounts payable

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27
Q

Determine what accounting term fits the examples.

land

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

A. Asset

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28
Q

Determine what accounting term fits the examples.

personal cash

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

A. Asset

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29
Q

Determine what accounting term fits the examples.

Bills for supplies

A. Asset
B. Accrued expenses
C. Accounts payable
D. Liabilities
E. None

A

C. Accounts payable

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30
Q

Enumerate the KINDS of costs.

A
  1. Direct costs
  2. Indirect (overhead) costs
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31
Q

Enumerate the CLASSIFICATION of costs.

A
  1. Fixed
  2. Variable
  3. Semifixed
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32
Q

Expenses for delivering services which Include salaries, equipment, and clinical supplies.

A. Direct costs
B. Indirect (overhead) cost

A

A. Direct costs

33
Q

Rent or mortgage payments, utilities, janitorial services, equipment maintenance, office supplies

A. Direct costs
B. Indirect (overhead) cost

A

B. Indirect (overhead) cost

34
Q

_____ costs are those items necessary regardless of the number of patients there are in a practice or service.

A

Overhead/ Indirect

35
Q

The cost increases as the number of patients increases

A. Fixed
B. Variable
C. Semifixed

A

B. Variable

36
Q

may vary because of need
for overtime or when work hours are decreased as patient census
fluctuates

A. Fixed
B. Variable
C. Semifixed

A

C. Semifixed

37
Q

The same cost regardless of the
number of patients who are treated

A. Fixed
B. Variable
C. Semifixed

A

A. Fixed

38
Q
  1. rent
  2. loan payments
  3. laundry services

A. Fixed
B. Variable
C. Semifixed

A
  1. A
  2. A
  3. B
39
Q

What is the formula for the total direct cost?

A

Sum of total labor costs, equipment loan and clinical supplies per month / average number of tx session per month

40
Q

What is the formula for the total indirect cost?

A

Sum of lease, phone & internet subscription, and electricity bill per month / average number of tx session per month

41
Q

This pertains to a physical therapist’s ability to produce income by patient care, including evaluation, treatment planning and patient education

A

Productivity

42
Q

What are the factors that affects productivity?

A
  1. Down Time
  2. Department Management
  3. Supervision
  4. Physician’s service
  5. Clerical, reception, general office and secretarial
    personnel
43
Q

Can limit the employee’s productivity by 35% which
makes them 65% productive

A. Down Time
B. Department Management
C. Supervision
D. Physician’s service
E. Clerical, reception, general office and secretarial
personnel

A

A. Down Time

44
Q

Necessary to assist in the professional and business
activities of the PT department

A. Down Time
B. Department Management
C. Supervision
D. Physician’s service
E. Clerical, reception, general office and secretarial
personnel

A

E. Clerical, reception, general office and secretarial
personnel

45
Q

Time that an employee’s availability to be productive
is infringed upon

A. Down Time
B. Department Management
C. Supervision
D. Physician’s service
E. Clerical, reception, general office and secretarial
personnel

A

A. Down Time

46
Q

TRUE OR FALSE: Down time may be a constant or intermittent factor. An example of which is the teaching commitment of a facility

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

A. Both statements are true

47
Q

TRUE OR FALSE: Patient non-availability is not an example if down time. Transportation lags are an example of down time

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

D. Only the 2nd statement is true

48
Q

The ______ is the highest paid professional in the department

A

director

49
Q

TRUE OR FALSE: The director is not usually involved in direct patient care and is mostly responsible for staff supervision

A

True

50
Q

The supervisory needs are dependent on:

  1. Kinds of patient ______
  2. Volume and mix of patient _____
  3. Number and training of the _____ working in
    the service
A
  1. pathology
  2. load
  3. personnel
51
Q

TRUE OR FALSE: If the clerical and reception departments are
understaffed and there are a large number of patients in the clinic, productivity will be affected

A

True

52
Q

This is a set of financial reports that are prepared with aid of a professional such as Certified Public Accountant.

A

Financial Statement

53
Q

This is the first statement in the set of financial statements, a
statement of an organization’s financial condition.

A

Balance Sheet

54
Q

This is a report on the financial performance of an organization
over a specific period of time.

A

Income Statement

55
Q

This is used to compare the past and current trends that can be
used to evaluate current and future performance

A

Retained Statement

56
Q

This compares the amount of money earned to the amount of
money spent.

A

Income Statement

57
Q

TRUE OR FALSE: Difference between revenue and expenses is the net income or loss during the reporting period

A

True

58
Q

This is a mandatory part of an organization’s financial
statement. It reports on the cash the flows through the
business from core operations, financing or investing

A

Cash Flow Statement

59
Q

Also referred to as an owner’s equity statement. It is used to view the financial health, stability, ad growth potential of the organization

A

Retained Statement

60
Q

This is influence by the organization’s net income and premonth of dividends to the owner’s of the organization

A. Income Statement
B. Retained Statement
C. Cash Flow Statement

A

B. Retained Statement

61
Q

This is the principal means of controlling the availability and cost of financial resources for a specified period of time

A

Budgeting

62
Q

TRUE OR FALSE: Budgeting requires the manager to plan ahead, forecast and
anticipate what’s going to happen in the next week from
the financial POV. It is a quantitative expression of the plan of action

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

D. Only the 2nd statement is true

It anticipates for a whole year.

63
Q

TRUE OR FALSE: Budgeting is a financial statement of the estimated income and expenditure for an organization, specified in a certain period of time. It is a linear process that requires monitoring and making a revisions of the revenue and as the expenses fluctuates.

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

C. Only the 1st statement is true

It is a dynamic process.

64
Q

They represent the department’s budget for approval

A

Mid level managers

65
Q

_____ is an itemized listing of the approved anticipated revenue and projected expenses for an
organization

A

Budget

66
Q

TRUE OR FALSE: Budgeting is a tool for projecting and monitoring revenues and expenses. Budget numbers need to be consistent and frequently monitored monthly

A. Both statements are true
B. Both statements are false
C. Only the 1st statement is true
D. Only the 2nd statement is true

A

A. Both statements are true

67
Q

_____ is the point at which revenues equal expenses.

A

Break-even point

68
Q

When doing a budget for the following year, it must be
done ____ months in advance

A

3

69
Q

Once budget has been developed, it has to be (1)____ and (2)_____

A
  1. implemented
  2. monitored
70
Q

Fill in the blanks: Budget Development

  1. Estimation of ______
  2. Overall basis individual revenues
  3. _______ budget for a day, week, month, and a year
  4. _______ budget
  5. _______ budget
A
  1. Revenues
  2. Expense
  3. Consolidated
  4. Operating
71
Q

This is the cornerstone of the budgeting process. It is where you will be able to project the number of cases for every service that you provided in your company or
institution.

A

Statistics Budget

72
Q

This is a detailed information from statistics budget combined
with volume data with the reimbursement data

A

Revenue Budget

73
Q

This is a combination of revenue and expense budgets

A

Operating Budget

74
Q

This is the key to effective financial management and is the ability to analyze projected to actual performance.

A

Variance Analysis

75
Q
  1. Difference from quantities consumed and quantity initially allocated to production
  2. Arise from difference of standard overhead cost
    vs actual overhead

A. Material Variances
B. Labour variances
C. Overhead Variances

A
  1. A
  2. C
76
Q
  1. Actual wage of workers vs standard wage prevalent for the output specified
  2. Difference between price paid and price budgeted especially during inflation

A. Material Variances
B. Labour variances
C. Overhead Variances

A
  1. B
  2. A
77
Q
  1. Sum total of the indirect total of labor and expenses cost
  2. Difference from quantities consumed and quantity initially allocated to production

A. Material Variances
B. Labour variances
C. Overhead Variances

A
  1. C
  2. A
78
Q

TRUE OR FALSE: The expense budget is derived from the statistics budget.

A

True

(3) Organization & Administration (12 decks)

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