Study Questions 2 Flashcards
Income statements, balance sheets, and cash flow statements are all examples of a pro-forma statement?
True
False
True
At which time interval must a veterinary license be renewed?
A. Every third year
B. Every year
C. Never; a lifetime license is issued to all veterinary program graduates
D. Every other year
B every year
Which statement regarding the confidentiality of client information in the medical record is accurate?
A. The client information is confidential but the patient information is not considered confidential
B. It is unlawful to disseminate client information without a court order or consent of the client
C. It is unethical to release the medical record or client information without a court order or consent of the client
D. The information in the medical record is not confidential
C. It is unethical to release the medical record or client information without a court order or consent of the client
What do we call the following formula: assets = liabilities + owner’s equity?
A. Present value equation
B. Net income equation
C. Cash flow equation
D. Accounting equation
D. Accounting equation
Which option below is an ancillary benefit of a ration-based inventory system?
A.  fewer expired products, ease of use due to proximity
B. Multiple team members are responsible for inventory which decreases stockouts
C. The system is not affected by staff turnover due to transparency in the system
D. Duplication of drugs is minimized
D. Duplication of drugs is minimized
In regards to changing organizational culture; there are five key steps in making a culture change within a practice. 1. define the culture. 2. align behaviors with the desired culture 3. commit to the change. 4. support the shift. What is the fifth step?
A. Grow the team
B. Measure results
C. Lead the way
D. Revisit often
A. Grow the team
Why should the leaders of a practice take time to develop a marketing action plan?
A. To develop a list of pros and cons for utilizing new marketing techniques
B. To provide an opportunity to discuss the upcoming budget
C. To determine the effectiveness of last year‘s marketing plan
D. To plan and account for each step of the entire marketing plan
D. To plan and account for each step of the entire marketing plan
How can a manager learn about all of the tools and settings of a new practice management software program?
A. Through reading articles in veterinary publications about software features
B. By doing skill drills every day on the new system
C. By attending continuing education seminars given by the software company
D. Exclusively through reviewing material on the software company’s website
C. By attending continuing education seminars given by the software company
Which is the correct reporting scenario when a workplace injury occurs in a veterinary practice?
A. Complete an OSHA form 300 in all cases
B. No report is necessary if the injury does not require medical treatment
C. File a Worker’s Compensation report
D. Complete an OSHA form 300 if the practice has 11 or more employees
D. Complete an OSHA form 300 if the practice has 11 or more employees
When informing the rest of the staff of an employee termination, what approach decreases potential liability issues?
A. Do not discuss the termination with staff members
B. Discuss the reason with the staff and remind them how to avoid termination
C. State the employee was terminated for violating hospital policy
D. Be honest with the staff and tell them the reason for the termination
C. State the employee was terminated for violating hospital policy
Daniel Goleman introduced a mixed model of emotional intelligence and in that model the focus is on five skills and competencies that drive leadership. What are those five skills?
A. Comprehension, responsiveness, impulse control, judgment, and discernment
B. Self-discipline, perception, sympathy, communication skills, and intent
C. Self-awareness, motivation, social skills, empathy, and self-regulation
D. Integrity, decisiveness, commitment, accountability, and creativity
C. Self-awareness, motivation, social skills, empathy, and self-regulation
Which two key pieces of information are shown on an accounts payable report?
A. The amount due to the practice and the timeframe
B. The amount owed and the date due
C. The itemized invoice and the purchase date
D. The total amount due for all accounts and aging
B. The amount owed and the date due
Which statement accurately describes how employees should be compensated for their time spent attending mandatory continuing education classes?
A. They should be compensated at their normal rates and hours are included in overtime calculations
B. They should not be compensated because this is part of the job
C. They should be compensated at their normal rates and overtime is not included because this is training time
D. They should be compensated at a training rate
A. They should be compensated at their normal rates and hours are included in overtime calculations
Which statement is true regarding the protection of a pregnant worker’s job?
A. The worker’s job is protected by the Equal Employment Opportunity Commission (EEOC) because discrimination on the basis of pregnancy constitutes unlawful sex discrimination
B. The worker’s job is protected by the Civil Rights Act because discrimination on the basis of pregnancy constitutes unlawful sex discrimination
C. The worker’s job is protected by the Social Security administration because pregnancy constitutes a short-term disability
D. The worker’s job is protected under the Americans with Disabilities Act because pregnancy constitutes a short-term disability
B.
Income statements, balance sheets, and cash flow statements are all examples of a Pro-Forma statement.
True
False
True
Which items should be included in the calculation of the cost of holding a staff meeting?
A. Length of meeting, meeting time preparation, food (optional), and employee wages
B. Length of meeting, employee wages, food (optional), and lost profits
C. Employee wages, food (optional), and hourly overhead for the meeting time
D. Employee wages, meeting time preparation, missed doctor productivity, and food (optional)
B. Length of meeting, employee wages, food (optional), and lost profits
Employee pet health benefits are offered at most practices. Which statement is true regarding the IRS regulation on employee discounts?
A. The owner of the business may grant any discount to an employee
B. The business is allowed to provide a discount of up to 50% before taxes are applied
C. The business is allowed to discount products to cost and services to no more than 20% of the fee charged to a client
D. The owner of the business must give similar discounts to all full-time and part-time employees
C. The business is allowed to discount products to cost and services to no more than 20% of the fee charged to a client
As it relates to negotiating, which statement below is NOT true?
A. One question to consider is “what do I really need from this transaction and what do I only want?”
B. To avoid potentially making an agreement too far into the future to actually forecast the benefit, maintain strategies that focus on short-term objectives
C. Negotiation requires research on the topic being negotiated prior to agreeing to participate
D. Make sure to identify the best alternative to negotiated agreement
B. To avoid potentially making an agreement too far into the future to actually forecast the benefit, maintain strategies that focus on short-term objectives
Which source of information are your clients and potential clients frequently exposed to first?
A. Radio
B. Print ads
C. Referral
D.  Internet
D.  Internet
