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JAMES ALLEN FINANCE & ACCOUNTING- JAMES ALLEN > TERMINOLOGY > Flashcards

TERMINOLOGY Flashcards

1
Q

To directly charge a person with committing an offense that is recognized as being against a law is ___.

  1. Counsel
  2. Accuse
  3. Arrest
  4. Inform
A

Accuse

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2
Q

To set a person or corporation free of accusation is ___.

  1. Acquit
  2. Accuse
  3. Arrest
  4. Define
A

Acquit

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3
Q

A decision of not guilty is known as ___.

  1. Arrest
  2. Discharge
  3. Acquit
  4. Inform
A

Acquit

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4
Q

Conduct giving rise to a cause for legal action is ___.

  1. Actionable
  2. Accusation
  3. Defined
  4. None of the above
A

Actionable

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5
Q

A written statement given under oath before an officer having authority to administer oaths is ___.

  1. Accusation
  2. Actionable
  3. Affidavit
  4. Subpoena
A

Affidavit

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6
Q

One whose legal rights have been invaded or who has suffered a loss or injury is ___.

  1. Accused party
  2. Aggrieved party
  3. Acquitted party
  4. None of the above
A

Aggrieved party

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7
Q

In criminal cases, the one accused; in civil cases the one who is sued is the ___.

  1. Aggrieved
  2. Acquitted
  3. Defendant
  4. None of the above
A

Defendant

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8
Q

The intentional doing of a wrongful act, without just cause or excuse, with intent to inflict injury is ___.

  1. Malice
  2. Negligence
  3. Abuse
  4. None of the above
A

Malice

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9
Q

The failure to exercise the degree of care a reasonable person would exercise under the same circumstances is ___.

  1. Malice
  2. Negligence
  3. Abuse
  4. Egregious
A

Negligence

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10
Q

A ___ exists when a legal duty is owed by a defendant to a plaintiff or that duty was breached and the plaintiff was harmed as a direct result of the breach of duty.

  1. Ipso facto
  2. Witness
  3. Tort-feasor
  4. Tort
A

Tort

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11
Q

____ is defined as - the three primary sources in health care malpractice suits are:
Failure to obtain effective consent before intervening in the life of a resident
Breach or violation of a contract or promise
The rendering of substandard, poor-quality care
1. Liable
2. Civil liability
3. Malpractice
4. None of the above

A

Civil liability

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12
Q

The duty to have and to use the degree of knowledge and skill that is usually possessed and used by competent, prudent, similar health care providers in like or similar circumstances is ___.

  1. Standard of Care
  2. Liability
  3. Neglect
  4. None of the above
A

Standard of Care

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13
Q

An accounting method that assigns identifiable costs and allocates common cost to specific activity areas in the facility. (AKA Departmental area costing) is ___.

  1. Administrative costing
  2. Activity based costing
  3. Bookkeeping
  4. None of the above
A

Activity based costing

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14
Q

A method of measuring the potential profitability of an investment is known as ___.

  1. ARR-Accounting Rate of Return
  2. ARR-Annual Return Rate
  3. ARR-Acceptable Rate Return
  4. None of the above
A

ARR-Accounting Rate of Return

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15
Q

A provision that a facility makes for uncollectible accounts receivable is called ___.

  1. Uncollectible debts
  2. Bad Credit
  3. Allowance for bad debts
  4. None of the above
A

Allowance for bad debts

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16
Q

The detailed statement of the facility’s financial position, fiscal or calendar is called ___.

  1. Payable/Receivable Report
  2. Earnings Report
  3. Fiscal Calendar Report
  4. Annual Report
A

Annual Report

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17
Q

In accounting, an economic item that is both unusual and infrequent is called ___.

  1. Extraordinary Item
  2. Unacceptable Item
  3. Uncollectible Item
  4. None of the above
A

Extraordinary Item

18
Q

In accounting, the relative importance of an accounting error or omission in a SNF’s financial statement is called ___.

  1. Acceptable Receivables
  2. Materiality
  3. Easy Collection Error
  4. None of the above
A

Materiality

19
Q

An item or right that has no physical substance and provides an economic benefit is called ___.

  1. Notable Asset
  2. Economic Benefit
  3. Intangible Asset
  4. Acceptable Asset
A

Intangible Asset

20
Q

The ability of current assets to meet the financial obligation of current liabilities is called ___.

  1. Tangible Assets
  2. Receivables
  3. Financial Responsibility
  4. Liquidity
A

Liquidity

21
Q

The value of cash to be received in the future expressed in current dollars of an investment in excess of the initial amount invested is known as ___.

  1. Net present value
  2. Net receivables
  3. Net assets
  4. Net liquidity
A

Net Present Value

22
Q

The current value of a future payment or stream of payments is called ___.

  1. Present Receivables
  2. Present value
  3. Present Assets
  4. None of the above
A

Present value

23
Q

A measure of the earning power of a facility’s assets is known as ___.

  1. ROI-Rate of Investment
  2. ROI-Receivable on Investment
  3. ROI-Return on Investment
  4. None of the above
A

ROI-Return on Investment

24
Q

“Caveat Emptor” is a latin term translated as ___.

  1. All things fair
  2. Let the Buyer beware
  3. Take what you want
  4. Be wise in business
A

Let the Buyer beware

25
Q

A document issued by a state or other sovereign government establishing a corporate entity is a___.

  1. Charter
  2. Contract
  3. Clinic
  4. 1&3
A

Charter

26
Q

An agreement between two or more persons that creates legally enforceable rights and remedies is a ___.

  1. Clinician
  2. Charter
  3. Contract
  4. None of the above
A

Contract

27
Q

One who agrees to do work for another and retains control over the means, method, and manner in which the work is done is known as a ___.

  1. Contract
  2. Clinic
  3. Charter
  4. Contractor
A

Contractor

28
Q

The actual percentage, specified by administration, of goods in a lot of incoming materials that a facility will allow to be defective and still accept the lot as “good” is called ___.

  1. Acceptable Quantity Level
  2. Acceptable Quality Level
  3. Acceptable Goods Level
  4. None of the above
A

Acceptable Quality Level

29
Q

A method of determining whether the results of a particular proposed course of action are sufficient to justify the cost of undertaking it is called ___.

  1. Acceptable Benefit Analysis
  2. Cost Effective Analysis
  3. Cost-Benefit Analysis
  4. Acceptable Quantity Analysis
A

Cost-Benefit Analysis

30
Q

In a nursing facility, adding one more bed might trigger a state requirement for an additional RN on a shift, dramatically increasing the ___ cost of adding one more bed to a wing.

  1. Marginal
  2. Incremental
  3. 1&2
  4. None of the above
A

Marginal or Incremental

31
Q

In accounting and finance, the amount of long-term debt that a company has in relation to its equity is called ___.

  1. Disclosure
  2. Default
  3. Bonds
  4. Leverage
A

Leverage

32
Q

The ___ monitors use of accounting principles, trading activities, and auditing practices of publicly held companies.

  1. SEC
  2. JIT
  3. FTC
  4. IRS
A

SEC

33
Q

The amount on the balance sheet that represents ownership in a business, AKA cash equity, net worth is called ___.

  1. Capital
  2. Debts
  3. Receivables
  4. None of the above
A

Capital

34
Q

The process of simultaneously buying a stock, currency. or commodity in one market and selling it another is called ___.

  1. Arbitrage
  2. Notes
  3. Mortgage
  4. None of the above
A

Arbitrage

35
Q

The shares representing ownership of a company is called ___.

  1. Asset Stock
  2. Debit Stock
  3. Capital Stock
  4. None of the above
A

Capital stock

36
Q

A measure of the company’s investment potential is call ___ ratio.

  1. Penny/Earnings Ratio
  2. Price/Earnings Ratio
  3. Stock/Earnings Ratio
  4. None of the above
A

Price/Earnings Ratio

P/E = MARKET PRICE PER COMMON SHARE/PRIMARY EARNINGS PER COMMON SHARE

37
Q

The return on services rendered shows the percentage of net income generated by each service billed dollar in for-profit facilities is called ___.

  1. Net profit margin
  2. Asset profit margin
  3. Principle profit margin
  4. None of the above
A

Net profit margin

38
Q

The Ratio of income to sales is called ___.

  1. Asset Profit
  2. Principle Profit
  3. Profit Margin
  4. None of the above
A

Profit Margin

PROFIT MARGIN = GROSS PROFIT/SALES

39
Q

A person who computes insurance costs, usually for the purpose of determining rates to be charged is called a/an ___.

  1. Annuity
  2. Actuary
  3. Beneficiary
  4. None of the above
A

Actuary

40
Q

A fixed amount of money payable periodically by an insurer under the terms of an insurance contract is called a/an ___.

  1. Annuity
  2. Actuary
  3. Beneficiary
  4. None of the above
A

Annuity

41
Q

A supplement or amendment to a will is called a ___.

  1. Amendment
  2. Supplement
  3. Codicil
  4. Attachment
A

Codicil

42
Q

Broadly refers to all real and personal property a person owns or leaves at death is called a/an ___.

  1. Actuary
  2. Annuity
  3. Estate
  4. Benefit
A

Estate

JAMES ALLEN FINANCE & ACCOUNTING- JAMES ALLEN (4 decks)

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