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LbMn 3S > U11: Financial Management > Flashcards

U11: Financial Management Flashcards

1
Q

planning the procurement

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

b. financial management

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2
Q

utilization of funds

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

b. financial management

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3
Q

controlling the financial operation to assure effective utilization of funds

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

b. financial management

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4
Q

setting of financial goals

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

a. financial planning

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5
Q

the determination of future financial requirements

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

a. financial planning

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6
Q

possible sources of funds

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

a. financial planning

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7
Q

systematic programming of organizational activities

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

d. budget

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8
Q

based on their costs and on the amount of resources available

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

d. budget

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9
Q

A template for forecasting revenue and expenses for an organization

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

d. budget

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10
Q

ongoing process that culminates annually with the expense projections for the coming year

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

c. laboratory budgeting

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11
Q

forecasts are made in accordance with the chart of accounts divided into quarters

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

c. laboratory budgeting

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12
Q

These three-month intervals represent the best times for expenditure modification

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

c. laboratory budgeting

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13
Q

use data from previous year’s revenue and expenses

a. historical
b. growth factor projection
c. zero-based budgeting

A

a. historical

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14
Q

forecasting future revenues and expenses by factoring the desired growth projection

a. historical
b. growth factor projection
c. zero-based budgeting

A

b. growth factor projection

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15
Q

starting the budget process from zero figure and justifying and researching every cost that will be incurred before arriving to a final budget

a. historical
b. growth factor projection
c. zero-based budgeting

A

c. zero-based budgeting

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16
Q

divided into anticipated income and expenses

a. financial planning
b. financial management
c. laboratory budgeting
d. budget

A

d. budget

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17
Q

patient days, services rendered per patient day

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

a. income/ revenue

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18
Q

the charges that may be made for these services

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

a. income/ revenue

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19
Q

involve personnel costs which amounts to about 70% of total expenses

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

b. expense/ costs

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20
Q

Expense/ costs:
involve personnel costs which amounts to about ___% of total expenses

a. 30%
b. 50%
c. 70%
d. 80%

A

c. 70%

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21
Q

materials, leases and contracts and overhead costs

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

b. expense/ costs

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22
Q

usually include interest on debts, utilities, phone, building maintenance and various other costs that can not be allocated to a specific areas

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

c. overhead costs

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23
Q

salaries of permanent employees who are already working at the start of the fiscal year

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

d. personnel costs

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24
Q

Additional personnel may be anticipated (or reductions may be planned)

a. income/ revenue
b. expense/ costs
c. overhead costs
d. personnel costs

A

d. personnel costs

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25
Q

can be estimated on the basis of previous experience

a. equipment
b. supplies
c. taxes
d. insurance

A

b. supplies

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26
Q

new equipment is anticipated, and changes made in ________, etc.

a. equipment
b. supplies
c. taxes
d. insurance

A

b. supplies

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27
Q

Chart of accounts:
exempt, non-exempt

a. insurance
b. taxes
c. reference laboratory fees
d. salaries

A

d. salaries

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28
Q

Chart of accounts:
purchase, rental, lease, maintenance, depreciation

a. equipment
b. supplies
c. taxes
d. insurance

A

a. equipment

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29
Q

Chart of accounts:
payroll & sales

a. insurance
b. taxes
c. reference laboratory fees
d. salaries

A

b. taxes

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30
Q

Chart of accounts:
general liability, workman’s compensation, group health, others

a. insurance
b. taxes
c. reference laboratory fees
d. salaries

A

a. insurance

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31
Q

Financial Accounting Statements:
Statement of financial Position

a. balance sheet
b. income statement
c. statement of cash flow

A

a. balance sheet

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32
Q

Financial Accounting Statements:
It shows the lab’s financial situation at a given point in time.

a. balance sheet
b. income statement
c. statement of cash flow

A

a. balance sheet

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33
Q

Financial Accounting Statements:
It contains the Assets (Cash, Receivables, Property, Equipment, Inventory).

a. balance sheet
b. income statement
c. statement of cash flow

A

a. balance sheet

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34
Q

Financial Accounting Statements:
Shows revenue generated and expenses incurred over a period of time

a. balance sheet
b. income statement
c. statement of cash flow

A

b. income statement

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35
Q

Financial Accounting Statements:
Shows the inflow and outflow of cash

a. balance sheet
b. income statement
c. statement of cash flow

A

c. statement of cash flow

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36
Q

Financial Accounting Statements:
Operations, Investments, Financing

a. balance sheet
b. income statement
c. statement of cash flow

A

c. statement of cash flow

37
Q

Choose 3:
Tools for fiscal decision making
a. Laboratory workload reporting
b. Investment recovery phase
c. Depreciation/ Payback period
d. Cost finding/ Cost-Revenue Analysis

A

a. Laboratory workload reporting
c. Depreciation/ Payback period
d. Cost finding/ Cost-Revenue Analysis

38
Q

defined as one minute of technical, clerical, and aide time

a. Workload reporting
b. Workload unit
c. Credit unit
d. Productivity unit

A

b. Workload unit

39
Q

Workload Unit:
In actual practice, the average workload productivity in most laboratories is in the range of ___ to ___ workload units per hour.

a. 30-55 workload units/hour
b. 35-35 workload units/hour
c. 30-45 workload units/hour
d. 35-55 workload units/hour

A

a. 30-55 workload units/hour

40
Q

Component of Workload:
refers to the personnel labor effort involved in direct patient specimen handling as it processes from specimen to result

a. direct effort
b. indirect effort
c. operational needs

A

a. direct effort

41
Q

Component of Workload:
list of tasks that staff members perform that isn’t directly related to the patient, specimen, or test results

a. direct effort
b. indirect effort
c. operational needs

A

b. indirect effort

42
Q

Component of Workload:
Calibration, control, maintenance, stocking of supplies, answering phone calls, inquiries, etc.

a. direct effort
b. indirect effort
c. operational needs

A

b. indirect effort

43
Q

Component of Workload:
non-procedural-based responsibilities that consume staffing resources

a. direct effort
b. indirect effort
c. operational needs

A

c. operational needs

44
Q

Component of Workload:
further removed from the testing process and are more operational in nature

a. direct effort
b. indirect effort
c. operational needs

A

c. operational needs

(this is the difference between indirect-effort tasks and operational needs)

45
Q

Component of Workload:
Trainings, break/lunch, meetings, etc.

a. direct effort
b. indirect effort
c. operational needs

A

c. operational needs

46
Q

FTE, or full-time equivalent, is based on a _______ workweek.

a. 10-hour
b. 20-hour
c. 40-hour
d. 60-hour

A

c. 40-hour

47
Q

T/F:
FTE, or full-time equivalent can be accomplished with one staff member working 40 hours or two working 20 hours each, etc.

A

T

48
Q

FTE Formula (per day)

A

minutes/test x occurrences/day = minutes/day

  • convert to hr
  • divide by 8
49
Q

Productivity (units/hr)

A

total workload units/ hour

50
Q

comparing current with previous productivity in (sections within the laboratory) ( with other comparable laboratories)

a. Full-time equivalent
b. Direct effort
c. CAP workload unit
d. Productivity unit

A

d. Productivity unit

51
Q

Productivity unit:
If a laboratory’s productivity consistently runs over ____, then the laboratory maybe understaffed and need additional personnel support.

a. 20%
b. 40%
c. 50%
d. 60%

A

d. 60%

52
Q

The value of the equipment/ capital expense diminishes over an extended period of time and usage

a. Depreciation
b. Payback Period
c. Cost finding
d. Direct cost

A

a. Depreciation

53
Q

determines how long will it take to recover cash outlays, or to recover their investment

a. Depreciation
b. Payback Period
c. Cost finding
d. Direct cost

A

b. Payback Period

54
Q

Formula:
Straight line depreciation (Annual)

A

(cost of equipment - salvage value) /
life expectancy of equipment

55
Q

Formula:
Payback period

A

purchase price of the equipment /
annual income generated by the equipment

56
Q

cost for performing a particular procedure

a. direct cost
b. indirect cost
c. cost finding
d. capital cost

A

c. cost finding

57
Q

establishes its charges on the involved direct and indirect cost

a. capital cost
b. cost finding
c. operating cost
d. fixed cost

A

b. cost finding

58
Q

consultation with the fiscal staff of the hospital

a. cost finding
b. capital cost
c. operating cost
d. fixed cost

A

a. cost finding

59
Q

fiscal personnel are needed to provide the indirect (or overhead) expense

a. cost finding
b. capital cost
c. operating cost
d. fixed cost

A

a. cost finding

60
Q

to assist in preparing the data for submission to the hospital administration, board of trustees and third party payer, for approval

a. capital cost
b. variable cost
c. operating cost
d. cost finding

A

d. cost finding

61
Q

Choose 2:
Two general types of costs

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

b. direct cost
d. indirect cost

62
Q

are costs of materials supplies and personnel time

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

b. direct cost

63
Q

utilities, laboratory and institutional administrative expenses, building depreciation and janitorial services

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

b. direct cost

64
Q

are constant overtime regardless of volume of determinations

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

a. fixed cost

65
Q

Depreciations, supervisor salaries and rental charges are examples

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

a. fixed cost

66
Q

costs (for items such as supplies and reagents) which will vary in a relationship to the volume of determinations

a. fixed cost
b. direct cost
c. variable cost
d. indirect cost

A

c. variable cost

67
Q

Fixed costs are much larger than variable costs since personnel costs usually account for ___% to ___% of the total budget of most hospitals.

a. 40%-50%
b. 50%-60%
c. 60%-70%
d. 70%-80%

A

c. 60%-70%

68
Q

Associated with physical assets, equipment, instruments that have a life span of more than 1 year and often depreciated over a 5 year period, or may cost more than a set amount

a. direct cost
b. indirect cost
c. capital cost
d. operating cost

A

c. capital cost

69
Q

Capital Cost:
Associated with physical assets, equipment, instruments that have a life span of more than ______ and often depreciated over a ______ period, or may cost more than a set amount

a. 1 year, 3-year period
b. 1 year, 5-year period
c. 2 years, 4-year period
d. 2 years, 5-year period

A

b. 1 year, 5-year period

70
Q

Costs used for day-to-day operations

a. direct cost
b. indirect cost
c. capital cost
d. operating cost

A

d. operating cost

71
Q

General costs of doing business

a. direct cost
b. indirect cost
c. capital cost
d. operating cost

A

d. operating cost

72
Q

May also refer to costs to produce test results

a. direct cost
b. indirect cost
c. capital cost
d. operating cost

A

d. operating cost

73
Q

Includes Direct and Indirect costs

a. fixed cost
b. variable cost
c. capital cost
d. operating cost

A

d. operating cost

74
Q

Related to all components associated with performing the test

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

a. direct cost

75
Q

Supplies, equipment cost, QC, salaries

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

a. direct cost

76
Q

Not directly contributing to producing the test

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

b. indirect cost

77
Q

Overhead, administrative, other expense shared by many components in the lab

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

b. indirect cost

78
Q

Expenses that do not fluctuate when the volume of work changes on a daily basis

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

c. fixed cost

79
Q

Rent, depreciation, taxes

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

c. fixed cost

80
Q

Respond directly to any change in workload, will vary in relationship with volume of tests

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

d. variable cost

81
Q

Reagents, Supplies, Labor costs in cases of overtime, some overheads

a. direct cost
b. indirect cost
c. fixed cost
d. variable cost

A

d. variable cost

82
Q

A tool to determine the efficiency of management and to calculate the break- even point so the laboratory manager can set the charges that appropriately cover the costs as well as plan policy for future laboratory services.

A

Cost- Revenue Analysis

83
Q

Cost Revenue Analysis:
If the lab can expect to perform services that exceeds this point, it can EXPECT A ________.

a. profit
b. loss

A

a. profit

84
Q

Cost Revenue Analysis:
If the revenues cannot cover the associated costs, the Lab will EXPERIENCE A ________.

a. profit
b. loss

A

b. loss

85
Q

Formula:
Cost per billable test (cost/test)

A

cost of all the supplies used /
number of reported tests performed

86
Q

Formula:
Revenue test

A

total revenue /
total number of tests reported

87
Q

Formula:
Profit per test

A

revenue per test - cost per test

88
Q

calculates how many tests done to breakeven

A

break even analysis (test volume)

89
Q

Formula:
break even analysis (test volume)

A

total fixed cost of the lab /
(revenue per test - variable cost per test) / revenue per test

LbMn 3S (5 decks)

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