HTTP/1.0 200 OK Cache-Control: private, must-revalidate Content-Type: text/html; charset=UTF-8 Date: Sat, 05 Dec 2020 22:38:38 GMT Expires: -1 Pragma: no-cache 打牌网苹果手机下载

FINANCIAL MANAGEMENT- TEST QUESTIONS AND ANSWERS

question
An _________ covers how the day-to-day operating expenses, ie. labor and supplies, and revenue will occur; a n _________ covers expensive equipment whose usefulness will last over many years.
answer
Operating budget; capital budget.
question
Healthcare organizations use cost accounting and document costs because their insurers expect accurate, honest, and complete records of every dollar of cost.
answer
True.
question
An operating budget is one type of budget. This is the budget used to plan/anticipate the unit’s day-to-day expenses and revenues. The operating budget is a written plan -much like a plan of care for a patient- that tries to project/anticipate operating expenses and revenues.
answer
Operating expenses are estimated by collecting data, especially data on patient volume, patient acuity, and required staffing and supply levels for providing care. Once the data is collected, the nurse manager can estimate the next year’s expenses by: looking at last year’s costs, adjusting for inflation, then adjusting for any increases likely in patient census and subsequently, nursing staff.
question
Understanding financial statements helps nurse managers know if the organization’s income is enough to cover its expenses and losses.
answer
True. Yes, the ability to read financial statements helps us know if the organization is healthy.
question
Unlike variable costs, such as fuel costs for an airline, fixed costs are the same regardless of volume. Similarly, fixed staff are those present regardless of patient volume. In light of these facts, _________ are examples of fixed staff and ___________are examples of variable staff.
answer
Nurse managers; direct care nurses. This is correct. Nurse managers are an example of fixed staff because their presence or numbers does not depend on patient volume or acuity. The number of direct care nurses, however, would depend on patient volume.
question
It is not important to track costs to stay “solvent” or financially healthy.
answer
False: Actually tracking costs is very important to staying solvent or financially healthy. This is especially true in healthcare where the difference between revenues and losses is often razor thin.
question
An example of a mission statement is:
answer
NOT TO BELIEVE IN ETHICAL PRINCIPLES. ? to break even after taxes *don;t think so. ?to become the hospital of choice for physicians. -maybe ?to provide healthcare in a given service area.- maybe but don’t think so.
question
In healthcare economics, people and organizations that deliver healthcare services to patients are called:
answer
providers.
question
An example of a common market condition in the healthcare financial environment is:
answer
intense competition.
question
As a cost center, one financial responsibility of a nurse manager of a nursing unit is to:
answer
control expenses.
question
Manufacturers and distributors of all supplies, equipment and technology used in healthcare organizations are referred to as:
answer
suppliers.
question
The Chief Financial Officer is a member of the top management team.
answer
True.
question
A nursing unit is
answer
one part of the organization.
question
Each organization conducts its business based on which of the following driving forces?
answer
Philosophy, mission statements, and goals.
question
Individuals who use healthcare services are called
answer
consumers.
question
The mission statement reveals what the organization exists
answer
to do or be.
question
The nurse manager of the CT ICU has
answer
line authority.
question
Third party reimbursement comes from
answer
payers.
question
Transcription services often fall in the realm of the financial operators because
answer
the coding for reimbursement depends on transcription.
question
Examples of regulators are:
answer
OSHA and the Joint Commission.
question
Nurse-physician collaboration is most enhanced when
answer
mutual interest in quality care is kept at the forefront.
question
An industry partner can best assist with a capital purchase by
answer
providing information about emerging technologies.
question
Which is NOT an example of capital expense purchase?
answer
boxes of pre-filled saline syringes.
question
Strategic planning involves a review of strengths, weaknesses, opportunities, and threats to an organization, called S.W.O.T. Analysis. An example of an OPPORTUNITY for a department of nursing or a patient care services division is to
answer
initiate a collaborative partnership with a nearby school of nursing to start a graduate nursing program in the evening at the hospital.
question
Which of the following choices is an ideal attribute of a mission statement?
answer
Clearly states the organization’s purpose.
question
A vision statement for an organization BEST identifies a future state that is:
answer
Preferred.
question
When a nurse manager operates within a unit budget, there will not be any changes in volume to disrupt the budget plan.
answer
False.
question
Given this information, calculate the hours per patient day: five direct care staff RNs giving one-to-one patient care to six critically ill patients in two twelve hour shifts every 24 hours.
answer
6 x 24 = 144 hours. six patients multiplied by 24 hours of care each.
question
Hours per patient day- HPPD- is a measure of
answer
care hours required each patient’s length of stay ? care hours required in a 24 hour period per patient ?THINK SO. care hours required in a 24-hour period per patient. ?
question
The formula for calculating average acuity is:
answer
total nursing care hours multiplied by Average Daily Census.
question
When Karen Drew takes some well-deserved vacation days from her critical care nursing position, her Nurse Manger knows that the vacation days are classified in financial terms as:
answer
non-productive hours.
question
Governmental, legal, accreditation and certification. ..
answer
Regulators.
question
Individuals who use healthcare services are
answer
Consumers.
question
The nurse manager of the CT ICU has
answer
Line authority.
question
Each organization conducts its business based on which of the following driving forces?
answer
Philosophy, mission statements, and goals.
question
An example of a common market condition in the healthcare financial environment is
answer
intense competition.
question
As a cost center, one’s financial responsibility is to:
answer
control expenses.
question
Manufacturers and distributors of all supplies, equipment and technology used in healthcare organizations are referred to as:
answer
suppliers.
question
Third-party reimbursement comes from
answer
payers.
question
Healthcare costs will continue to increase mainly because of what factor?
answer
rising prescription drug costs and use.
question
An industry partner can best assist with a capital purchase by:
answer
providing information about emerging technologies.
question
An example of a strategy to enhance nurse -physician
answer
for nurses and physiciains to develop a capital expense wish list together.
question
Of all financial statements, this one may be the most relevant to nurse managers because it should the balance of assets to liabilities.
answer
Balance Sheet.
question
It is not important to track costs to stay “solvent”
answer
False. Actually, tracking costs is very important to staying solvent or financially helathy. This is especiallly true in health care where the difference between revenues and losses is often razor thin.
question
Understanding financial statements helps nurse managers know if the organization’s income is enough to cover its expenses and losses.
answer
TRUE. Yes, the ability to read financial statements helps us know if the organization is healthy.
question
Unlike variable costs, (such as fuel costs for an airline), fixed costs are the same regardless of patient volume. Similarly, fixed staff are those present, regarless of patient volume. In light of theses facts, _______ are examples of fixed staff and _____ are examples of variable staff.
answer
Nurse managers; direct. Nurse managers are an example of fixed staff because their presence or numbers does not depend on patient volume or acuity. The number of direct care nurses, however, would depend on volume.
question
Healthcare organizations use cost accounting -and document costs- because their insurers expect accurate, honest, and complete record of every dollar of cost.
answer
TRUE.
question
Hours per patient day (HPPD) is a measure of:
answer
WRONG: CARE HOURS DELIVERED IN A 24-hour period per nursing unit. I DO NOT KNOW THE CORRECT ANSWER YET.
question
To calculate the nursing labor costs, the for…
answer
Nurses’ annual wage.
question
Given this information , calculate the hours per patient day: five direct care staff RNs giving one-to-one patient care to six (6) critically ill patients in two (2) twelve-hour shifts every 24 hours.
answer
6×24= 144 hours
question
When a nurse manager operates within a unit level budget, there will not be any changes in volume to disrupt the budget plan.
answer
FALSE
question
A unit level nursing budget is
answer
the amount of funding that a nursing unit must operate within during a fixed budget period.
question
Which is NOT an example of a capital expense purchase?
answer
BOXES OF PRE-FILLED SALING SYRINGES. Computers for clinical documentation; a new fleet of intravienous infusion pumps; a hemodynamic monitoring system.
question
A new nurse manager is planning to set up training classes on new equipment purchased for the nursing unit. The training must take place on day shift only because of the business hours of the industry partner.
answer
FALSE
question
The formula for calculating average acuity is:
answer
Total work divided by total average daily census.
question
What percentage of FTE budget do you use to allow for weekend coverage in your budget?
answer
40%.
question
Which of the following is an example of a well written mission statement for the Coronary Care unit (CCU) at Mercy General Hospital?
answer
The CCU meets the needs of critically ill adult patients with cardiovascular disease or compromised hemodynamic conditions.
question
Of all financial statemenst, this one may be the most relevant to nurse managers because it shows the balance of assets to liabilities.
answer
Balance Sheet.
question
In healthcare economics, entities which pay for healthcare services, including individuals, employers , insurers, and the government are called:
answer
Payers
question
Monopoly power is one cause of market failure and is, in essence, when there is only one
answer
Market.
question
The main responsibilities fo a Chief Financial Officer are:
answer
Planning, Control, Decision-Making.
question
Providers are key players in the healthcare system because they are
answer
directly involved in patient care.
question
The Vice President for Patient Financial Services is a resource for the nurse manager for understanding the financial impact of length of stay.
answer
True,

Get instant access to
all materials

Become a Member