multiple choice quiz due in 12 hours

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Which of the following is NOT a healthcare industry challenge?

Question 1 options:

A) 

The demand for healthcare services is episodic in nature.

B) 

Healthcare service providers must maintain constant availability.

C) 

Providers have economic incentives to provide as many services as justifiably possible.

D) 

Providers can bill patients for services that are denied by Medicare and Medicaid.

Question 2 (1 point)

 

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Which of the following is an effective measure of an organization’s performance during a specific time period?

Question 2 options:

A) 

Equity

B) 

Assets

C) 

Earnings

D) 

Liabilities

Question 3 (1 point)

 

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Which of the following is NOT one of the four main reports produced through financial accounting?

Question 3 options:

A) 

Balance sheet

B) 

Capital budget

C) 

Cash flow

D) 

Changes in net assets

Question 4 (1 point)

 

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According to the IMA Research Foundation, what is the most unique aspect of healthcare?

Question 4 options:

A) 

Physicians practice medicine in a variety of organizational forms.

B) 

Health insurance comes from different sources.

C) 

The decision to use medical services is not entirely made by the consumer.

D) 

Providers set the fees for healthcare services.

Question 5 (1 point)

 

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Which of these is NOT a benefit of analyzing appointments?

Question 5 options:

A) 

Scheduled but unfilled appointments cost the practice money.

B) 

Determining which time of day is the busiest for the practice can frame staffing needs.

C) 

Determining which months are busier than others can inform additional staffing requirements.

D) 

Determining how much to charge patients for missed appointments.

Question 6 (1 point)

 

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Which type of budget is based on levels of volume?

Question 6 options:

A) 

Fixed budget

B) 

Flexible budget

C) 

Activity-based budget

D) 

Capital budget

Question 7 (1 point)

 

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Why is it difficult to for hospitals to measure financial performance?

Question 7 options:

A) 

Traditional business model indicators do not account for all the variables such as hospital type, region, size, payer mix, and service offerings.

B) 

Traditional business model indicators set reasonable goals for cash on hand.

C) 

Hospitals can easily compare their performance to other hospitals.

D) 

Hospitals use the airline industry to establish equal benchmark metrics.

Question 8 (1 point)

 

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Financial transactions in a healthcare setting are typically more complex than the standard financial transaction defined by a good is provided, a transaction is recorded, and compensation is exchanged. Of the four areas focused on in Harrington (2015), which area is responsible for ultimately providing validation of services rendered?

Question 8 options:

A) 

Clinical services

B) 

Patient accounts

C) 

Health information management

D) 

Administration

Question 9 (1 point)

 

Which of the following accounting authorities works to ensure accountability through standardizing financial reporting?

Question 9 options:

A) 

Securities and Exchange Commission

B) 

Internal Revenue Service

C) 

Federal Accounting Standards Advisory Board

D) 

Centers for Medicare and Medicaid Services

Question 10 (1 point)

 

Which of these financial reports strictly reports liability and should be as close to zero as possible?

Question 10 options:

A) 

Profit and loss statement (P&L)

B) 

Aged accounts receivable (A/R)

C) 

Credit balances

D) 

Adjustment statement

Question 11 (1 point)

 

Which of these is NOT a use of the financial data collected by healthcare organizations?

Question 11 options:

A) 

Reimbursement

B) 

Cost control

C) 

Planning and forecasting

D) 

Marketing

Question 12 (1 point)

 

How is net profit margin calculated?

Question 12 options:

A) 

Divide total expenses by total revenue and multiply by 100

B) 

Divide net income by total revenue and multiply by 100

C) 

Divide losses by revenue and multiply by 100

D) 

Divide operational income by nonoperational income and multiply by 100

Question 13 (1 point)

 

Which of the following statements about patient balances is true?

Question 13 options:

A) 

Keeping patient debt on the books until they are paid, no matter how long it takes, is good business.

B) 

Patient revenue is a small part of revenue, so collections issues are minor.

C) 

Getting patients to pay is best accomplished by sending statements and letters every month.

D) 

The best way to generate patient account reports is with the highest balances on top.

Question 14 (1 point)

 

Which of the following is a basic duty of a financial management department?

Question 14 options:

A) 

Keeping expenditures within budget

B) 

Negotiating contracts with suppliers

C) 

Ensuring that money is available for payroll

D) 

All of the above

Question 15 (1 point)

 

Which of the following is NOT considered an asset?

Question 15 options:

A) 

Inventory

B) 

Accounts receivable

C) 

Accounts payable

D) 

Equipment

Question 16 (1 point)

 

According to Harrington (2015), who would benefit from looking at the financial statements of a healthcare organization?

Question 16 options:

A) 

Current employees

B) 

Insurance companies

C) 

Government agencies

D) 

Potential patients

Question 17 (1 point)

 

Which of the following is an example of a hospital’s operating revenue?

Question 17 options:

A) 

Income from investments

B) 

Profit generated by the gift shop

C) 

Outpatient services

D) 

Charitable donations

Question 18 (1 point)

 

Which of these financial reports shows data on future revenue for services already performed?

Question 18 options:

A) 

Profit and loss statement (P&L)

B) 

Aged accounts receivable (A/R)

C) 

Credit balances

D) 

Adjustment statement

Question 19 (1 point)

 

Organizations, such as sole proprietorships, are categorized using which three factors?

Question 19 options:

A) 

Financing, leadership, and tax status

B) 

Federal, state, and local tax status

C) 

Ownership, transactions, revenues

D) 

Corporation, profit, foundation

Question 20 (1 point)

 

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Why is it important for financial reporting to be relevant, verifiable, and be a faithful representation?

Question 20 options:

A) 

It can influence the decision-making process.

B) 

It demonstrates the financial relationships of the organization.

C) 

It establishes the financial position of an organization.

D) 

Financial reporting only needs to be useful and benefit the user.