2 Midterms

midterm_hsf.docx

Home >Human Resource Management homework help >2 Midterms

1. (TCO 4) Budgets normally cover a period of: (Points : 5)

5 years 2 years 3 years 1 year

Question 2.2. (TCO 4) The following is an example of a _____________ budget: "The budget for the radiology department is different at 90 percent occupancy than at 80 percent occupancy." (Points : 5)

rolling flexible forecast fixed

Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)

Outputs and organizational goals Inputs and outputs Inputs and organizational goals None of the above

Question 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points : 5)

Define standard treatment protocols Define required departmental volumes Define standard cost profiles Define volumes of patients

Question 5.5. (TCO 3) Assume that the clinic used the price that they need to exactly break even at 10,000 shots. Fewer people than expected showed up and purchased the flu shot. The clinic would: (Points : 5)

earn a profit. have a loss. break-even. have a reduced unit contribution margin. none of the above.

Question 6.6. (TCO 2) A statement that reports the financial position (assets, liabilities, and stockholders' equity) of an accounting entity at a point in time is called a(an): (Points : 5)

Income statement Statement of retained earnings Balance sheet Statement of cash flows Report of management

Question 7.7. (TCO 2) The _____ is a way for organizations to improve the collection and communication of financial and operating information. (Points : 5)

Performance dashboard Financial bottom-line Holistic perspective Performance perspective

1. (TCO 4) Formulate your answer based on the below information. The intensity of care delivered dropped from a budgeted case mix of 0.90 to an actual case mix of 0.85. What dollar effect did this have on actual costs?

You have been asked by management to explain the variances in costs under your inpatient capitated contract. The following data is provided. Use the following data to calculate the variances.
	Budget	Actual
Inpatient Costs	$12,568,500	$16,618,350
Members	42,000	42,000
Admission Rate	0.070	0.095
Case Mix Index	0.90	0.85
Cost per Case (CMI = 1.0)	$4,750	$4,900

(Points : 10)

Question 2.2. (TCO 2) What is the basic accounting equation? (Points : 10)

Question 3.3. (TCO 4) What is the amount of variance that is attributed to the difference between the budgeted and actual wage rate per hour? Use the following data to calculate the variances. The following information has been prepared for a home health agency.

	Budget	Actual
Wage Rate per Hour	$16.00	$17.00
Fixed Hours	320	320
Variable Hours per Relative Value Unit (RVU)	1.0	1.1
Relative Value Units (RVUs)	1,000	1,200
Total Labor Hours	1,320	1,640
Labor Costs	$21,120	$27,880
Cost per RVU	$21.12	$23.23

Budgeted costs at actual volume would be $25,344 ($21.12 × 1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 - $25,344). Be sure to specify whether the variance is favorable or unfavorable. (Points : 5)

Question 4.4. (TCO 2) What are the major reasons for accrual accounting? (Points : 5)

Question 5.5. (TCO 2) What are the double-entry accounting system and the duality concept? How are they related? (Points : 5)

Question 6.6. (TCO 1) What are the three primary forms of legal business organization? What are some of the advantages and disadvantages of each form?(Points : 20)

Question 7.7. (TCO 2) List and describe the three categories of net assets. (Points : 10)