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HMGT 322 Quiz: The box to record the answers in are small so please be straight to the point and briefly explain answer if needed.

Question 1 (15 points)

Briefly describe the planning process. Be sure to include summaries of the Strategic, Operating, and Financial Plans (including the components of the financial plan).

Question 2 (15 points)

How are the statistics, revenue, expense, and operating budgets related?

Question 3 (10 points)

What are the advantages and disadvantages of conventional vs. zero-based budgeting?

Question 4 (10 points)

What is variance analysis and why is it important to the health services manager?

Question 5 (7 points)

Which of the following is INCORRECT regarding flexible budgets?

Question 5 options:

	The fixed costs are the same in a flexible vs. a static budget.
	Flexible budgets take into account changes in actual (vs. projected) volume on revenue and profits.
	The flexible budget adjusts costs and NOT revenues to reflect actual volume levels.
	The flexible budget holds reimbursment rates constant.

Question 6 (13 points)

What is a cash budget and how is it used?

Question 7 (7 points)

The operating plan lists primary objectives common to the entire organization, while the strategic plan lists secondary objectives by division or department.

Question 7 options:

	True
	False

Question 8 (7 points)

A set of budgets is the basic managerial accounting tool used to tie together planning and control functions.

Question 8 options:

	True
	False

Question 9 (8 points)

Should depreciation expense appear on a cash budget? Explain your answer.

Question 10 (8 points)

Why are planning and budgeting so important to an organization's success?