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Q:
if the heading on a report reads for the three-month period ended december 31, we know that the report covers a: a. fiscal year b. stub year c. stub period d. a & b e. a & c f. b & c g. none of the above
Q:
if the heading on a report reads for the year ended june 30, we can assume that the report covers a: a. fiscal year b. full twelve-month period c. stub period d. a & b e. a & c f. b & c g. none of the above
Q:
the primary purpose of annual year-end reports is to report the organizations operations for the period to: a. outsiders or third parties b. the organizations managers c. both of the above d. either of the above
Q:
within the annual management cycle, annual year-end reports will: a. allow the closing out of the information system so a new cycle can begin with the new year b. report the end of a specific reporting period continue the information systems reporting cycle into a new year rather than closing it out c. a & b d. a & c e. b & c f. none of the above
Q:
interim reports: a. are generated some time during the organizations reporting period b. are generated at the end of the organizations reporting period c. have been verified, adjusted and balanced d. have been verified and adjusted but not yet balanced e. a & c only f. a & d only g. b & c only h. b & d only
Q:
quarterly reports: a. are often used by managers as milestones b. may take the form of a quarterly budget review c. have been verified but have not yet been balanced d. a & b e. a & c f. b & c g. none of the above
Q:
raw data will typically appear in the organizations: a. quarterly report b. annual year-end report c. quarterly statistics d. a & b e. a & c f. b & c g. none of the above
Q:
within the annual management cycle, raw data: a. is typically operating information b. is unadjusted c. has been adjusted and verified d. a & b e. a & c f. none of the above
Q:
of the four segments that make a healthcare financial system work, which one reports about the effect occurring from an event? a. the original records b. the information system c. the accounting system d. the reporting system e. any of the above
Q:
of the four segments that make a healthcare financial system work, which segment records evidence that an event has occurred? a. the accounting system b the reporting system c. the original records d. the information system e. any of the above
Q:
when creating a report to communicate financial information, the manager should: a. organize the body of the report in a logical flow b. place extensive detail in the body of the report c. place the executive summary in the appendix d. a & b e. a & c f. b & c g. all of the above
Q:
when creating a report to communicate financial information, the manager must typically use a standard format that: a. is used by a healthcare trade organization b. is accepted in the accounting profession c. uses terminology that is accepted in your area of the healthcare industry d. a & b e. a & c f. b & c g. all of the above
Q:
regarding healthcare financial systems, the knowledgeable manager should be able to: a. understand that four separate segments of a system exist b. recognize how the segments fit together within a particular organization c. recognize where his or her duties fit within these segments d. be able to make executive decisions concerning a particular segment e. a, b & c f. a, b & d g. a, c & d h. all of the above
Q:
of the four segments that make a healthcare financial system work, which segment gathers evidence that an event has occurred? a. the original records b. the information system c. the accounting system d. the reporting system e. any of the above
Q:
of the four segments that make a healthcare financial system work, which segment provides evidence that an event has occurred? a. the reporting system b. the accounting system c. the original records d. the information system e. any of the above
Q:
a chart of accounts format can contain: a. 3 items b. 5 items c. 4 items d. any of the above
Q:
the chart of accounts: a. outlines the elements of your company in an organized manner b. maps out account titles with a method of numeric coding c. is designed to compile financial data in a uniform manner that can be de-coded by the user d. all of the above e. (a) and (b) only
Q:
the purpose of one element of financial management is to ensure effective resource use and provide daily supervision. which element is this?
Q:
the healthcare industry is a ________ industry.
Q:
managerial accounting is prospective as well as retrospective.
Q:
managerial accounting is primarily for third party or outside use.
Q:
the purpose of an organization chart is to indicate how responsibility is assigned to managers and to certain outside third parties.
Q:
government organization types may include the following: federal; city-county; churches; and/or state universities
Q:
of the four elements of financial management, the planning element makes sure each area of the organization is following the plans that have been established.
Q:
the healthcare industrys essential business is the delivery of healthcare services.
Q:
management as a discipline for educational purposes did not begin in the united states until after 1900 .
Q:
much of the strategic planning for the organization is performed by managers with a financial view of the organization.
Q:
managers within health care organizations must have one of two views: either financial or process.
Q:
the composition of an organization chart can be described as follows: a. each box on the chart represents a particular area of management responsibility b. each line between the boxes represents a line of authority c. the overall composition of the chart shows the degree of centralization or decentralization within the organization d. a & b e. a & c f. b & c g. all of the above
Q:
the purpose of an organization chart includes: a. indicating how responsibility is assigned to managers b. illustrating the structure of the organization c. designating the formal lines of communication among and between external stakeholders d. a & b e. a & c f. b & c g. all of the above
Q:
a hospital taxing district and a state university with an affiliated teaching hospital can both be described as: a. government entities b. voluntary entities c. entities that pay no income tax d. entities that must pay income tax e. a & c f. b & c g. a & d h. b & d
Q:
proprietary entity subgroups include: a. voluntary entities b. government entities c. entities that pay no income tax d. a & b e. a & c f. b & c g. none of the above
Q:
the basic types of healthcare organizations may be described as: a. profit-oriented b. nonprofit oriented c. foundations that comply with all legal requirements d. a & b e. a & c f. b & c g. none of the above
Q:
within the origins of financial management, who wrote about the universal function of management in human endeavors? a. plato b. socrates c. the sumerians d. none of the above
Q:
common uses of managerial accounting typically include: a. pricing of services yes b. planning and control of operations yes c. control of performance measures yes d. reporting service profitability yes e. a, b, c f. b, c, d g. a, c, d h. all of the above
Q:
financial reporting primarily deals with: a. future transactions such as projecting outcomes and preparing budgets b. transactions that have already occurred c. both transactions that have already occurred and certain future transactions d. a & b e. a & c f. b & c g. none of the above
Q:
managerial accounting is considered to be: a. prospective b. retrospective c. both prospective and retrospective d. a & b e. a & c f. b & c g. none of the above
Q:
external reporting to third parties in health care (depending upon type of reporting organization) may include reporting to: a. stockholders b. government entities c. health plan payers d. a & b e. a & c f. b & c g. all of the above
Q:
accounting primarily intended for outside, or third party, use: a. is known as financial accounting b. is known as managerial accounting c. emphasizes external reporting d. requires the use of generally accepted accounting principles e. a, c & d f. a & c g b & c h. b, c & d
Q:
managers who perform much of the organizations strategic planning typically operate from a: a. clinical view b. process view c. financial view d. any of the above e. none of the above
Q:
managers who are affiliated with the information system hierarchy in the organization typically operate from a: a. financial view b. process view c. clinical view d. any of the above e. none of the above
Q:
when working on a day-to-day basis, the manager is most likely: a. keeping the results of organizing running efficiently b. directing c. organizing d. a & b e. a & c f. b & c g. all of the above
Q:
deciding how to use the resources of the organization: a. is the element of financial management called organizing b. is the element of financial management called directing c. will result in the most effective way to carry out established plans d. a & b e. a & c f. b & c g. all of the above
Q:
decision making: a. involves analysis and evaluation b. requires making choices among available alternatives c. relies on information d. a & b e. a & c f. b & c g. all of the above
Q:
when a financial manager studies current reports and compares them with reports from earlier periods to see if established plans are being followed, these reports are called: a. subsidiary reports b. the general ledger c. feedback d. a & b f. b & c g. all of the above
Q:
the purpose of controlling is to: a. ensure that plans are being followed b. ensure effective resource use c. identify objectives d. a & b e. a & c f. b & c g. all of the above
Q:
another purpose of planning is to: a. provide supervision b. identify ineffective areas c. identify required steps to accomplish objectives d. a & b e. a & c f. b & c g. all of the above
Q:
one purpose of planning is to: a. ensure effective resource use b. identify objectives c. make informed choices d. a & b e. a & c f. b & c g. all of the above
Q:
as another part of the history of financial management, who developed a minimum-wage system in 1800 b.c.? a. the chinese b. the egyptians and sumerians c. hammurabi d. none of the above
Q:
as part of the history of financial management, who developed the concept of specialization for efficiency? a. plato b. socrates c. the egyptians d. none of the above
Q:
the healthcare industry is primarily a: a. manufacturing industry b. service industry c. electronic information industry d. managed care industry e. none of the above
Q:
the manager with a clinical viewpoint generally: a. may be responsible for service delivery b. may have direct interaction with patients c. is responsible for clinical outcomes d. all of the above
Q:
the manager with a financial viewpoint generally: a. works with the system of the organization b. is responsible for the reporting function of the organization c. may be responsible for service delivery within the organization d. all of the above
Q:
the manager with a process viewpoint generally: a. is responsible for clinical outcomes b. is responsible for the reporting function of the organization c. is responsible for data accumulation d. all of the above e. none of the above
Q:
when healthcare finance is considered a method of getting money in and out of the business, the successful manager is able to achieve the most beneficial outcome by adjusting the inflow and outflow through what actions? a. organizing b. controlling c. decision making d. planning e. a & b f. b & c g. c & d h. all of the above
Q:
healthcare finance can be described as a method of getting money in and out of the business. which of these descriptions is correct?
a. getting money in represents revenues b. getting money out represents expenses c. getting money in represents outflow d. getting money out represents inflow e. a & b f. a & c g. b & d h. all of the above
Q:
business management as a discipline for educational purposes began in the united states in the:
a. 1700s b. 1800s c. 1900s d. none of the above
Q:
the real key to understanding finance is understanding: a. the chief executive officers mission statement b. the elements of finance and their relationship to each other c. the organizations financial analysis software
Q:
The average time before breakdown of a machine is normally distributed and has a mean of seven weeks and a standard deviation of 1.5 weeks. If breakdown cost averages $2,500 and preventive maintenance costs $500, what is the optimal preventive maintenance interval?
Q:
The frequency of breakdown of a piece of equipment per month is shown in the following table. The cost of a breakdown is $1,000, and the cost of preventive maintenance is $2,000 per month. Assume that the equipment breakdown can be avoided if preventive maintenance is performed. Should the manager use preventive maintenance, or would it be better to fix the equipment when it breaks down? [COMP: Delete zeros before decimals in table.]
Q:
Breakdown programs often are prioritized such that some equipment gets a lot of attention and other equipment gets very little. This typically reflects the fact that breakdowns are consistent with:
A. Pareto phenomena.
B. production interruptions.
C. supply disturbances.
D. cross-trained workers.
E. lean operations.
Q:
Which of the following would not improve the performance of a breakdown program?
A. more trained personnel
B. short lead times for replacement parts
C. standby equipment
D. cross-training repair personnel
E. reducing inventories of spare parts
Q:
Which of the following is the primary consideration with regard to preventive maintenance?
A. what technology to use
B. how varied the maintenance will be
C. how often the maintenance will occur
D. which products it will be provided to
E. who will do it
Q:
The average time before breakdown of a machine is normally distributed and has a mean of 18 weeks and a standard deviation of three weeks. If breakdown cost averages $2,000 and preventive maintenance costs $1,400, what is the optimal preventive maintenance interval?
A. 16.4 weeks
B. 14.6 weeks
C. 16.9 weeks
D. 19.6 weeks
E. 21.3 weeks
Q:
The average time before breakdown of a machine is normally distributed and has a mean of nine weeks and a standard deviation of 1.5 weeks. If breakdown cost averages $1,500 and preventive maintenance costs $500, what is the optimal preventive maintenance interval?
A. 3.8 weeks
B. 8.4 weeks
C. 9.6 weeks
D. 6.9 weeks
E. 7.2 weeks
Q:
The total maintenance curve (preventive maintenance cost plus breakdown and repair cost):
A. slopes up as the number of preventive maintenances increases.
B. slopes down as the number of preventive maintenances increases.
C. starts low, increases rapidly, and then drops back down as the number of preventive maintenances increases.
D. starts high, drops gradually, but then goes back up as the number of preventive maintenances increases.
E. remains relatively flat as the number of preventive maintenances increases.
Q:
Reactive maintenance is _____________ maintenance.
A. planned
B. after the event
C. proactive
D. predictive
E. preventive
Q:
In the area of maintenance, the Pareto phenomenon is reflected in the fact that:
A. all equipment justifies about the same expense.
B. a majority of equipment will justify considerable expense.
C. a few pieces of equipment will justify little expense.
D. a few pieces of equipment will justify considerable expense.
E. no piece of equipment will justify major expense; it's better to replace.
Q:
The major approaches used in plans to deal with breakdowns include all of the following except:
A. standby equipment.
B. inventories of spare parts.
C. operator repair of minor problems.
D. readily available repair personnel.
E. All are major approaches.
Q:
In the broadest sense, equipment and facilities preventive maintenance extends back to the:
A. design and selection stage.
B. procurement stage.
C. installation stage.
D. pilot-testing stage.
E. implementation stage.
Q:
"Total productive maintenance" is best described as:
A. avoiding all breakdown maintenance.
B. doing a great deal of preventive maintenance to try to avoid breakdown maintenance.
C. a JIT approach that takes advantage of cross-training.
D. extending preventive maintenance back to design.
E. none of these.
Q:
Attempting to determine when preventive maintenance activities should be performed is called:
A. breakdown maintenance.
B. forecastive maintenance.
C. preventive maintenance.
D. predictive maintenance.
E. corrective maintenance.
Q:
Ideally, preventive maintenance will be performed:
A. after a planned inspection.
B. after the passage of a specified period of time.
C. after a predetermined number of operating hours.
D. just prior to the start of the workday.
E. just prior to a breakdown or failure.
Q:
Preventive maintenance is generally scheduled on the basis of:
A. planned inspections.
B. passage of time.
C. number of operating hours.
D. all of the choices.
E. none of the choices.
Q:
The type of maintenance which is periodic in nature is:
A. breakdown maintenance.
B. predictive maintenance.
C. preventive maintenance.
D. corrective maintenance.
E. all of the choices.
Q:
The optimum amount of preventive maintenance occurs when:
A. total breakdown costs are at a minimum.
B. total preventive maintenance costs are at a minimum.
C. each maintenance component cost is at a minimum.
D. total maintenance costs are at a maximum.
E. total maintenance costs are at a minimum.
Q:
Cost of equipment breakdown does not include:
A. loss of output.
B. cost of idle workers.
C. damage to other equipment.
D. replacement costs.
E. potential safety hazard.
Q:
Factors affecting the decision of how much preventive maintenance is desirable typically include all of the following except:
A. age of equipment.
B. type of product.
C. degree of technology.
D. type of production process.
E. how critical to the production process.
Q:
___________ is most closely associated with breakdown maintenance.
A. Equipment adjustment
B. Equipment cleaning
C. Equipment inspection
D. Repair of broken parts
E. Replacement of worn parts
Q:
The goal of maintenance is to maintain the productive system in good working order while minimizing:
A. total preventive maintenance costs.
B. total breakdown maintenance costs.
C. total maintenance costs.
D. the difference between preventive and breakdown costs.
E. the ratio of breakdown to preventive maintenance costs.