Question 18

Question 1810 Points

What role does budgeting play in a healthcare setting (or any business setting)?

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Question 17

Question 1710 Points

Describe the various financial statements that might be used in a medical facility to determine how business is going. What factors might a manager look at?

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Question 16

Question 165 Points

Question 16

The current ratio is a good ratio to look at to determine:

Option A

the cash flows of investing activities

Option B

the equity balance of a company

Option C

the ability of a medical facility to continue to make payments on amounts it owes and meet current obligations

Option D

net worth balances

Question 15

Question 155 Points

Question 15

Operating margin ratio is used to measure

Option A

Efficiency of operations

Option B

Ineffectiveness of management's decision making

Option C

Cash flows

Option D

Debt ratio

Question 14

Question 145 Points

Question 14

Accounts payable are the payments due for goods delivered and services used where the vendor has not been paid by the date of the financial statement.

True

False

Clear selection

Question 13

Question 135 Points

Question 13

Current liabilities are due within:

Option A

18 months

Option B

3 years

Option C

10 years

Option D

12 months

Question 12

Question 125 Points

Question 12

A computerized accounting system can ____.

Option A

provide trial balances at any time

Option B

provide trial balances only at the end of each accounting period

Option C

perform audits for incorporated businesses

Option D

perform most of the functions of an accountant

Question 11

Question 115 Points

Question 11

Most healthcare organizations do not expect to be paid in full.

True

False

Clear selection

Question 10

Question 105 Points

Question 10

Patients can pay different amounts for the same service for all of the following reasons except

Option A

Insurance companies negotiate different rates

Option B

Patients can pay on a sliding scale, what they can afford

Option C

Patients may be classified as bad debt accounts

Option D

There are no differences, all patients pay the same amount for the same service

Question 9

Question 95 Points

Question 9

The key to proper accounting is to:

Option A

ignore double entry accounting

Option B

post every financial event to the proper accounts

Option C

use single entry accounting

Option D

not to keep organized records

Question 8

Question 85 Points

Question 8

Depreciation expense measures the change in market value of an asset for each period.

True

False

Clear selection

Question 7

Question 75 Points

Question 7

Revenues are:

Option A

funds that are earned by a physician's office in providing medical services to patients

Option B

are an asset for the reimbursement due from the insurance company

Option C

the costs associated with earning income

Option D

the annual costs related to the decline in value over time for assets with a long useful life

Question 6

Question 65 Points

Question 6

Helen's Home Collection business sends phlebotomists to patients' homes to collect blood samples. The business bought a car two years ago for $20,000. The car is an asset worth ____.

Option A

The same amount they bought it for

Option B

More than they bought it for

Option C

Less than they bought it for

Option D

None of the above

Question 5

Question 55 Points

Question 5

Under double-entry accounting, each financial event requires:

Option A

an entry to one account only

Option B

a two part entry.

Option C

a debit and 2 credits

Option D

no actual entry

Question 4

Question 45 Points

Question 4

The income statement reports revenues, expenses, and net income over the period of time covered in the report.

True

False

Clear selection

Question 3

Question 35 Points

Question 3

Net income is found on:

Option A

the Balance Sheet

Option B

the Income Statement

Option C

Statement of Owner's Withdrawals

Option D

None of the above

Question 2

Question 25 Points

Question 2

Inventory is:

Option A

a non-current asset

Option B

a long-term liability

Option C

a current expense

Option D

a current asset

Question 15 Points

Question 1

Patients can pay different amounts for the same service due to differences in insurance reimbursements.

True

False

Clear selection