DLM (ASCP) Exam questions with correct answers

Project Volumes (forecasting stage) - Ans based on expert opinion, stats, historical data, shifts in patient mix, changes in medical staff composition, changes in inflation/reimbursement ratws, expansion/cutbacks, population fluctuations based on economy Steps to creating a budget - Ans 1. project volumes 2. convert volumes to revenue 3. convert volumes into expense requirements 4. Adjust revenue/ expenses as necessary to meet budget margin gross revenue - Ans Rates x Production Unit (Billable test volume) Expenses - Ans salaries/wages, reference service, instrument lease, maintenance contracts, education/travel Financial Statements - Ans convey the financial status of an organization 4 main types - income statement, balance sheet statement of changes in equity and statement of cash flows. income statement - Ans summarizes the operations of an organization with a focus on its revenues, expenses, and profitability. contains operational results over a period of time. depreciation - Ans noncash charge against earnings on income statement that reflect the "wear and tear" on a business' fixed assets (property and equipment). loss of value