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Healthcare Finance -Final Study Guide questions n answers
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Healthcare Finance -Final Study Guide questions n answers
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Healthcare Finance -Final Study GuideThe face value of a bond when held to maturity is: - correct answer ✔✔
Amortization Schedule - correct answer ✔✔
Credit rating - correct answer ✔✔
Profit and Loss Statement - correct answer ✔✔
Profit Margin - correct answer ✔✔
Treasury Security - correct answer ✔✔
Full cost pricing - correct answer ✔✔
Expense Budget - correct answer ✔✔-the expense budget combines volume data with detailed resource
utilization data to forecast expenses. To be most useful, expenses must be broken down into fixed and
variable components. Like revenues, expenses must be forecasted at multiple levels.
Operating Budget - correct answer ✔✔-for larger organizations, the operating budget, which focuses on
projected profitability, combines information from the revenue and expense budgets. Smaller
organizations may use a single operating budget in place of multiple budget types.
Flexible Budget - correct answer ✔✔-a flexible budget, which is based on all initial budget assumptions
but then adjusted (flexed) to reflect actual (realized) volume.
Bottom-up budgeting - correct answer ✔✔-Begin at sub-unit (departmental) level. Are reviewed and
compiled by the finance department. Are approved by Senior management.
, Role of Finance - correct answer ✔✔-the primary role of finance within health services organization is to
plan for, acquire, and utilize resources to maximize the efficiency (and value) of the organization.
CFO -Chief Financial Officer - correct answer ✔✔Comptroller -Budgeting, reporting, payables, and
financial operations
Treasurer -Capital acquisition, capital employment, debt management, and financial risk management
Tax-exempt debt offering - correct answer ✔✔
Assets - correct answer ✔✔Assets -either possess (i.e., cash) or create (i.e., buildings and equipment)
economic benefit to the business.
-current assets include
*cash
*other assets that are expected to be converted
into cash within the next year:
*cash equivalents
*short-term investments
*net patient account receivable
*inventories
-note that current assets are listed in order of liquidity, or nearness to cash
-current assets are necessary to support operations, but they provide no (or little) explicit monetary
return.
-long-term investments -are investments in securities (financial assets), as opposed to land, buildings
and equipment (real assets), that have maturities greater than one year.
-net property and equipment represents real assets (as opposed to financial assets) having useful lives
greater than one year. Often, such assets are called fixed assets.
Accounts Receivable - correct answer ✔✔
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