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Clm 355 quiz 1 and 2 exam with correct answers 2024
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Clm 355 quiz 1 and 2 exam with correct answers 2024
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Clm 355 quiz 1 and 2 exam with correct answers 2024Which of the following statements about finance, accounting, and financial management is
most correct?
A. Accounting is of no value in decision making
B. Accounting provides the theory and concepts necessary to help managers make
better decisions
C. Financial management involves the measurement, in financial terms, of operational
events that affect the resources and financing of an organization
D. The primary role of finance is to plan for, acquire, and use resources to maximize the
efficiency and value of the enterprise - correct answer D. The primary role of finance is
to plan for, acquire, and use resources to maximize the efficiency and value of the
enterprise
Which of the following is not a finance activity?
A. Planning/Budgeting
B. Financial decisions
C. Financial reporting
D. Financial risk management
E. Facilities management - correct answer E. Facilities management
As stated in the text, the four C's (character, capability, charisma, and courtesy)
summarize the attributes needed to be a good financial manager.
A. True
B. False - correct answer B. False
The role of finance in healthcare organizations has increased in importance over time
because the finance function must support a multitude of
,Clm 355 quiz 1 and 2 exam with correct answers 2024
activities such as cost containment, payer negotiations, joint venture activities, and
system participation.
A. True
B. False - correct answer A. True
Which of the following statements about the finance department of large healthcare
organizations is (are) most correct?
A. The department is headed by the chief financial officer (CFO)
(sometimes called the vice-president of finance)
B. The CFO typically reports directly to the chief executive officer (CEO)
C. The CFO usually is assisted by a comptroller and a treasurer
D. Answers (a) and (b) are correct
E. Answers (a), (b), and (c) are correct - correct answer E. Answers (a), (b), and (c) are
correct
Which of the following statements about hospitals is most correct?
A. Patients at general acute care hospitals typically have long patients stays, often 30 or
more days
B. The number of specialty hospitals has declined over the last three decades
C. The optimal size for a hospital is roughly 50 beds
D. The majority of hospitals are public or not for profit (as opposed to investor
owned)
E. Most physicians involved in hospital services are hospital employees - correct
answer D. The majority of hospitals are public or not for profit (as opposed to
investor owned)
Which of the following statements about healthcare providers is incorrect?
, Clm 355 quiz 1 and 2 exam with correct answers 2024
A. Traditional outpatient setting include clinics, medical practices, hospital outpatient
departments, and emergency rooms
B. Long-term care includes healthcare and personal care services
C. There are many more hospitals than there are nursing homes, but nursing
homes tend to have a greater number of beds
D. One of the hypothesized benefits of integrated delivery systems is patient
capture
E. Over the last 30 or so years, there has been substantial growth in nontraditional
ambulatory care settings, such as outpatient surgery centers, urgent care centers,
and diagnostic imaging centers - correct answer C. There are many more hospitals
than there are nursing homes, but nursing homes tend to have a greater number of
beds
The American College of Healthcare Executives (ACHE) surveys its members annually
regarding their most critical concerns. In recent years, financial concerns have headed
the list of every survey.
A. True
B. False - correct answer A. True
In very small health services organizations (say, a two-physician medical practice), the
finance function is managed by a person called the
A. accounts receivable manager
B. treasurer
C. business (practice) manager
D. comptroller
E. cashier - correct answer C. business (practice) manager
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