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UAMS Lab Management Quiz 3 Questions and Answers $12.99
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UAMS Lab Management Quiz 3 Questions and Answers
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UAMS Lab Management Quiz 3 Questions and Answers What is a revenue center? An area of the organization which is responsible for generating a percentage of the total revenues expected by the organization. What is a cost center? A unit within the organization whose primary purpose is to pr...

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  • December 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • uams lab management quiz 3 questions and answers
  • what are some examples of direct costs instrument
  • what are indirect costs cannot be specifically as

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  • Laboratory management
  • Laboratory management

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UAMS Lab Management Quiz 3
Questions and Answers
What are 4 of the main methods in the weighted workload procedure? - answer 1.
Expert opinion
2. Simulation
3. Log book
4. Time motion study

What are assets? - answer Resources that the firm uses to conduct its business

What are capital expenses? - answer Usually calculated for a 3-year period and
involve the replacement of old equipment or the addition of new equipment.

What are capital items? - answer Purchases or products that meet specific
guidelines of time, price, and purpose.

What are direct costs? - answer Those that
are specifically associated with a particular service or process.

What are equities two parts? - answer 1. Liabilities
2. Remaining value

What are fixed costs? - answer Do not vary as volume changes.

What are indirect costs? - answer Cannot be specifically associated with a certain
service or process and must
be paid even when a particular service is discontinued.

What are operational expenses? - answer Based on cash sources and cash
expenditures, and most commonly cover a 12-month period.

What are some examples of direct costs? - answer Instruments, reagents, and
technical personnel.

What are some examples of fixed costs? - answer Rental agreements, utility bills,
salary

What are some examples of indirect costs? - answer Clerical staff, inspection costs,
and hospital overhead.

What are some examples of variable costs? - answer Reagents and supplies

, What are strategic investments? - answer A lab makes strategic investments in order
to remain competitive even though the investment will not show a positive return.

What are the 3 approaches to analyze labor costs? - answer 1. Institutional
2. Technical
3. Accounting and budget perspective

What are the 3 methods used to track inventory levels and what do they mean? -
answer 1. Perpetual- keep account of the inventory each time a product is used
2. Periodic- stock level is counted at a specific time and appropriate supplies are
ordered
3. Random- used to document the value of supplies at a specific time

What are the 3 primary aspects of business accounting? - answer 1. Recording
revenue received and owed
2. Tracking expenditures and paying bills
3. Analyzing financial information so that management and interested parties can plan
and control operations of the business

What are the 7 vendor management system functions? - answer 1.Vendor selection
and purchase agreements
2. The ability to produce a purchase request or purchase order
3.Receipt and storage of supplies
4.Recording lot numbers and current package inserts
5.Determining the quantity on hand (QOH)
6.Controlling expiration dated reagents
7. Distributing reagents and supplies to satellite labs

What are the four categories of expenses? - answer 1.Capital expenses
2.Operational expenses
3.Service expenses
4.Strategic investments

What are the four phases of the budget process? - answer Phase 1: The planning
phase
Phase 2: Formulation of the Budget (Budget Assumption)
Phase 3: Allocation of Expenses (Forecast of Expenses)
Phase 4: Budget Monitoring for Variances

What are the two methods for recording of financial activity and what do they mean? -
answer 1. Cash Basis- bills are paid as presented and revenue is counted when
received
2.Accrual Basis- measures net income for a particular period by matching expenses
against revenues

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