NAB Finance Exam Questions With Correct Answers A+
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Module
NAB
Institution
NAB
NAB Finance Exam Questions With Correct
Answers A+
Fastest growing population - Answer85 and over.
Overall occupancy rate nationwide - Answerless than 83%
What drives revenue? - AnswerCensus
What percent does Med A reimburse? - Answer14%
What program pays for 57% of stays? - AnswerMedicaid
T...
NAB Finance Exam Questions With Correct
Answers A+
Fastest growing population - Answer✔85 and over.
Overall occupancy rate nationwide - Answer✔less than 83%
What drives revenue? - Answer✔Census
What percent does Med A reimburse? - Answer✔14%
What program pays for 57% of stays? - Answer✔Medicaid
There is no federal reimbursement program for - Answer✔ALF
In most states, the Medicaid reimbursement level is - Answer✔lower than the cost of care
Number of nursing homes closed since beginning of the century? - Answer✔700
One of the major factors affecting census in nursing homes? - Answer✔Number of alternate
programs available to the frail and elderly (home health/adult day)
Home and Community Based Services (HCBS) Waiver - Answer✔Section 1915 of SSA: allows
all the states to develop and implement programs that would offer alternatives to institutional
placements, such as nursing home for Medicaid-eligible persons. (Ronald Reagan)
Financial Management is - Answer✔process of ensuring that materials and other resources of the
facility are bought and used efficiently and economically
PRIMARY value of Financial Management - Answer✔provides accounting information the
administrator can use to make decisions and manage the facility
Accounting - Answer✔includes book keeping. Involves budgeting, financial reports, special
studies, auditing, and designing accounting systems
Assets - Answer✔Things of value, things owned, such as cash, equipment, real estate, and AR.
Current Asset - Answer✔cash or other short-lived assets expected to be converted to cash or
depleted in business operations, usually within 1 year. (AR, Notes Receivable, Certificates of
Deposit)
Fixed/Long-lived assets - Answer✔buildings, land, equipment, etc. to be used in the business on
a long-term basis (capital assets)
Tangible assets - Answer✔have physical characteristics, they can be SEEN and TOUCHED.
(buildings, equipment, and other resources) They will wear out and deteriorate and are
DEPRECIABLE
Intangible Assets - Answer✔noncurrent, non-physical assets including leaseholds, copyrights,
patents, and goodwill.
Goodwill - Answer✔intangible asset to a facility that produces superior service and earnings and
has high resident loyalty. Marketable when a facility is sold.
Book Value - Answer✔cost of depreciable asset - accumulated depreciation. (book value per
share means stockholders equity per share)
Bookkeeping - Answer✔initial recording of business transactions. Done by a clerk.
Capital - Answer✔embracing funds required from several different sources. Includes funds
invested, income from sale of shares, donation of cash or land, and retained earnings.
Investment Capital - Answer✔cash used to purchase real estate and equipment, and to build -
used to produce operational revenues.
Working Capital - Answer✔excess of current assets over current liabilities. Measure of facility's
ability to meet obligations
Capital Expenditures - Answer✔increase the book value of facility assets. Added to asset
account or charged to accumulated depreciation account.
Revenue Expenditures - Answer✔are immediately expensed out. Recurring and minor repairs
that neither add to the quality of service-rendering abilities of the asset or extend its estimated
life.
Earnings - Answer✔generated revenue which is generally not recognized until all activities to
create it have been recognized
Gross earnings - Answer✔total revenue, or income, generated
Net earnings/Net profit - Answer✔Revenues - Expenses (primary focus of financial accounting)
Gross Profit - Answer✔Net sales - Cost of Goods Sold
Operating Profit - Answer✔Gross profit - operating expenses (measures effectiveness of
management operations for a given period of time)
Dividends - Answer✔earnings distributed to stockholders
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