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NAB_ Finance (19 questions) COMPLETED, WELL ANSWERED AND GRADED A+_.pdf
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9/11/24, 3:24 AMNAB: Finance (19 questions)
Jeremiah
Practice questions for this set
Terms in this set (94)
Why should the administrator get the To obtain more accurate cost estimates and more control over costs
department heads involved in the budget-
making process?
A change in this is not likely to be the cause the personal needs allowance
of a budget variance?
financial statement summarizing assets, balance sheet
liabilities and retained earnings or net worth.
Reflect solvency and financial position
The financial success or failure of a nursing return on equity
home is usually measured by its?
If a facility has a current ratio greater than 1, It will be able to pay its bills on time (working capital), solvency
what does that mean?
A check should only be issued only when purchase order
one of the following is available and
properly signed?
The importance of matching revenue with The purpose for recognizing depreciation is to satisfy the Matching Principle
the expenses incurred in generating those
revenues in the reason for recording which
of the following?
Using the straight-line method, what would $1,000
be the annual depreciation expense for a Formula: cost/useful life years in the asset's estimated useful life. $6,000/6 = $1,000
piece of equipment having a cost of $6,000
a manufacturer's warranty for 2 years and an
estimated useful life of 6 years?
Which of the following is a current asset? Accounts receivable, cash, supplies inventories and pre paid expenses
Under the accrual basis of accounting, revenues are earned ----- expenses are incurred Recorded in the time period in which
revenues are recorded when _______ and they were realized
expenses are recorded when _______ _.
A generally accepted accounting principle used in its balance sheet and optimistic estimate of the current market value of its
(GAAP) would be violated if a company did building
this?
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, 9/11/24, 3:24 AM
Last year's food cost for a 100-bed facility $4.73
were $146,820. The facility had an average
occupancy rate of 85% that year. What was ( # of beds x 365 days x %)
this facility's food cost per PPD? 100 x 365 x .85 = 31,025/146,820 = $4.73 food cost PPD
When does the Medicare benefit period end It starts on admission to hospital and ends when that person has not had any hospital
for the beneficiary? or SNF days for 60 days in a row
Medicare Part A coverage of skilled nursing 21st day through the 100th day. Must pay Medicare co-payment. The first 20 days
facility entails out of pocket payment by the Medicare pays the full amount
patient of a daily amount for which days of
the SNF care in a benefit period?
The Medicare PPS for skilled nursing The RUG rate that the facility receives is expected to cover all types of costs. The
facilities means what? assignment of the RUG is made on the basis of information from the MDS.
A RUG is a? category in a resident classification system
Completion of the Medicare cost report cost funding, determination of allowable costs and apportioning the costs for caring
requires what? for Medicare residents from the costs for caring for non-Medicare residents
The term for unintentional improper or fraud
excessive use of benefits of a health
insurance program is?
The process by which an individual become spend down
eligible for Medicaid by incurring medical
expenses until personal resources fall below
a specified ceiling is called?
The capital budget is prepared for fixed expenses such as real estate, buildings and
capital budget
equipment
An example of a variable cost is? nursing supplies (this changes because of fluctuations in the census)
If the facilities occupancy increases from decreases slightly
94% to 98%, what happens to the fixed cost
per resident?
A nursing home is considering the purchase 7.50 years
of a new dish washing machine that costs
$6000 and has a useful life of 10 years. It is divide $6000 by $800 = 7.50 years
estimated that it will reduce annual operating
costs by $800 over the next ten years. What
is the payback period?
What is the type of insurance that the facility Professional liability (or malpractice)
would need if a resident sued the facility due
to a medication error?
The loss of income resulting from a reduction or stoppage of operations caused by an
Business interruption insurance covers what?
insured peril like wind or fire damage
A W-4 forms shows each employee's? the number of claimed exemptions for withholding purposes
To obtain max reimbursement under Have PT who serve Part A covered residents bill Medicare directly
Medicare PPS, a skilled nursing home should
do what?
What practice is illegal for Medicaid- Requiring the payment of the facility's private pay rate for a certain number of months
certified facility? as a condition for admission.
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