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Laboratory Financial Management Questions and Answers
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  • Course
  • Laboratory management
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  • Laboratory Management

Laboratory Financial Management Questions and Answers Breakeven point (sales) BEP= fixed cost/([product price-variable cost]/product price) Breakeven point (units) BEP=fixed cost/(product price-variable cost) Over/Under Budge Calculation % over budget= (actual expense-budgeted amo...

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  • December 29, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • laboratory financial management questions and answ
  • breakeven point sales bep fixed costproduct
  • breakeven point units bepfixed costproduct pr

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  • Laboratory management
  • Laboratory management

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Laboratory Financial Management
Questions and Answers
Breakeven point (sales) - answer BEP= fixed cost/([product price-variable
cost]/product price)

Breakeven point (units) - answer BEP=fixed cost/(product price-variable cost)

Over/Under Budge Calculation - answer % over budget= (actual expense-budgeted
amount)/budgeted amount (x)100
(negative answer=over; positive answer=under)

Revenue Center - answer an area of the organization which is responsible for
generating a percentage of the total revenues expected by the organization

Cost Center - answer A unit within an organization whose primary purpose is to
provide a service at the least possible cost
services benefit the entire institution but cannot be traced to an individual chargeable
item

Direct Costs - answer those that are specifically associated with a particular service
or process
Ex: instruments, reagents, technical personnel

Indirect Costs - answer those that cannot specifically be associated with a certain
service or process and must be paid even when a particular service is discontinued.
Ex: clerical staff, inspection costs, hospital overhead

Variable Costs - answer those that change proportionately with a given change in
volume

Fixed Costs - answer do not vary as the volume changes

Cost per Test - answer divide total costs by the number of reportable tests

Breakeven point - answer achieved when the total costs for a test are equal to the
total revenue received for performing the test

Budget - answer plan of operations expressed in quantitative terms

Capital Budget - answer encompasses larger expenditures that cost more than a
defined dollar amount and whose useful life is usually longer than a year

, Budget Process - answer Phase I: Planning
Phase II: Formation of Budget (Budget Assumption)
Phase III: Allocation of Expenses (Forecast)
Phase IV: Budget Monitoring for Variances

Variance - answer difference between the projected expenditure and the actual
expenditure in a given category

Cost accounting - answer An area of accounting that involves measuring, recording,
and reporting product costs.
Crucial step in the development of a relevant budget

Capital Expenses - answer one-time expense items; not items purchased on an
annual basis
usually calculated for a 3-year period (replacing old equipment)

Cash - answer equipment you expect to keep over 5 years and is only option

Lease Rental - answer equipment you expect not to own. lease and return at end of
contract

Lease Purchase - answer equipment you do expect to own at end of contract

Cost per billable test - answer pay on a per test basis. each test has the following
components built into the price: reagents, srvice, capital, finance

Free Use - answer get to use equipment for cost of purchasing the reagents

Operational Expenses - answer based on cash sources and cash expenditures; most
commonly over a 12 month period.
Ex: Salaries, education and travel, operating costs

Service Expenses - answer contractual for services that will be needed on a regular
basis
Ex: Vendor contracts, equipment service agreements

Strategic Investment - answer made in order to remain competitive even though
investment won't show a positive return

Mechanics of Purchasing - answer Requisition-used to specifically request the
purchase of a product

Purchase Order-authorizes payment from the institution to the vendor

Vendor Management System - answer 1. Vendor Selection and Purchase
Agreement

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