Which budgetary issue causes the most strife in all areas of a health care organization?
Question 1.1. (TCO 4) Budgets normally cover a period of: (Points : 5)
Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)
Setting volume levels
Allocation of indirect costs
Deciding whether to use a fixed or flexible budget
Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)
Outputs and organizational goals
Inputs and outputs
Inputs and organizational goals
None of the above
Question 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points : 5)
Define standard treatment protocols
Define required departmental volumes
Define standard cost profiles
Define volumes of patients
Question 5.5. (TCO 3) Assume that the clinic used the price that they need to exactly break even at 10,000 shots. Fewer people than expected showed up and
purchased the flu shot. The clinic would: (Points : 5)
earn a profit.
have a loss.
have a reduced unit contribution margin.
none of the above.
Question 6.6. (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is
called a(an): (Points : 5)
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DeVry HSM340 Midterm – TCO 4) Budgets normally cover a period of
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10/9/2017 DeVry HSM340 Midterm – TCO 4) Budgets normally cover a period of – SKU 105659
Statement of retained earnings
Statement of cash flows
Report of management
Question 7.7. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points : 5)
Return on equity
Days cash on hand
Hospital cost index
None of the above
Midterm Exam page 2
Question 1. 1. (TCO 4) What is the amount of variance that can be attributed to the difference between budgeted and actual volume?
Use the following data to calculate the variances.
The following information has been prepared for a home health agency.
Wage Rate per Hour $16.00 $17.00
Fixed Hours 320 320
Variable Hours per Relative
Value Unit (RVU) 1.0 1.1
Relative Value Units (RVUs) 1,000 1,200
Total Labor Hours 1,320 1,640
Labor Costs $21,120$27,880
Cost per RVU $21.12 $23.23
Budgeted costs at actual volume would be $25,344 ($21.12 × 1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 – $25,344). Be sure to
specify whether the variance is favorable or unfavorable. (Points : 5)
Question 2. 2. (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? (Points : 10)
Question 3. 3. (TCO 2) What is an accounting entity? (Points : 10)
Question 4. 4. (TCO 1) What are social responsibility and ethics as they relate to business-oriented organizations? How should social responsibility and ethics affect the
decisions of even for-profit companies? (Points : 20)
Question 5. 5. (TCO 2) Define and describe the purpose of fund accounting (now called net assets). (Points : 20)