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devry hsm340 midterm exam

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Question;Devry HSM340 MidtermMidterm Exam page 1Question 1.1. (TCO 4) Budgets normally cover a period of: (Points: 5)5 years2 years3 years1 yearQuestion 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points: 5)Setting volume levelsSetting pricesAllocation of indirect costsDeciding whether to use a fixed or flexible budgetQuestion 3.3. (TCO 4) Efficiency is a relationship between: (Points: 5)Outputs and organizational goalsInputs and outputsInputs and organizational goalsNone of the aboveQuestion 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points: 5)Define standard treatment protocolsDefine required departmental volumesDefine standard cost profilesDefine volumes of patientsQuestion 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.break-even.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)Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of managementQuestion 7.7. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points: 5)Return on equityTotal marginDays cash on handHospital cost indexNone of the aboveMidterm Exam page 2Question 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.BudgetActualWage Rate per Hour $16.00 $17.00Fixed Hours 320 320Variable Hours per RelativeValue Unit (RVU) 1.0 1.1Relative Value Units (RVUs) 1,000 1,200Total Labor Hours 1,320 1,640Labor Costs $21,120$27,880Cost per RVU $21.12 $23.23Budgeted 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)

 

Paper#58341 | Written in 18-Jul-2015

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