Chapter 8

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Quiz by nkhsemail, updated more than 1 year ago
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Created by nkhsemail almost 5 years ago
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Question 1

Question
The operating or 5 year plan is ....
Answer
  • how we expect to meet our objectives
  • how we expected to get rid of of what we are doing
  • to go onto a 3 years plan

Question 2

Question
The planning process takes...
Answer
  • less than the year
  • more than the year
  • randomly throughout the year
  • more or less continuously throughout the year

Question 3

Question
The plan is most detailed for the ___ year
Answer
  • 1st
  • 2nd
  • 3rd
  • 4th
  • 5th

Question 4

Question
Managerial accounting is ___ year only
Answer
  • 1st
  • 2nd
  • 3rd
  • 4th

Question 5

Question
Budgets are ... plans, expressed in .... terms....that specify how resources will be used over some period of time
Answer
  • undetailed
  • detailed
  • easy
  • half
  • dollar
  • long period of times

Question 6

Question
Budgets may be developed and applied to any ___ within an organization such as: aggregate by department by service line by ____ by the nature of the ___
Answer
  • level
  • by no contract
  • by contract
  • unexpedentiures
  • expedentiure

Question 7

Question
To be effective, budget must not be thought of as financial tools, but rather as
Answer
  • highly financial tools
  • planning tools
  • control tools
  • managerial tools

Question 8

Question
Budgets are used for: planning, communication, control
Answer
  • True
  • False

Question 9

Question
all organizations use ____ budgets to set standards for the coming year
Answer
  • annual
  • semi annual

Question 10

Question
most use quarterly budgets to ensure timely feedback and control
Answer
  • True
  • False

Question 11

Question
Not all budgets types have to follow the same timing pattern.
Answer
  • True
  • False

Question 12

Question
Out year budgets are more for ___ than for ____ purposes
Answer
  • unplanning, control
  • control, planning
  • planning, control

Question 13

Question
Bottom-up budgets: -begin at sub-unit ( __ ) level
Answer
  • department level
  • lower level
  • are reviewed and compiled by the finance department
  • are reviewed and compiled by the lower level department
  • are not approved by senior management
  • are approved by senior management

Question 14

Question
Top down budgets: -begin at the ___ department with ____ management guidance -they are sent to the departments for __ ?
Answer
  • finance department
  • freshman department
  • senior management
  • lower management
  • process
  • review

Question 15

Question
advantages of bottom-up and top-down budgets
Answer
  • bottom up are usually more accurate in the detailed tasks
  • organizations can use both top-down and bottom-up budgeting
  • the budgeting technique that is most likely to motivate managers is....bottom up budgeting is the best way of motivating managers to meet

Question 16

Question
the major disadvantage of a budget produced by top down process is....
Answer
  • budget provide a means for coordinating the plans of all organization subunits. thus, budgets are a way to ''promote goal congruence''
  • this lack of participation may impair the coordination of objectives of subunits with those of the organization (goal congruence)
  • lower level managers will tend not to have an understanding and support for the top down budget

Question 17

Question
a problem with bottom up budgeting is .... = individual team members overstate their budget needs
Answer
  • True
  • False

Question 18

Question
___ budget is the ___ budget that develops the ___ data needed for the other budgets
Answer
  • statistics budget, foundation budget, input data
  • rhetoric budget, financial budget, output data

Question 19

Question
Important: a static budget is a budget that does not change as volume changes.
Answer
  • True
  • False

Question 20

Question
statistics budget contains the basic forecasts for:
Answer
  • volume of services provided
  • no volume provided
  • resources ( such as no labor and capital) needed to provide those services
  • resources ( such as labor and capital) needed to provide those services
  • smaller organizations do not have one at all.
  • smaller organizations may not have one.

Question 21

Question
''revenue budget'' combines with volume data from the statistics budget with reimbursement expectations to ___ revenues
Answer
  • forecast revenues
  • get rid of revenues
  • buy reveneues

Question 22

Question
the end result is a revenue forecast when it comes to revenue budget end results:
Answer
  • in the aggregate
  • by department
  • by service
  • by diagnosis
  • by no service
  • community

Question 23

Question
expense budget combines volume data from the statistics budget with detailed resource utilization data to forecast expenses
Answer
  • True
  • False

Question 24

Question
1. to be most useful, expenses must be broke down into ___ and ___ components. 2. like revenues, expenses must be forecasted at ____ levels
Answer
  • 1. fixed and variable components
  • 1. fixed and no variable components
  • 2 . one
  • 2. two
  • 3. multiple

Question 25

Question
at larger organizations, each category will have a separate budget
Answer
  • True
  • False

Question 26

Question
for larger organizations, the _____ budget, focuses on _______ profitibiality, combines information from the ___ and expense budgets
Answer
  • operation budget
  • reality profitability
  • projected profitability
  • revenue
  • assests
  • small organizations may use a single operating budget in place of multiple budget types

Question 27

Question
Operating budget example, budget is divided into four parts. choose 4.
Answer
  • volume assumptions
  • revenue assumptions
  • fixed cost assumptions
  • cost assumptions
  • PMPM statement
  • p&l statement

Question 28

Question
variance analysis is so useful to health service managers
Answer
  • True
  • False

Question 29

Question
in variance analysis, there are 3 types of data used. 1. static budget, which is the ___ budget, unadjusted for realized volume 2. the realized, or actual, data reflects _____ results 3. a flexible budget is one that has been ___ to reflect realized volume, using ___ assumption
Answer
  • 1 original
  • 1 unoriginal
  • 1 new
  • 2 before the fact results
  • 2 after the fact results
  • 3 adjusted, initial
  • 3 unadjusted, initial

Question 30

Question
An initial budget — known as a "static" budget
Answer
  • True
  • False

Question 31

Question
flexible budget useful in variance analysis
Answer
  • True
  • False

Question 32

Question
if the number of enrollees had changed a __________ flexible budget would be required
Answer
  • a(n) old
  • third
  • second
  • first

Question 33

Question
costs are based on ___ volume applied to ____ assumptions
Answer
  • realized, first
  • realized, new
  • realized, initial
  • realized, usage

Question 34

Question
profit variance = ___ - ____
Answer
  • actual revenues - static revenues
  • static costs - actual costs
  • actual profit - static profit

Question 35

Question
profit variance = actual profit - static profit ap - sp revenue variance = actual revenues - static revenues ar - sr cost variance = static cost - actual costs sc - ac
Answer
  • yes
  • no

Question 36

Question
variance are defined such that a negative (-) variance is ____
Answer
  • good
  • bad

Question 37

Question
''variance analysis'' is applied to operating data such as ''census, labor hours, number of outpatient visits, and so on '' often on a weekly (or even daily) basis
Answer
  • True
  • False
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