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Liberty University BUSI 311 Quiz 4 Complete Solutions Correct Answers Key

A fully solved Quiz 4 for BUSI 311, covering important business principles.

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    Liberty University BUSI 311 quiz 4 complete solutions correct answers key 5 different versions. Question 1 Access to the care of specialist physicians is limited in which type of health plan? Question 2 Which type of HMO offers the most flexibility for participating physicians? Question 3 The primary reasons why materials management is so important to healthcare organizations include all of the following except Question 4 The commonly accepted method for valuing inventory that produces an inventory of newer items is referred to as Question 5 The Medicare Prescription Drug, Improvement & Modernization Act of 2003 includes provisions to: Question 6 The types of costs that change directly in relation to changes in volume are called Question 7 The Medicare prospective payment system for reimbursing hospitals utilizes Question 8 A high deductible health plan with a savings option represents a form of consumer driven health plan that: Question 9 In the wake of health care reform, most health care executives believe that the new reform policies will: Question 10 Private health insurance coverage includes the following types: Question 11 The growth in health insurance in the U.S. came about as a result of: Question 12 Using working capital to enhance "good will" toward the healthcare organization includes Question 13 The volume of production in units and sales of goods or services, where total costs equal total revenues, is called Question 14 Problems associated with the care of active military personnel and retirees include all of the following EXCEPT: Question 15 The primary reason that healthcare managers should be concerned about healthcare financing and health insurance is:

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    Question 16 Bad debt in health care finance is defined as: Question 17 The primary preparers of capital budget requests are the Question 18 The difference between a hospital's charges for an inpatient stay in the facility and the amount the hospital has agreed to accept from the patient's insurance carrier is called Question 19 Many of those who are uninsured: Question 20 Medicaid provides coverage for low income individuals who Question 21 Which of the following is NOT a characteristic of not for profit healthcare organizations? Question 22 Unlike other organizations, healthcare organizations tend to generate very little immediate cash because of Question 23 Medicaid spending increases are the result of: Question 24 The Patient Protection and Affordable Care Act includes provisions for the following: Question 25 Efforts to control the costs of Medicare have been undertaken via legislation mandated to create prospective payment systems for Question 26 Which of the following is characteristic of the way the uninsured utilize the health care system? Question 27 In purchasing health insurance, which of the following is NOT typically a consideration? Question 28 The primary goal of managing accounts receivable is to Question 29 Current assets may include: Question 30 The Balanced Budget Act of 1997 implemented cost controls for Medicare expenditures in all of the following healthcare sectors except

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    Question 1 Access to the care of specialist physicians is limited in which type of health plan? Selected Answer: C. Health Maintenance Organization Question 2 Which type of HMO offers the most flexibility for participating physicians? Selected Answer: B. Independent Practice Association Question 3 The primary reasons why materials management is so important to healthcare organizations include all of the following except Selected Answer: B. Developing close relationships with vendors Question 4 The commonly accepted method for valuing inventory that produces an inventory of newer items is referred to as Selected Answer: D. FIFO, or "first in, first out" Question 5 The Medicare Prescription Drug, Improvement & Modernization Act of 2003 includes provisions to: Selected Answer: D. All of the above Question 6 The types of costs that change directly in relation to changes in volume are called Selected Answer: B. Variable costs Question 7 The Medicare prospective payment system for reimbursing hospitals utilizes Selected Answer: B. DRGs Question 8 A high deductible health plan with a savings option represents a form of consumer driven health plan that: Selected Answer: E. All of the above Question 9 In the wake of health care reform, most health care executives believe that the new reform policies will: Selected Answer: A. Have a negative financial impact on their facilities Question 10 Private health insurance coverage includes the following types: Selected Answer: D. All of the above

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    Question 11 The growth in health insurance in the U.S. came about as a result of: Selected Answer: D. All of the above Question 12 Using working capital to enhance "good will" toward the healthcare organization includes Selected Answer: B. Demonstrating to lenders that the organization is credit worthy (X) Question 13 The volume of production in units and sales of goods or services, where total costs equal total revenues, is called Selected Answer: B. The break even point Question 14 Problems associated with the care of active military personnel and retirees include all of the following EXCEPT: Selected Answer: B. Access to medical centers in major metropolitan areas Question 15 The primary reason that healthcare managers should be concerned about healthcare financing and health insurance is: Selected Answer: D. All of the above Question 16 Bad debt in health care finance is defined as: Selected Answer: D. billing for services rendered but no payment is received Question 17 The primary preparers of capital budget requests are the Selected Answer: D. Department managers Question 18 The difference between a hospital's charges for an inpatient stay in the facility and the amount the hospital has agreed to accept from the patient's insurance carrier is called Selected Answer: B. A contactual allowance Question 19 Many of those who are uninsured: Selected Answer: D. All of the above Question 20 Medicaid provides coverage for low income individuals who Selected Answer: E. All of the above

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    Question 21 Which of the following is NOT a characteristic of not for profit healthcare organizations? Selected Answer: B. May participate in political campaigns Question 22 Unlike other organizations, healthcare organizations tend to generate very little immediate cash because of Selected Answer: A. All of the answer choices are correct Question 23 Medicaid spending increases are the result of: Selected Answer: D. A and C above Question 24 The Patient Protection and Affordable Care Act includes provisions for the following: Selected Answer: E. All of the above. Question 25 Efforts to control the costs of Medicare have been undertaken via legislation mandated to create prospective payment systems for Selected Answer: C. Skilled nursing facilities using RUGs Question 26 Which of the following is characteristic of the way the uninsured utilize the health care system? Selected Answer: B. They delay seeking care, eventually ending up in emergency rooms Question 27 In purchasing health insurance, which of the following is NOT typically a consideration? Selected Answer: B. Liability Question 28 The primary goal of managing accounts receivable is to Selected Answer: A. Reduce the collection period for payment for services Question 29 Current assets may include: Selected Answer: E. B & C only Question 30 The Balanced Budget Act of 1997 implemented cost controls for Medicare expenditures in all of the following healthcare sectors except Selected Answer: B. Pharmaceutical companies

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    The chief financial officer (CFO) of a hospital supervises all of the following officers except A. The Independent Auditor B. The Treasurer C. The Controller D. The Internal Auditor A. The Independent Auditor The volume of production in units and sales of goods or services, where total costs equal total revenues, is called A. Factoring receivables B. Cash flow C. The economic order quantity D. The break - even point D. The break - even point Primary sources of working capital include all of the following except A. Net income, or profits B. Equipment C. Inventory D. Investments D. Investments The primary preparers of capital budget requests are the A. CEO and CFO B. Department managers C. Facilities management staff D. Accounting staff B. Department managers The determination of the total cost of producing a specified healthcare service through assigning costs into revenue - producting departments is referred to as

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    A. Classifying costs B. Assembling costs C. Cost allocation D. Activity - based costing C. Cost allocation Setting prices in healthcare organizations involves consideration of all of the following except A. The amount of current accounts receivable B. Other competitors in the market C. The perceived value of goods and services D. Money actually spent A. The amount of current accounts receivable The difference between a hospital's charges for an inpatient stay in the facility and the amount the hospital has agreed to accept from the patient's insurance carrier is called A. A contactual allowance B. Uncompensated care C. Capitation D. Fee - for - service A. A contactual allowance The primary reasons why materials management is so important to healthcare organizations include all of the following except A. Appropriate patient care B. Improving the organization's profitability C. Controlling costs of materials and inventory D. Developing close relationships with vendors D. Developing close relationships with vendors The Balanced Budget Act of 1997 implemented cost controls for Medicare expenditures in all of the following healthcare sectors except A. Skilled nursing facilities

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    B. Pharmaceutical companies C. Home health agencies D. Outpatient hospitals and clinics B. Pharmaceutical companies Bad debt in health care finance is defined as: A. billing for services rendered but no payment is received B. debt that is owed by the health care organization C. charity care provided by not - for profit organizations D. patient care that is provided on a charity basis A. billing for services rendered but no payment is received In the wake of health care reform, most health care executives believe that the new reform policies will: A. Have a negative financial impact on their facilities B. Improve the bottom line of their organizations C. Increase employee productivity D. Not change the way that their finance departments are operated A. Have a negative financial impact on their facilities The types of costs that change directly in relation to changes in volume are called A. Indirect costs B. Variable costs C. Direct costs D. Fixed costs B. Variable costs The type of budget that forecasts cash inflows and cash outflows for the next fiscal year is called the A. Operating or cash budget B. Capital budget C. Statistics budget D. Expense budget

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    A. Operating or cash budget Current assets may include: A. Property B. Accounts receivable C. Cash on hand D. A & C only E. B & C only E. B & C only The primary goal of managing accounts receivable is to A. Reduce the collection period for payment for services B. Collect revenue for investment opportunites C. Generate "good will" for the organization D. Increase the collateral for negotiating a line of credit with lenders A. Reduce the collection period for payment for services Capital budgets may include all of the following except A. Information technology infrastructure B. Net lending or borrowing needs of the organization C. Land or facility acquisition D. Recruitment of staff physicians B. Net lending or borrowing needs of the organization Health care financial management involves: A. Oversight of day to day financial operations B. Increasing revenues and decreasing costs C. Planning the organizations long - range financial direction D. None of the above E. All of the above E. All of the above

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