Liberty University BUSI 311 Quiz 4 Complete Solutions Correct Answers Key

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Liberty UniversityBUSI311 quiz4complete solutions correct answers key5 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?Question3Theprimaryreasonswhymaterialsmanagementissoimportanttohealthcareorganizations include all of the following exceptQuestion 4 The commonly accepted method for valuing inventory that produces an inventory ofnewer items is referred to asQuestion 5 The Medicare Prescription Drug, Improvement & Modernization Act of 2003 includesprovisions to:Question 6 The types of costs that change directly in relation to changes in volume are calledQuestion 7 The Medicare prospective payment system for reimbursing hospitals utilizesQuestion 8 A high deductible health plan with a savings option represents a form of consumerdriven health plan that:Question 9 In the wake of health care reform, most health care executives believe that the newreform 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 organizationincludesQuestion 13 The volume of production in units and sales of goods or services, where total costsequal total revenues, is calledQuestion 14 Problems associated with the care of active military personnel and retirees include allof the following EXCEPT:Question 15 The primary reason that healthcare managers should be concerned about healthcarefinancing 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 theQuestion 18 The difference between a hospital's charges for an inpatient stay in the facility andthe amount the hospital has agreed to accept from the patient's insurance carrier is calledQuestion 19 Many of those who are uninsured:Question 20 Medicaid provides coverage for lowincome individuals whoQuestion 21 Which of the following is NOT a characteristic of notforprofit healthcare organizations?Question22Unlikeotherorganizations,healthcareorganizationstendtogenerateverylittleimmediate cash because ofQuestion 23 Medicaid spending increases are the result of:Question 24 The Patient Protection and Affordable Care Act includes provisions for the following:Question25EffortstocontrolthecostsofMedicarehavebeenundertakenvialegislationmandated to create prospective payment systems forQuestion 26 Which of the following is characteristic of the way the uninsured utilize the healthcare system?Question27Inpurchasinghealthinsurance,whichofthefollowingisNOTtypicallyaconsideration?Question 28 The primary goal of managing accounts receivable is toQuestion 29 Current assets may include:Question30TheBalancedBudgetActof1997implementedcostcontrolsforMedicareexpenditures 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 OrganizationQuestion 2 Which type of HMO offers the most flexibility for participating physicians?Selected Answer: B. Independent Practice AssociationQuestion3Theprimaryreasonswhymaterialsmanagementissoimportanttohealthcareorganizations include all of the following exceptSelected Answer: B. Developing close relationships with vendorsQuestion 4 The commonly accepted method for valuing inventory that produces an inventory ofnewer items is referred to asSelected Answer: D. FIFO, or "firstin, firstout"Question 5 The Medicare Prescription Drug, Improvement & Modernization Act of 2003 includesprovisions to:Selected Answer: D. All of the aboveQuestion 6 The types of costs that change directly in relation to changes in volume are calledSelected Answer: B. Variable costsQuestion 7 The Medicare prospective payment system for reimbursing hospitals utilizesSelected Answer: B. DRGsQuestion 8 A high deductible health plan with a savings option represents a form of consumerdriven health plan that:Selected Answer: E. All of the aboveQuestion 9 In the wake of health care reform, most health care executives believe that the newreform policies will:Selected Answer: A. Have a negative financial impact on their facilitiesQuestion 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 aboveQuestion 12 Using working capital to enhance "good will" toward the healthcare organizationincludesSelected Answer: B. Demonstrating to lenders that the organization is credit worthy(X)Question 13 Thevolume of production in units and sales of goods or services, where total costsequal total revenues, is calledSelected Answer: B. The breakeven pointQuestion 14 Problems associated with the care of active military personnel and retirees include allof the following EXCEPT:Selected Answer: B. Access to medical centers in major metropolitan areasQuestion 15 The primary reason that healthcare managers should be concerned about healthcarefinancing and health insurance is:Selected Answer: D. All of the aboveQuestion 16 Bad debt in health care finance is defined as:Selected Answer: D. billing for services rendered but no payment is receivedQuestion 17 The primary preparers of capital budget requests are theSelected Answer: D. Department managersQuestion 18 The difference between a hospital's charges for an inpatient stay in the facility andthe amount the hospital has agreed to accept from the patient's insurance carrier is calledSelected Answer: B. A contactual allowanceQuestion 19 Many of those who are uninsured:Selected Answer: D. All of the aboveQuestion 20 Medicaid provides coverage for lowincome individuals whoSelected Answer: E. All of the above

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Question 21 Which of the following is NOT a characteristic of notforprofit healthcare organizations?Selected Answer: B. May participate in political campaignsQuestion22Unlikeotherorganizations,healthcareorganizationstendtogenerateverylittleimmediate cash because ofSelected Answer: A. All of the answer choices are correctQuestion 23 Medicaid spending increases are the result of:Selected Answer: D. A and C aboveQuestion 24 The Patient Protection and Affordable Care Act includes provisions for the following:Selected Answer: E. All of the above.Question25EffortstocontrolthecostsofMedicarehavebeenundertakenvialegislationmandated to create prospective payment systems forSelected Answer: C. Skilled nursing facilities using RUGsQuestion 26 Which of the following is characteristic of the way the uninsured utilize the healthcare system?Selected Answer: B. They delay seeking care, eventually ending up in emergency roomsQuestion27Inpurchasinghealthinsurance,whichofthefollowingisNOTtypicallyaconsideration?Selected Answer: B. LiabilityQuestion 28 The primary goal of managing accounts receivable is toSelected Answer: A. Reduce the collection period for payment for servicesQuestion 29 Current assets may include:Selected Answer: E. B & C onlyQuestion30TheBalancedBudgetActof1997implementedcostcontrolsforMedicareexpenditures in all of the following healthcare sectors exceptSelected Answer: B. Pharmaceutical companies

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The chief financial officer (CFO) of a hospitalsupervises all of the following officers exceptA. The Independent AuditorB. The TreasurerC. The ControllerD. The Internal AuditorA. The Independent AuditorThe volume of production in units and sales of goods orservices, where total costs equal total revenues, is calledA. Factoring receivablesB. Cash flowC. The economic order quantityD. The break-even pointD. The break-even pointPrimary sources of working capital include all of thefollowing exceptA. Net income, or profitsB. EquipmentC. InventoryD.InvestmentsD. InvestmentsThe primary preparers of capital budget requests are theA. CEO and CFOB. Department managersC. Facilities management staffD. Accounting staffB. Department managersThe determination of the total cost of producing aspecified healthcare service through assigning costs intorevenue-producting departments is referred to as

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A. Classifying costsB. Assembling costsC. Cost allocationD. Activity-based costingC. Cost allocationSetting prices in healthcare organizations involvesconsideration of all of the following exceptA. The amount of current accounts receivableB. Other competitors in the marketC. The perceived value of goods and servicesD. Money actually spentA. The amount of current accounts receivableThe difference between a hospital's charges for aninpatient stay in the facility and the amount the hospitalhas agreed to accept from the patient's insurance carrieris calledA. A contactual allowanceB. Uncompensated careC. CapitationD. Fee-for-serviceA. A contactual allowanceThe primary reasons why materials management is soimportant to healthcare organizations include all of thefollowing exceptA. Appropriate patient careB. Improving the organization's profitabilityC. Controlling costs of materials and inventoryD. Developing close relationships with vendorsD. Developing close relationships with vendorsThe Balanced Budget Act of 1997 implemented costcontrols for Medicare expenditures in all of the followinghealthcare sectorsexceptA. Skilled nursing facilities

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B. Pharmaceutical companiesC. Home health agenciesD. Outpatient hospitals and clinicsB. Pharmaceutical companiesBad debt in health care finance is defined as:A. billing for services rendered but no payment is receivedB. debt that is owed by the health care organizationC. charity care provided by not-for profit organizationsD. patient care that is provided on a charity basisA. billing for services rendered but no payment is receivedIn the wake of health care reform, most health careexecutives believe that the new reform policies will:A. Have a negative financial impact on their facilitiesB. Improve the bottom line of their organizationsC. Increase employee productivityD. Not change the way that their finance departments areoperatedA. Have a negative financial impact on their facilitiesThe types of costs that change directly in relation tochanges in volume are calledA. Indirect costsB. Variable costsC. Direct costsD. Fixed costsB. Variable costsThe type of budget that forecasts cash inflows and cashoutflows for the next fiscal year is called theA. Operating or cash budgetB. Capital budgetC. Statistics budgetD. Expense budget

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A. Operating or cash budgetCurrent assetsmay include:A. PropertyB. Accounts receivableC. Cash on handD. A & C onlyE. B & C onlyE. B & C onlyThe primary goal of managing accounts receivable is toA. Reduce the collection period for payment for servicesB. Collect revenue for investment opportunitesC. Generate "good will" for the organizationD. Increase the collateral for negotiating a line of creditwith lendersA. Reduce the collection period for payment for servicesCapital budgets may include all of the following exceptA.Information technology infrastructureB. Net lending or borrowing needs of the organizationC. Land or facility acquisitionD. Recruitment of staff physiciansB. Net lending or borrowing needs of the organizationHealth care financial management involves:A. Oversight of day to day financial operationsB. Increasing revenues and decreasing costsC. Planning the organizations long-range financialdirectionD. None of the aboveE. All of the aboveE. All of the above

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