Introduction to the Financial Management of Healthcare Organizations Ninth Edition Michael Nowicki
Introduction to the Financial Management of Healthcare Organizations, Ninth Edition Michael Nowicki
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Chapter 1 Test
Bank
1. The purpose of
a tax-exempt healthcare facility is to
a. make a
substantial profit.
*b. provide
healthcare services to the community.
c. provide
healthcare services specifically to the medically indigent.
d. raise funding
for research and technology.
2. What are the
five management functions?
a. Planning,
communicating, decision making, staffing, controlling
b. Communicating,
decision making, coordinating, staffing, controlling
*c. Planning,
organizing, staffing, controlling, directing
d. Organizing,
staffing, decision making, communicating, controlling
3. The purpose of
healthcare financial management is to
*a. provide
accounting and financial information that assists the manager in achieving the
organization’s purpose.
b. manage finances.
c. make a profit.
d. provide
accounting and financial information to the board so it can best view the
financial position of the organization.
4. What is the
highest level of education most chief financial officers (CFOs) have completed?
a. Bachelor’s
degree
*b. Master’s
degree
c. Associate’s
degree
d. Doctoral degree
5. Accounting is
generally divided into what major areas?
a. Assets and
liabilities
b. Cost accounting
and financial accounting
c. Charge-based
accounting and cost-based accounting
*d. Financial
accounting and managerial accounting
6. The purpose of
financial accounting is to provide
a. prospective
accounting information to external users, including stakeholders.
b. historic
accounting information to internal users, including managers.
*c. historic
accounting information to external users, such as stakeholders.
d. prospective
accounting information to internal users, including managers.
7. The purpose of
managerial accounting is to provide
*a. current or prospective
accounting information to internal users, including managers.
b. historical
accounting information to external users.
c. prospective
accounting information to external users.
d. historic
accounting information to internal users, including managers.
8. Healthcare
financial managers follow which of the following common measures?
a. Infection rates
*b. Average length
of stay
c. Days in accounts
receivable
d. Emergency
department census
9. Cost accounting is defined as the
a. study of the
relationship between costs and charges.
b. preferred
accounting method used by Medicare.
*c. study of
costs, including methods for classifying, allocating, and identifying costs.
d. study of cost
changes and their effect on accounting methods.
10. Historically,
the purpose of finance was to
*a. borrow and
invest the funds necessary for the organization to achieve its purpose.
b. analyze
information provided by managerial accounting to evaluate past decisions and
make strong decisions in the future.
c. keep an
organization competitive in the industry.
d. make a profit
for the organization.
11. Today, the
purpose of finance is to
a. keep the
organization competitive in the industry.
*b. analyze
information provided by managerial accounting to evaluate past decisions and
make sound decisions in the future.
c. borrow and
invest the funds necessary for the organization to achieve its purpose.
d. None of the
above
12. The most
important objective of healthcare financial management is to
a. respond to
regulations.
*b. generate
income.
c. respond to
third-party payers.
d. monitor
physicians.
13. Direct measures
of quality assume that
a. an organization
cannot define and measure quality itself.
b. quality is
directly linked to an organization’s reputation.
*c. an
organization can define and measure quality itself.
d. quality is
directly linked to care outcomes.
14. Direct
measures of quality include
a. goal-based,
reputational, value-added, and responsive measures.
b. outcome,
decision-making, value-added, and resource measures.
c. connoisseurship,
decision-making, reputational, and outcome measures.
*d. goal-based,
connoisseurship, responsive, and decision-making measures.
15. Indirect
measures of quality assume that
a. an organization
can measure and define quality itself.
b. quality is
measured indirectly by an organization’s clinical outcomes.
*c. an organization
can define and measure the results of quality.
d. measures of
quality reside outside a healthcare organization.
16. Indirect
measures of quality include
*a. resource,
outcome, value-added, and reputational measures.
b. goal-based,
connoisseurship, responsive, and decision-making measures.
c. connoisseurship,
outcome, value-added, and goal-based measures.
d. outcome,
reputational, responsive, and goal-based measures.
17. Who established
the National Patient Safety Goals?
a. American
Hospital Association
b. American
Medical Association
c. Medicare
*d. The Joint
Commission
18. Managers
typically represent a __________ view of ethics, whereas clinicians typically represent
a _________ view of ethics.
a. deontological;
utilitarian
*b. utilitarian;
deontological
c. loose; strict
d. strict; loose
19. Healthcare
expenditures as a percent of gross domestic product are about
a. 14 percent.
b. 16 percent.
*c. 18 percent.
d. 20 percent.
20. By type of
service, the largest healthcare expenditure are
*a. hospitals.
b. physicians.
c. pharmaceuticals.
d. nursing homes.
21. By source of
funds, the largest healthcare payer is
a. Medicare.
b. Medicaid.
*c. private health
insurance.
d. out of pocket.
22. The three management
connective processes are
a. planning, communicating, and decision making.
*b. communicating, coordinating, and decision making.
c. planning, organizing, and communicating.
d. organizing, decision making, and controlling.
23. Which of the
following should be monitored by healthcare financial managers?
a. Admissions
b. Average daily census
c. Average length of stay
*d. All of the above
24. The worst example of conflict of interest is
a. conflict between staff and manager.
b. conflict between the manager’s duties to the
organization.
c. when managers use their positions of authority for
personal gains.
*d. Choices b and c
25. Which of the following is important to financial
management as a direct measure of quality?
*a. Decision making
b. Communication
c. Coordination
d. Planning
26. Which of the following elements will NOT
profoundly affect the financial situation of a healthcare organization?
a. Increase in the number of individuals with health
insurance
b. Changing reimbursement structures
c. Explicit linking of reimbursement with quality
measures
*d. Decrease in the number of individuals without
insurance
27. Private
health insurance, Medicare, and Medicaid account for more than ____ percent of
all personal health consumption expenditures.
a. 48
b. 58
*c. 68
d. 78
28. In 2019,
professional services including physicians, dentists, and other professionals
(but not hospitals) accounted for ________ percent of all personal healthcare
expenditures.
a. 17
*b. 27
c. 37
d. 47
29. The 2016
Johns Hopkins study claimed that as many as __________ people die each year
from medical error.
a. 100,000
b. 150,000
c. 200,000
*d. 250,000
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