Hcs 405 Wk 5 Financial Terms
A term that means the assigning of staff to fill scheduled positions.
Correct answer:
Staffing
A budget that generally deals with actual short term revenues and expenses necessary
to operate the facility.
Correct answer:
Operating budget
The proportion of revenues realized from different types of payers. A measure often
included in the profile of a healthcare organization.
Correct answer:
Payer mix
Making choices among available alternatives.
Correct answer:
Decision making
Provide evidence that some event has occurred in the healthcare financial system.
Correct answer:
Original records
One of the four basic financial statements. Generally speaking, the balance sheet
records what an organization owns, what it owes, and what it is worth at a particular
point in time.
Correct answer:
Balance sheet
Makes a manager responsible for both the revenue/volume side and expense side of a
department, division, unit or program
Correct answer
Responsibility center
Information used for purposes of planning for the future. Forecast can be short,
intermediate, or long range.
Correct answer:
Forecast
Making sure that each area of the organization is following the plans that have been
established.
Correct answer:
Controlling
Identifying objectives of the organization and identifying the steps required to
accomplish the objectives.
Correct answer:
Planning
1. Deciding how to use the resources of the organization to most effectively carry out
the plans that have been established.
Correct answer:
Organizing
2. One of the four basic financial statements, this statement reports the inflow of
revenue and the outflow of expense over a stated period of time. The net result is also
reported, either as excess of revenue over expense or in the case of a loss for the
period, excess of expense over revenue.
Correct
Correct answer:
Staffing
A budget that generally deals with actual short term revenues and expenses necessary
to operate the facility.
Correct answer:
Operating budget
The proportion of revenues realized from different types of payers. A measure often
included in the profile of a healthcare organization.
Correct answer:
Payer mix
Making choices among available alternatives.
Correct answer:
Decision making
Provide evidence that some event has occurred in the healthcare financial system.
Correct answer:
Original records
One of the four basic financial statements. Generally speaking, the balance sheet
records what an organization owns, what it owes, and what it is worth at a particular
point in time.
Correct answer:
Balance sheet
Makes a manager responsible for both the revenue/volume side and expense side of a
department, division, unit or program
Correct answer
Responsibility center
Information used for purposes of planning for the future. Forecast can be short,
intermediate, or long range.
Correct answer:
Forecast
Making sure that each area of the organization is following the plans that have been
established.
Correct answer:
Controlling
Identifying objectives of the organization and identifying the steps required to
accomplish the objectives.
Correct answer:
Planning
1. Deciding how to use the resources of the organization to most effectively carry out
the plans that have been established.
Correct answer:
Organizing
2. One of the four basic financial statements, this statement reports the inflow of
revenue and the outflow of expense over a stated period of time. The net result is also
reported, either as excess of revenue over expense or in the case of a loss for the
period, excess of expense over revenue.
Correct