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.

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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

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Responsibility center

Information used for purposes of planning for the future. Forecast can be short,

intermediate, or long range.

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Forecast

Making sure that each area of the organization is following the plans that have been

established.

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Controlling

Identifying objectives of the organization and identifying the steps required to

accomplish the objectives.

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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