Take this interesting quiz and find out how much do you know about budgets?
Supplies  Â
Overhead costs  Â
Labor  Â
All of the above
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To project volumes  Â
To calculate the cost per procedure  Â
To anticipate the number of charity care cases  Â
(a) and (b)
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The difference between actual revenues and expenses and budgeted revenues and expenses  Â
The difference between revenues and expenses for a given period  Â
The impact unexpected expenses have had on the budget  Â
Aspects of budgeting that the organization can improve on
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As part of a performance appraisal  Â
As part of an employment anniversary  Â
As a bonus  Â
(a) and (b)
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The budget manual needs to contain strategic planning information.  Â
Revenue, expense, and volume data from the previous year have to be gathered.  Â
The organization must have a comprehensive management information system.  Â
All of the above
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Budgeting helps managers exert control.  Â
Budgeting is an easy way for superiors to measure subordinates' performance.  Â
The budgeting process presents an opportunity for financial staff to educate nonfinancial staff.  Â
All of the above
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OT analysis  Â
Historical analysis  Â
Forecasting  Â
Production units
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Employ part-time or temporary workers  Â
Lay off staff members  Â
Reduce the amount of benefits offered  Â
Employ more full-time employees
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Fixed budgets do not take unexpected purchases into account.  Â
Healthcare organizations’ volumes fluctuate throughout the year.  Â
Fixed budgets do not consider contractual allowances.  Â
Healthcare organizations’ fixed costs fluctuate throughout the year.  Â
Net income analysis  Â
Variance analysis  Â
Expense variance analysis  Â
Revenue variance analysis
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process of converting the operating plan into monetary terms  Â
process of converting the strategic plan into monetary terms  Â
link between the strategic plan and the operating plan  Â
prediction of revenues and expenses for the following fiscal year
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RVUs  Â
Charity care policies  Â
Production units  Â
Historical data
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Train as many staff members in new skills as possible  Â
Cross-train staff members on multiple competencies  Â
Match job tasks to job positions in the most cost-effective manner  Â
Ensure each staff member receives appropriate pay and benefits
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Project volumes  Â
Determine expenses  Â
Determine revenues  Â
Project contractual allowances  Â
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Revenue budgets are set before expense budgets.  Â
Expense budgets are set before revenue budgets.  Â
Revenue budgets need to be determined before capital budgeting can occur.  Â
Expense budgets need to be determined before capital budgeting can occur.  Â
63.27Â Â Â
64.32Â Â Â
$ 65.52Â Â Â
None of the above.
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positive; negative  Â
no; negative  Â
Negative; positive  Â
negative; no
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Revenues  Â
Variable expenses  Â
Projected volumes  Â
Contractual allowances  Â
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Option 1
Option 2
Option 3
Option 4
Managers can view budgets over a span of several years.  Â
Managers get a general overview of the budget.  Â
All budgets are consolidated into one document.  Â
All budgeted items are itemized.  Â
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