PTCB Practice Test 5

15 Questions
PTCB practice test 5

Pharmacy Business Math

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Questions and Answers
  • 1. 
    What does the term turnover rate mean?
    • A. 

      Number of times a certain medication is being reordered and stocked in 2 years

    • B. 

      Number of times a certain medication is being returned to manufacturer in one year

    • C. 

      Number of times inventory has been replaced in one year

  • 2. 
    What does the term formulary mean?
    • A. 

      A list of preferred drugs to be stocked by the pharmacy, also a list of drugs covered by an insurance company

    • B. 

      A list of preferred drugs to be stocked by the pharmacy, also a list of drugs covered by an manufacturer company

    • C. 

      A list of only brand name drugs to be stocked by the pharmacy, also a list of drugs covered by an insurance company

  • 3. 
    • A. 

      Profit that has been made by selling a product a little more than what the company actually paid

    • B. 

      Total annual profit that was made by selling products

    • C. 

      Profit that the company lost during selling the products

  • 4. 
    What does the term net profit mean?
    • A. 

      Product selling price that is substracted by all dispensing costs

    • B. 

      Product selling price that is multiplied by all dispensing cost

    • C. 

      Product selling price that is divided by all dispensing cost

  • 5. 
    What does the term average wholesale price (AWP) mean?
    • A. 

      Average price charged by pharmacies for a product, and most offer a discount

    • B. 

      Average price charged by manufacturers for a product, and most offer a discount

    • C. 

      Average price charged by wholesalers for a product, and most offer a discount

  • 6. 
    Drug A 40mg, quantity #100 costs the pharmacy $14.50. The prescription price is $42.00. What is the gross profit?
    • A. 

      $2.73

    • B. 

      $27.05

    • C. 

      $27.50

  • 7. 
    Drug A 40mg, quantity #100 costs the pharmacy $14.50. Dispencing cost for this prescription total is $12.40. The prescription price is $42.00. What is the net profit?
    • A. 

      $15.00

    • B. 

      $15.10

    • C. 

      $15.01

  • 8. 
    • A. 

      $27

    • B. 

      $20

    • C. 

      $25

  • 9. 
    A pharmacy maintains an average inventory of $32,000. The annual purchases total $200,000. What is the turnover rate?
    • A. 

      6.20 turns

    • B. 

      6 turns

    • C. 

      6.25 turns

  • 10. 
    Pharmacy Goods has a total of $423,400 sales. Beginning inventory total cost was $105,850 and ending total cost was $127,020. What is the turnover rate?  
    • A. 

      3.8 turns

    • B. 

      4 turns

    • C. 

      3.9 turns

  • 11. 
    What price do we charge a patient if the AWP for 300 tablets is  $14.55 and we want to give the patient 30 tablets plus a 6% markup and a $3.00 dispensing fee?
    • A. 

      $5.55

    • B. 

      $4.55

    • C. 

      $4.00

  • 12. 
    Rx Order: Triamcinolone 2% 60 grams, AWP: $30.00 for 8 ounces of Triamcinolone 2%, Markup: 8%, Dispensing fee: $5.00 How much will we charge the patient?
    • A. 

      $13.1

    • B. 

      $12.00

    • C. 

      $12.70

  • 13. 
    Drug B 100mg, quantity #30 costs the pharmacy $15.50. The prescription price is $45.00. What is the gross profit?
    • A. 

      $30.00

    • B. 

      $29.50

    • C. 

      $29.05

  • 14. 
    What does the term markup mean?
    • A. 

      Amount added to the cost of goods to cover insurance

    • B. 

      Amount added to the cost of goods to cover overhead and profit

    • C. 

      Amount substracted to the cost of goods to cover overhead and profit

  • 15. 
    What price do we charge a patient if the AWP for 1000 tablets is $45.00 and we want to give the patient 90 tablets plus a 8% markup with a dispensing fee of $2.00?
    • A. 

      $6.13

    • B. 

      $6.00

    • C. 

      $6.37