14 Jun Question Which of the following is INCORRECT regarding fle
Question
Which of the following is INCORRECT regarding flexible budgets?
Question options:
a) The fixed costs are the same in a flexible vs. a static budget.
b) Flexible budgets take into account changes in actual (vs. projected) volume on revenue and profits.
c) The flexible budget does not adjust revenues to reflect actual volume levels.
d) The flexible budget holds reimbursment rates constant.
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Question 2 5 / 5 points
If you are told that your organization will need $15,000 per inpatient stay to cover fixed costs, what measure is this describing?
Question options:
Degree of Operating Leverage
Break-even Price
Contribution Margin
Return on Investment
Question 3 5 / 5 points
Which of the following is NOT a method of cost allocation by department?
Question options:
Reciprocal method
Relative Value Units Method
Step-down method
Direct method
Question 4 5 / 5 points
You are managing the hospital’s clinical laboratory and you have to conduct a cost analysis. Which of the following are considered direct costs to the laboratory?
Question options:
a) The hospital’s IT department
b) The administrative staff of hospital
c) Salaries and benefits for laboratory technicians
d) All of the above
Question 5 5 / 5 points
Which of the following statements DOES NOT correctly describe the “Planning” process?
Question options:
a) Encompasses the overall process of preparing for the future
b) A process to quantify the allocation of financial resources
c) Involves the Board of Directors and CEO to communicate the organization’s statement of missions and goals
d) Offers long-term guidance to the organization.
Question 6 5 / 5 points
Which of the following is NOT correct regarding incremental budgets?
Question options:
a) The process start with prior year budget
b) Can eliminate unnecessary costs and improve profit margins
c) Administratively simple
d) Assumes all current operations are essential
Question 7 5 / 5 points
Which of the following budgets is the foundation of all other budgets and provides workload and volume assumptions?
Question options:
Operating Budget
Expense Budget
Capital Budget
Statistical Budget
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