Practice Quiz

Nurse Manager Exam #1: Financial Management - Question List

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6. Successful nurse managers provide ever-increasing justifications of budget variances, labor costs, staffing effectiveness, return-on-investment, and a host of other financial indicators that drive the "bottom line." An essential component of your budgeting process is identifying the goals or drivers used to measure your financial performance. Successful financial management is measured on the basis of three goals:
  1. Performance, return-on-investment, variances
  2. Staffing, patient care load, supply and demand
  3. Cost control, optimization of available resources, maximized outcomes
  4. Cost control, variances, performance
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7. Nurse managers should be aware of their role in engaging staff nurses in the financial management aspect of their units. Studies indicate the most effective way a nurse manager can keep staff nurses engaged is to:
  1. Follow administrative rules to the letter
  2. Involve staff nurses and seek group input which addresses specific concerns
  3. Involve administrative oversight initiatives
  4. Offer personal incentives
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8. State laws affect the ability of the nurse manager to be fiscally responsible in ways which continue to evolve as health care reform comes into implementation. The major concern in fiscal oversight in the future will be relationship dependent upon:
  1. State budget allocations to Medicaid and Medicare
  2. State budget allocations to health care organizations
  3. State tax incentives to health care organizations
  4. All of the above
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9. Health policies usually emerge in the form of laws, rules and regulations, judicial decisions, resource allocations, and broad global health care budgets. Nurse manager participation in the policy process as mentor and facilitator to staff nurses ensures inclusion of nursing's unique perspective into private and governmental heath policy decisions. A framework to streamline health policy analysis in order to enhance nursing's involvement in the hospital health policy agenda has been popularized in the professional setting over the last few years. It goes by the acronym PAM.PAM stands for
  1. Potential Administrative Model
  2. Post-Analytical Modalities
  3. Past Administrative Money
  4. Policy Analysis Model
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10. Federal law provides both legal and ethical constraints which can be affected by nurse manager oversight of funds allotted to the department. Key principles that affect care of patients and impact departmental fiscal concerns are:
  1. Justice, benevolence, fairness, and autonomy
  2. Competency, education and licensure
  3. Fairness and equality
  4. Competency, autonomy and education
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