Practice Quiz

Nurse Manager Exam #1: Financial Management - Question List

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11. An understanding of healthcare economics and healthcare public policy as it applies to the delivery of patient care includes reimbursement, Medicare, Medicaid, managed care, third party providers, challenges to the current healthcare policies and key legislative initiatives at local, state and national level. Development methodologies the nurse manager must have a basic understanding of include:
  1. Creating a budget
  2. Monitoring a budget
  3. Revenue forecasting
  4. A, B and C
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12. In order to accomplish goals set by administrators and have a grasp of the hospital financial process, it is imperative that the nurse manager understand basic financial terminology used in healthcare. The following questions are basic financial terminology used in the healthcare setting.What are staffed beds?
  1. Staffed beds are beds occupied by patients which require skilled nursing attendance
  2. Staffed beds are beds occupied by patients for less than one 24 hour period
  3. Staffed beds are beds occupied by patients for longer than 12 hours in a 24 hour period
  4. Staffed beds are those in service and patient ready for more than half of the days in the reporting period
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13. What is the definition of inpatient discharges?
  1. Patients who have been discharged and formally released from the hospital after 24 hours
  2. Patients who have been discharged and formally released from the hospital after 12 hours
  3. Patients who have been discharged and formally released from the hospital after 4 hours
  4. The termination of the granting of lodging in the hospital and the formal release of the patient including patients admitted and discharged the same day
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14. What is the definition of one inpatient day?
  1. A patient day is the unit of measure denoting lodging provided and services rendered to inpatients between the census taking hours (usually at midnight) of two successive days
  2. A patient day is the unit of measure denoting lodging provided and services rendered to inpatients between censuses taking hours 12 hours apart
  3. A patient day is the unit of measure denoting lodging provided and services rendered to inpatients between the census taking hours (usually at midnight) of two successive days
  4. A patient day is the unit of measure denoting lodging provided and services rendered to inpatients formally admitted to the hospital regardless of time
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15. Accounting skills are useful to nurse managers in carrying the day-to-day activities of their respective departments. Furthermore, nurse managers must have a working knowledge of the basic reporting formats common to the acute care setting which directly impacts their charge. Choose the correct reporting format which corresponds to the appropriate activity.One of the most important financial documents of any nursing department is the balance sheet. The balance sheet gives you a detailed picture of your department’s financial position at a given point in time. The best definition of a nursing department balance sheet is:
  1. The balance sheet is a 'snapshot' in time of the assets and debts and represents the value of the nursing department at that time
  2. The balance sheet is a summary of all incoming and outgoing transactions, credits and debts associated with a specific nursing department at a given point in time
  3. The balance sheet is a summary of account balances on a given date, typically due at the end of a month, quarter, or annually
  4. The balance sheet is a statement of net worth hospital administrators look at when deciding financial unit allotments
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