Practice Quiz

Nurse Manager Exam #1: Financial Management - Question List

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16. An important step in controlling expenditures and ultimately profit is by creating a budget. With ever narrowing profit margins, each department needs to keep careful track of expenses. Some things included in a departmental budget are salaries, office expenses, utilities, repairs, and maintenance. The following questions relate to creating your departmental budget, sometimes called an organizational budget.Departmental budgets are usually broken down with two main but equally important categories. They are:
  1. Revenue and forecasting
  2. Incoming and outgoing
  3. Revenue and expenses
  4. Profit and loss
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17. Inside the expenses category in your departmental budget, subsets of this category should include:
  1. Personnel, paid ETO days, salaries, taxes and employee health contributions
  2. Employee sick hours lost, unaccounted for work time, measured losses
  3. Office supplies, employee training, travel, pool nurse debt
  4. A and C
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18. Inside the revenue category in your departmental budget, subsets of this category should include:
  1. Income from procedures, inpatient hospitalization from Medicare and Medicaid, managed care, private insurers, and self-pay patients
  2. Income from allotments, donations and write offs
  3. Profit / loss undercharges, allotments and underpayments
  4. Depreciation, undercapitalized expenditures, donations
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19.

Choose the best definition of a budget:

  1. A budget is an overall statement of revenue and expenses
  2. A budget is a quantitative overview of profit, loss, revenue, and expenses
  3. A budget is a statement of the plans and expectations of a defined area over a specified period of time
  4. A budget is a statement of the plans and expectations of a defined area over a period of time longer than two weeks
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20. Budgeting provides a foundation for:
  1. Expenditure control
  2. Managing and evaluating financial performance
  3. Cost overrun accountability
  4. Staffing expenditure control
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