Practice Quiz

Nurse Manager Exam #1: Financial Management - Question List

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31. The best definition of a rate variance is:
  1. The difference between the amount that was budgeted for a specific cost and the actual cost
  2. Differences in the budget as a result of increases or decreases in patient volume
  3. The difference between budgeted and actual nursing care hours provided
  4. The difference between budgeted and actual hourly rates paid
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32. One of the most challenging aspects of a nurse manager's job is to accurately project the personnel budget for the upcoming fiscal year. Budget preparation requires knowledge of previous and future trends in care delivery, market information to predict changes in services offered, and unit productivity measures.The inclusive median salary for registered nurses is $26.00 per hour. Last year your department had a working budget of 98,892 total staff hours. Assume that the budgeted nursing care hours and pay rate is the basis used in the following questions.The hospital is attempting to reduce length of stay, so patient days are expected to decrease by 2%. Projected budget hours will be 98% of previous budget hours. The new total working budget hours will be:
  1. 96914 working hours
  2. 98330 working hours
  3. 99161 working hours
  4. None of the above
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33. Inflation and raises are expected to raise salaries of registered nurses by 2.5% next year. The new median salary for registered nurses will be:
  1. $26.60 per hour
  2. $26.35 per hour
  3. $26.65 per hour
  4. $26.50 per hour
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34. What are the new total average monthly projected working hours for the 12 month period?
  1. 8076.16
  2. 8086.66
  3. 8086.16
  4. 8076.66
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35. Based on the new total average monthly projected working hours for the 12 month period and the new wage structure for registered nurses, your new budget in monthly nursing hours will cost:
  1. $215,229.66
  2. $216,292.70
  3. $214,999.01
  4. $215,229.76
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