Practice Quiz

Nurse Manager Exam #1: Financial Management - Question List

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41. Why is it essential to consider goals and objectives when developing a budget?
  1. It helps define services to be provided
  2. It provides a roadmap of needed staff, supplies and services to be offered
  3. It helps clearly identify variances
  4. All of the above
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42. One duty of the nurse manager is analyzing the budget. The questions below are based on the more commonly used nursing department economic evaluation methods.What is cost analysis?
  1. A measurement of the cost of a product, service or intervention
  2. Costs spent per outcome achieved
  3. Ratio of total costs to total benefits expressed in both dollars and benefit value
  4. Comparison of interventions to achieve one quality-adjusted life year
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43. What is a cost-effective analysis?
  1. A measurement of the cost of a product, service or intervention
  2. Costs spent per outcome achieved
  3. Ratio of total costs to total benefits expressed in both dollars and benefit value
  4. Comparison of interventions to achieve one quality-adjusted life year
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44. What is a cost- benefit analysis?
  1. A measurement of the cost of a product, service or intervention
  2. Costs spent per outcome achieved
  3. Ratio of total costs to total benefits expressed in both dollars and benefit value
  4. Comparison of interventions to achieve one quality-adjusted life year
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45. Nurse managers use a budget variance report to gauge department performance by comparing one set of figures to another. A well-rounded budget variance report will address:
  1. Trends
  2. Overspending
  3. Under spending
  4. All of the above
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