Practice Quiz

Nurse Manager Exam #1: Financial Management

Category - Financial Management

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The best definition of a budget 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
Explanation
Answer: A - The difference between the amount that was budgeted for a specific cost and the actual cost is the best definition of a budget variance.
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