Hsm 340 Midterm Exam Solution Health Services Finance

HSM 340 Midterm Exam Solution Health Services Finance

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HSM 340 Midterm Exam Solution Health Services Finance

Question 1.1. (TCO 4) Which of the following is part of a statistics budget?

Output expectations

Responsibility for estimation

Estimation methodology

All of the above

Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization?

Setting volume levels

Setting prices

Allocation of indirect costs

Deciding whether to use a fixed or flexible budget

Question 3.3. (TCO 4) Effectiveness is a relationship between:

Outputs and organizational goals

Inputs and outputs

Inputs and organizational goals

None of the above.

Question 4.4. (TCO 3) Estimate the total variable cost (i.e., including both routine and ancillary) per MSDRG 505 using the departmental cost/charge ratios and variable cost percentages. (Your answer might be slightly different due to rounding. Pick the closest.)

$5,213

$3,892

$7,613

$5,452

$8,070

Question 5.5. (TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur?

High fixed costs of treatment

Low Medicare payment

High prices

Low prices

Question 6.6. (TCO 2) A statement that reports the financial position (assets, liabilities, and stockholders’ equity) of an accounting entity at a point in time is called a(an):

Income statement

Statement of retained earnings

Balance sheet

Statement of cash flows

Report of management

Question 7.7. (TCO 2) Which of the following is the BEST example of a financial metric?

Degree of innovation

Employee empowerment

Accreditation by the Joint Commission on Accreditation of Healthcare Organizations

Total margin

Length of stay

1. (TCO 4) Based on...