What are the four basic financial statements?

Question 1

Most corporations use the accrual basis of accounting.
True
False
5 points
Question 2

A hospital that is caring for a Medicare patient on an inpatient basis
generally can increase its reimbursement by providing additional services.
True
False
5 points
Question 3

A department manager most often uses his or her hospital’s financial
information for which of the following uses:

A. Assess the financial condition of the hospital

B. Assess the efficiency of operations

C. Evaluate the hospital’s stewardship

D. Assess the effectiveness of operations

5 points
Question 4

If an organization’s Board of Directors were to set aside assets to be used for
replacement of plant and equipment, where would this be reflected on the
balance sheet?

A. Assets Limited as to Use

B. Temporarily Restricted Net Assets

C. Permanently Restricted Net Assets

D. Liability

E. none of the above
5 points
Question 5

Proprietary hospitals often have low Community Value Index ® scores because:

A. They have higher prices

B. They have higher margins

C. They have lower costs

D. All of the above
5 points
Question 6

Some benefits under Medicare part A include hospital stays, skilled nursing
care, and home health care.
True
False
5 points

Question 8

Which of the following is the primary payer for acute-care (hospital) services?

A. Medicaid

B. Government payers (all sources)

C. Private payers

D. None of the above
5 points
Question 9

The earnings of a standard (“Câ€) corporation can be subject to double taxation.
True
False
5 points
Question 10

Which of the following tends to insulate management somewhat from the financial
results of poor financial planning? (Pick the best answer.)

A. Capitated rates

B. Cost reimbursement

C. Bundled services

D. Charge payment
5 points

Question 11

Which of the following is the BEST example of a financial metric?

A. degree of innovation

B. employee empowerment

C. accreditation by the Joint Commission on Accreditation of Healthcare
Organizations

D. total margin

E. length of stay
5 points

Question 12

Which of the following is the primary goal of a not-for-profit healthcare
organization? Choose the best answer.

A. To serve the community through provision
of health care services.

B. To balance revenues with expenses

C. To provide jobs for those in the community.

D. To deliver very high-quality health care services.
5 points

Question 13

Question 14

A hospital incurs $10 million of cost to treat Medicaid patients and receives
$7 million in payment. Actual charges for these Medicaid patients were $20
million. The net community benefit expense that would be reported in Schedule H
of IRS Form 990 would be?

A. $10 million

B. $7 million

C. $3 million

D. None of the Above
5 points
Question 15

Both stockholders’ equity and net assets (or fund balance) represent the
difference between total assets and total liabilities.
True
False
5 points
Question 16

What should be a firm’s primary long-term financial objective?

A. profit growth

B. debt growth

C. asset growth

D. equity growth
5 points
Question 17

What are the four basic financial statements?
Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or
ALT+FN+F10 (Mac).

Balance Sheet
Income Statement
Statement of
Retained Earning
Statement of
Cash Flow.

Path: pWords:0
5 points
Question 18

One of the advantages of a nonprofit organization compared with an
investor-owned company is that the investor-owned company is subject to federal
income taxes, whereas the nonprofit organization is not.
True
False
5 points

Question 19

_____ is the most important financial metric to review to determine long-term
financial viability.

Return on Equity
5 points
Question 20

Accounts receivable (net) increased by $500,000 during the year. This increase
has what effect on cash flow?

A. Reduces it

B. Increases it

C. No effect

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