Marquis Leadership 8e Ch 10: Fiscal Planning and Care Exam Answered 100% Correct

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1. What is fiscal planning? A) A learned skill that improves with practice B) A job role of the facility business manager C) Part of the organizing phase of the management process D) Reactive base... d on political, social, and economic forces - ANSWER Ans: A Feedback: Fiscal planning is a learned skill and must include nursing management input. It should never be reactive, and it is part of the planning process of management. 2. What is the basic principle of responsibility accounting? A) An organization's revenues, expenses, assets, and liabilities are someone's concern. B) Managers have a responsibility to submit their budgets on time. C) The organization's financial officer works with department heads regarding budget approval. D) Fiscal accounting should be honest and accurate. - ANSWER Ans: A Feedback: Responsibility accounting requires that someone must be responsible for all revenue, expenses, assets, and liabilities. While true, the other options are not the basic principle of responsibility accounting. 3. Which activity is a responsibility of the unit manager regarding fiscal planning? A) To assume responsibility for achieving budgetary planning goals B) To monitor and evaluate all aspects of the unit's budget control C) To streamline the number of subordinates involved in the budgetary process D) To control unpredictable census variations that may undermine the personnel budget - ANSWER Ans: B Feedback: The manager's responsibility is to monitor all aspects of the unit's budget. The other options fail to identify a manager's responsibility. 4. Which is a leadership role in fiscal planning? A) Coordinating the monitoring aspects of budget control B) Accurately assessing personnel needs using agreed-on standards or an established patient classification system C) Assessing the internal and external environment of the organization in forecasting to identify driving forces and barriers to fiscal planning D) Being visionary in identifying short- and long-term unit fiscal needs - ANSWER Ans: D Feedback: Leaders are visionary; the other roles are management related. 5. What type of budget requires rejustification for yearly fiscal needs? A) Incremental budgeting B) Perpetual budgeting C) Zero-based budgeting D) Managed care - ANSWER Ans: C Feedback: Zero-based budgeting begins each year with zero and requires rejustification. This is not true of the other options. 6. Equipment depreciation, the number and type of supplies needed by patients, and overtime that occurs in response to an emergency are all examples of what type of expenses? A) Controllable B) Fixed C) Capital budget D) Noncontrollable - ANSWER Ans: D Feedback: The items mentioned are noncontrollable as these cannot be controlled or fixed and are not parts of capital costs. 7. What is inferred if an item is ìcost-effectiveî? A) It is the least expensive product available B) It is worth the cost C) It is reimbursable D) Its cost was anticipated - ANSWER Ans: B Feedback: Cost-effective does not necessarily imply the cheapest, but it requires that the expenditure be worth the cost. The other options are not characteristic of the term cost effective. 8. What is the largest budget expenditure for health-care organizations? A) The personnel budget B) Short-term capital acquisitions C) The operating budget D) Supplies and equipment - ANSWER Ans: A Feedback: Health care is labor intensive; therefore, the personnel budget makes up the largest expense. The other options represent less expensive expenditures. 9. Determine the nursing care hours per patient day (NCH/PPD) if the following staffing existed for a 24-hour period (unit census = 10): 12 midnight to 12 noon, 1 registered nurse, 1 licensed vocational nurse 12 noon to 12 midnight, 1 registered nurse, 1 licensed vocational nurse, 1 unit clerk (8 hours only) [Show More]

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