HSML 6209 Exam #1 Terms With Correct
Explanations
Board cof cTrustees c- ccorrect canswers✔✔Responsible cfor caccomplishing cthe cduties
cof cthe ccorporation; cincludes ca cfinancial ccommittee cwhich chas coversight cfor cthe
cfinancial cstatements cand csets cfinancial cgoals; chires cand cfires cthe cCEO
CEO c- ccorrect canswers✔✔Chief cExecutive cOfficer; chas cthe cday-to-day
cresponsibility cof caccomplishing cthe cduties cof cthe corganization; creports cto cthe
cBoard cof cTrustees
CFO c- ccorrect canswers✔✔Chief cFinancial cOfficer; caccomplishes cthe cduties crelated
cto cfinancial cmanagement; croles cinclude cbeing ca cfinancial cexpert, cbusiness cadviser,
cand centerprise cleader; creports cto cthe cCEO
Controller c- ccorrect canswers✔✔The cchief caccounting cofficer cof can corganization;
cusually cresponsible cfor cfinancial caccounting, cmanagerial caccounting, ctax
caccounting, cpatient caccounting, cand cinternal cauditing; creports cto cthe cCFO
Treasurer c- ccorrect canswers✔✔The cperson cresponsible cfor cmanaging cthe ccapital cof
can corganization; cresponsible cfor cmanaging cworking ccapital, cthe chealthcare
corganization's cinvestment cportfolio, cand cthe cfinancing cof ccapital cexpenditures;
cmanages cbanking cand cother clending crelations, cdaily ccash cbalances, csweeps, casset
callocations, cand cdebt cplacement creports cto cthe cCFO
General cAccounting/Financial cReporting c- ccorrect canswers✔✔Roles: cprocesses
cjournal centries cand cexternal cand cinternal cfinancial cstatements, cprepares csupporting
cschedules cto cfinancial cstatements, cand cworks cwith cexternal cauditors; c
reports cto cthe cController
Accounts cPayable c- ccorrect canswers✔✔Roles: cresponsible cfor cpaying cthe cbills,
cestablishes cpayment crelationships cwith cvendors c(supplies, cdevices), cand cincludes
ctax cinformation; cexample: cvendor csays ctheir cinvoice chasn't cbeen cpaid; cgetting
cbreakdown cof cexpenses; creports cto cthe cController
Payroll c- ccorrect canswers✔✔Roles: csupply cand cmonitor ctime cclock creporting,
cprocess cpaychecks cfor cemployees, cpay ctaxes cand cbenefits con cyour cbehalf;
cexample: chours cdisputes, covertime cexpenses; creports cto cthe cController
Purchasing c- ccorrect canswers✔✔Roles: cmanage cthe cpurchase corder c(PO) cprocess,
capprove cand cmake cpurchases, csecure cbest cpricing, cmonitor cGPO crelationships
,cand ccontracts, cand censure cbidding cprocesses care cfollowed; cexample: cordering
cnew cstent; creports cto cthe cController
Materials cManagement c- ccorrect canswers✔✔Roles: cmanages cinventory cand
csupplies c(along cwith cordering cand cdelivering cthem); creports cto cthe cController
Fixed cAssets c- ccorrect canswers✔✔Roles: cmanages cconstruction cprojects, cmaintains
ca cdatabase c(subledger) cof cfixed cassets cand ccalculates cdepreciation, cmonitors
cdisposal cof cassets cand cbrings cin cnew cones, cand ccoordinates cpersonal cproperty
ctax cfilings; cexample: cdisposal cof cEKG cmachine cnot cworking; creports cto cthe
cController
Financial cAnalysis c- ccorrect canswers✔✔Roles: ccalculates cvariance canalysis cand
cspecial cprojects cbudgets; creports cto cthe cController
GME cCost cReporting c- ccorrect canswers✔✔Roles: cfor can cacademic cmedical ccenter,
chandles cGraduate cMedical cEducation c(residents cand cfellows ctraining) ccosts;
creports cto cthe cController
Research cAccounting c- ccorrect canswers✔✔Roles: cfor can cacademic cmedical ccenter,
cresponsible cfor cthe cstricter caccounting cguidelines cof cresearch cfunded cby cgrants;
cexample: ccost ccenters cfor cresearch cstudies; creports cto cthe cController
CRO c- ccorrect canswers✔✔Chief cRevenue cOfficer; ca crole cspecific cto chealth ccare
cprovider corganizations; creports cto cthe cCFO
Contracting c- ccorrect canswers✔✔Roles: cnegotiates crevenue ccontracts cbetween
cproviders cand cinsurance ccompanies, creceives creimbursement cupdates cfrom
cinsurance ccompanies, cwork cwith cinsurers c(payers) cto cfacilitate cproblem csolving-
cdenied cclaims, clate cpayments, cand cmonitor cand canalyze ccontract cperformance
creports; creports cto cthe cCRO
Admissions cand cScheduling c- ccorrect canswers✔✔Roles: cmakes cappointments cand
cpre-admissions, cand cpre-certification cand cprior cauthorizations; cexample: cMD casks
cfor cschedule; creports cto cthe cCRO
Cashier's cOffice c- ccorrect canswers✔✔Role: ccollects cdischarge cpapers cfor cpatients
cgoing chome; creports cto cthe cCRO
Medical cRecords c- ccorrect canswers✔✔Roles: cuse cclinical cdocumentation cto
cdetermine ccoding, cand cscanning cand cattaching cto cEMR cwhen cfiles care csent cfrom
coutside centities; creports cto cthe cCRO
Chargemaster c- ccorrect canswers✔✔Roles: cupdate cnew citems cand cestablish cprices
cin cdatabase c(called cthe cchargemaster), cand cdelete cold citems cand ccodes; cexample:
ccharges cfor can cecho; creports cto cthe cCRO
, Accounts cReceivable c- ccorrect canswers✔✔Roles: csending cbills cout cto cpts cand
cinsurers c(concerned cw/ crevenues), cposting cpayments cto cpt caccounts, cand cperforms
cdenial cmanagement; cexample: cbreakdown cof cpatient cbad cdebt cexpense, cpatient
cquestion cabout cbill; creports cto cCRO
CIO c- ccorrect canswers✔✔Chief cInformation cOfficer; cresponsible cfor cnot conly
cproviding cmanagement coversight cto call cinformation cprocessing cand
ctelecommunications csystems cin cthe corganization, cbut calso cfor cassisting csenior
cmanagement cin cusing cinformation cin cmanagement cdecision cmaking; cresponsibilities
cinclude ce-commerce, ce-health, cand cother cweb-based cand cmultimedia ctechnologies;
ctypically creports cto cCEO c(could cbe csometimes cCFO)
CCO c- ccorrect canswers✔✔Chief cCompliance cOfficer; cresponsible cfor cconducting
ccompliance creviews c(to cassess chow cwell cthe corganization ccomplies cwith cfraud cand
cabuse claws), cinvestigating cpotential cfraud cand cabuse cproblems, cand cexamining
crelationships cand ccontracts cfor cpossible cillegal cprovisions; ctypically creports cto cCEO
cand cseen cas cpeer cof cthe cCFO
Internal cAudit c- ccorrect canswers✔✔Roles: cmanages cinternal cfinancial cpolicies cand
cprocedures, creviews cinternal cprocesses cfor ccompliance cwith cpolicies cand
cprocedures cand cexternal cregulations; cexample: cOSHA csafe cdisposal cregulations;
creports cto cCCO calong cwith cpayer caudits cand cfraud cand cabuse
Balance csheet c- ccorrect canswers✔✔Shows cthe corganization's cfinancial cposition cat
ca cspecific cpoint cin ctime, ctypically cat cthe cend cof can caccounting cperiod; cpresents
cthe corganization's cassets, cliabilities, cand cnet cassets c(shareholders' cequity cfor cfor-
profits) cand cits crelationships; cEquation: cAssets c= cLiabilities c+ cNet cAssets
Assets c- ccorrect canswers✔✔Economic cresources cthat cprovide cor care cexpected cto
cprovide cbenefit cto cthe corganization; cincludes ccurrent cand cnoncurrent
Current cassets c- ccorrect canswers✔✔Economic cresources cthat chave ca clife cof cless
cthan cone cyear; clisted con cthe cbalance csheet cin corder cof cliquidity; corder: ccash c->
ctemporary cinvestments c-> cA/R c-> cInventory c-> cPrepaid cexpenses
Cash c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmoney con chand cand cin
cthe cbank cthat cthe corganization ccan caccess cimmediately
Temporary cinvestments c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmoney
cplaced cin csecurities cwith cmaturities cup cto cone cyear, csuch cas ccommodities cand
coptions
Net creceivables c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmade cup cof
cpatients cA/R, cnet cof callowances cfor ccontractual callowances, ccharity ccare, cand cbad
Explanations
Board cof cTrustees c- ccorrect canswers✔✔Responsible cfor caccomplishing cthe cduties
cof cthe ccorporation; cincludes ca cfinancial ccommittee cwhich chas coversight cfor cthe
cfinancial cstatements cand csets cfinancial cgoals; chires cand cfires cthe cCEO
CEO c- ccorrect canswers✔✔Chief cExecutive cOfficer; chas cthe cday-to-day
cresponsibility cof caccomplishing cthe cduties cof cthe corganization; creports cto cthe
cBoard cof cTrustees
CFO c- ccorrect canswers✔✔Chief cFinancial cOfficer; caccomplishes cthe cduties crelated
cto cfinancial cmanagement; croles cinclude cbeing ca cfinancial cexpert, cbusiness cadviser,
cand centerprise cleader; creports cto cthe cCEO
Controller c- ccorrect canswers✔✔The cchief caccounting cofficer cof can corganization;
cusually cresponsible cfor cfinancial caccounting, cmanagerial caccounting, ctax
caccounting, cpatient caccounting, cand cinternal cauditing; creports cto cthe cCFO
Treasurer c- ccorrect canswers✔✔The cperson cresponsible cfor cmanaging cthe ccapital cof
can corganization; cresponsible cfor cmanaging cworking ccapital, cthe chealthcare
corganization's cinvestment cportfolio, cand cthe cfinancing cof ccapital cexpenditures;
cmanages cbanking cand cother clending crelations, cdaily ccash cbalances, csweeps, casset
callocations, cand cdebt cplacement creports cto cthe cCFO
General cAccounting/Financial cReporting c- ccorrect canswers✔✔Roles: cprocesses
cjournal centries cand cexternal cand cinternal cfinancial cstatements, cprepares csupporting
cschedules cto cfinancial cstatements, cand cworks cwith cexternal cauditors; c
reports cto cthe cController
Accounts cPayable c- ccorrect canswers✔✔Roles: cresponsible cfor cpaying cthe cbills,
cestablishes cpayment crelationships cwith cvendors c(supplies, cdevices), cand cincludes
ctax cinformation; cexample: cvendor csays ctheir cinvoice chasn't cbeen cpaid; cgetting
cbreakdown cof cexpenses; creports cto cthe cController
Payroll c- ccorrect canswers✔✔Roles: csupply cand cmonitor ctime cclock creporting,
cprocess cpaychecks cfor cemployees, cpay ctaxes cand cbenefits con cyour cbehalf;
cexample: chours cdisputes, covertime cexpenses; creports cto cthe cController
Purchasing c- ccorrect canswers✔✔Roles: cmanage cthe cpurchase corder c(PO) cprocess,
capprove cand cmake cpurchases, csecure cbest cpricing, cmonitor cGPO crelationships
,cand ccontracts, cand censure cbidding cprocesses care cfollowed; cexample: cordering
cnew cstent; creports cto cthe cController
Materials cManagement c- ccorrect canswers✔✔Roles: cmanages cinventory cand
csupplies c(along cwith cordering cand cdelivering cthem); creports cto cthe cController
Fixed cAssets c- ccorrect canswers✔✔Roles: cmanages cconstruction cprojects, cmaintains
ca cdatabase c(subledger) cof cfixed cassets cand ccalculates cdepreciation, cmonitors
cdisposal cof cassets cand cbrings cin cnew cones, cand ccoordinates cpersonal cproperty
ctax cfilings; cexample: cdisposal cof cEKG cmachine cnot cworking; creports cto cthe
cController
Financial cAnalysis c- ccorrect canswers✔✔Roles: ccalculates cvariance canalysis cand
cspecial cprojects cbudgets; creports cto cthe cController
GME cCost cReporting c- ccorrect canswers✔✔Roles: cfor can cacademic cmedical ccenter,
chandles cGraduate cMedical cEducation c(residents cand cfellows ctraining) ccosts;
creports cto cthe cController
Research cAccounting c- ccorrect canswers✔✔Roles: cfor can cacademic cmedical ccenter,
cresponsible cfor cthe cstricter caccounting cguidelines cof cresearch cfunded cby cgrants;
cexample: ccost ccenters cfor cresearch cstudies; creports cto cthe cController
CRO c- ccorrect canswers✔✔Chief cRevenue cOfficer; ca crole cspecific cto chealth ccare
cprovider corganizations; creports cto cthe cCFO
Contracting c- ccorrect canswers✔✔Roles: cnegotiates crevenue ccontracts cbetween
cproviders cand cinsurance ccompanies, creceives creimbursement cupdates cfrom
cinsurance ccompanies, cwork cwith cinsurers c(payers) cto cfacilitate cproblem csolving-
cdenied cclaims, clate cpayments, cand cmonitor cand canalyze ccontract cperformance
creports; creports cto cthe cCRO
Admissions cand cScheduling c- ccorrect canswers✔✔Roles: cmakes cappointments cand
cpre-admissions, cand cpre-certification cand cprior cauthorizations; cexample: cMD casks
cfor cschedule; creports cto cthe cCRO
Cashier's cOffice c- ccorrect canswers✔✔Role: ccollects cdischarge cpapers cfor cpatients
cgoing chome; creports cto cthe cCRO
Medical cRecords c- ccorrect canswers✔✔Roles: cuse cclinical cdocumentation cto
cdetermine ccoding, cand cscanning cand cattaching cto cEMR cwhen cfiles care csent cfrom
coutside centities; creports cto cthe cCRO
Chargemaster c- ccorrect canswers✔✔Roles: cupdate cnew citems cand cestablish cprices
cin cdatabase c(called cthe cchargemaster), cand cdelete cold citems cand ccodes; cexample:
ccharges cfor can cecho; creports cto cthe cCRO
, Accounts cReceivable c- ccorrect canswers✔✔Roles: csending cbills cout cto cpts cand
cinsurers c(concerned cw/ crevenues), cposting cpayments cto cpt caccounts, cand cperforms
cdenial cmanagement; cexample: cbreakdown cof cpatient cbad cdebt cexpense, cpatient
cquestion cabout cbill; creports cto cCRO
CIO c- ccorrect canswers✔✔Chief cInformation cOfficer; cresponsible cfor cnot conly
cproviding cmanagement coversight cto call cinformation cprocessing cand
ctelecommunications csystems cin cthe corganization, cbut calso cfor cassisting csenior
cmanagement cin cusing cinformation cin cmanagement cdecision cmaking; cresponsibilities
cinclude ce-commerce, ce-health, cand cother cweb-based cand cmultimedia ctechnologies;
ctypically creports cto cCEO c(could cbe csometimes cCFO)
CCO c- ccorrect canswers✔✔Chief cCompliance cOfficer; cresponsible cfor cconducting
ccompliance creviews c(to cassess chow cwell cthe corganization ccomplies cwith cfraud cand
cabuse claws), cinvestigating cpotential cfraud cand cabuse cproblems, cand cexamining
crelationships cand ccontracts cfor cpossible cillegal cprovisions; ctypically creports cto cCEO
cand cseen cas cpeer cof cthe cCFO
Internal cAudit c- ccorrect canswers✔✔Roles: cmanages cinternal cfinancial cpolicies cand
cprocedures, creviews cinternal cprocesses cfor ccompliance cwith cpolicies cand
cprocedures cand cexternal cregulations; cexample: cOSHA csafe cdisposal cregulations;
creports cto cCCO calong cwith cpayer caudits cand cfraud cand cabuse
Balance csheet c- ccorrect canswers✔✔Shows cthe corganization's cfinancial cposition cat
ca cspecific cpoint cin ctime, ctypically cat cthe cend cof can caccounting cperiod; cpresents
cthe corganization's cassets, cliabilities, cand cnet cassets c(shareholders' cequity cfor cfor-
profits) cand cits crelationships; cEquation: cAssets c= cLiabilities c+ cNet cAssets
Assets c- ccorrect canswers✔✔Economic cresources cthat cprovide cor care cexpected cto
cprovide cbenefit cto cthe corganization; cincludes ccurrent cand cnoncurrent
Current cassets c- ccorrect canswers✔✔Economic cresources cthat chave ca clife cof cless
cthan cone cyear; clisted con cthe cbalance csheet cin corder cof cliquidity; corder: ccash c->
ctemporary cinvestments c-> cA/R c-> cInventory c-> cPrepaid cexpenses
Cash c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmoney con chand cand cin
cthe cbank cthat cthe corganization ccan caccess cimmediately
Temporary cinvestments c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmoney
cplaced cin csecurities cwith cmaturities cup cto cone cyear, csuch cas ccommodities cand
coptions
Net creceivables c- ccorrect canswers✔✔A ccurrent casset con cthe cB/S; cmade cup cof
cpatients cA/R, cnet cof callowances cfor ccontractual callowances, ccharity ccare, cand cbad
