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NAB FINANCIAL MANAGEMENT SECTION PRACTICE
EXAM QUESTIONS WITH 100% SOLVED
ANSWERS/NEWEST UPDATE
How long must employee records be retained - (answers)3 years
How much is overtime pay? - (answers)1.5 times the normal base rate
What is meant by the 8-80 system? - (answers)The employee is paid overtime for
any hours worked after more than 8 hours in a day and more than 80 hours in a
14 day period.
What is meant by an exempt employee? - (answers)These employees are not
eligible for overtime. These are usually management employees.
What is meant by an Non exempt employees? - (answers)These are employees
that qualify for overtime pay.
What does the acronym HCBS stand for? - (answers)Home and community based
services.
What is an operating budget? - (answers)It is the budget that the administrator
will find census goals by payer source, revenue projections as well as anticipated
expenditures. Revenue will be broken down into service areas such as Medicare,
Medicaid, private pay.....etc.
Why is cost center used in a budget. - (answers)It is used to separate various
expenditures, including wages, medical supplies, raw food, etc.
Why would a company use a capital budget? - (answers)It is used for large
expenditures such s real estate, buildings and equipment.
How much, according to CMS, is the minimum cost for a capital expenditure? -
(answers)$5000.00
What is a cash budget used for? - (answers)It is a forecast of cash receipts and
disbursements for each month during the budget year.
NAB FINANCIAL MANAGEMENT SECTION PRACTICE
EXAM QUESTIONS WITH 100% SOLVED
ANSWERS/NEWEST UPDATE
How long must employee records be retained - (answers)3 years
How much is overtime pay? - (answers)1.5 times the normal base rate
What is meant by the 8-80 system? - (answers)The employee is paid overtime for
any hours worked after more than 8 hours in a day and more than 80 hours in a
14 day period.
What is meant by an exempt employee? - (answers)These employees are not
eligible for overtime. These are usually management employees.
What is meant by an Non exempt employees? - (answers)These are employees
that qualify for overtime pay.
What does the acronym HCBS stand for? - (answers)Home and community based
services.
What is an operating budget? - (answers)It is the budget that the administrator
will find census goals by payer source, revenue projections as well as anticipated
expenditures. Revenue will be broken down into service areas such as Medicare,
Medicaid, private pay.....etc.
Why is cost center used in a budget. - (answers)It is used to separate various
expenditures, including wages, medical supplies, raw food, etc.
Why would a company use a capital budget? - (answers)It is used for large
expenditures such s real estate, buildings and equipment.
How much, according to CMS, is the minimum cost for a capital expenditure? -
(answers)$5000.00
What is a cash budget used for? - (answers)It is a forecast of cash receipts and
disbursements for each month during the budget year.
