HFMA's CSAF Certified Specialist Accounting and Finance Questions with Detailed Verified Answers

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HFMA's CSAF Certified Specialist
Accounting and Finance Questions with
Detailed Verified Answers

Question: Contribution Margin


Ans: Difference between marginal revenue and marginal cost.


Question: Break-even point


Ans: Level of sales volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.


Question: Overhead


Ans: Indirect Costs


Question: Activity-based costing (ABC)


Ans: Method of determining product costs using cost drivers or activity
measures, which cause indirect costs to be incurred.


Question: Three main types of Cost standards.

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Ans: Predetermined (Synthetic), Negotiated (Historical), and Customized
(Engineered)


Question: Four Types of Individual Cost behaviors


Ans: Variable, Fixed Cost Pattern, Semi-Variable Cost Pattern, Semi-Fixed or
Stepped Variable


Question: Three Principal Types of expense variances


Ans: Price, Volume, and Efficiency


Question: The 4 Primary payment methods used in managed care


Ans: Fee-for-Service, Per Diem Rate, Case Rate, Capitation


Question: Healthcare providers should develop different modeling tools
depending on


Ans: the reimbursement method proposed in the contract


Question: The general categories of provider excess loss insurance are


Ans: per-person, aggregate, and carve-out.


Question: A Strategic Plan allows organizations to

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Ans: have a clear plan as to why they are in business and how they can stay in
business in the future.


Question: The main types of control budgets include


Ans: operating, capital, and cash.


Question: A budgeting process develops assumptions for the following:


Ans: Admissions, ALOS, Expense per visit, Inflation on expense, FTE per visit,
Productivity on FTE per visit, Labor cost per FTE, Net Rev per visit


Question: Operating budget's statistical factors include


Ans: Historical statistics, Historical relationship of department volume,
anticipated effects of new programs, clinical practice patters, covered lives in
global payment risk programs, changes in regulatory environment, technical
developments, process improvements, marketing efforts, demographic trends


Question: The primary purpose of measuring productivity is


Ans: for management to determine if resources are being used efficiently


Question: Budget types include


Ans: fixed and flexible


Question: The four budget variances used to explain by cause are

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Ans: Volume, rate (charged), price (of a supply), and efficiency (cost per
procedure).


Question: Three common Capital Evaluation techniques


Ans: Payback, Net Present Value Method, Return on Investment


Question: Users of ratio analysis


Ans: Board of Directors, Management, Health Systems Agencies, Creditors,
Employee Unions, Rate Regulators


Question: The categories of ratios used


Ans: Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital Structure
Ratios


Question: Two common types of long-term debt


Ans: Revenue bonds and General Obligation Bonds


Question: Undertake debt restructuring by either retiring or reacquiring
existing debt for 4 reasons


Ans: Take advantage of lower interest rates, change collateral restrictions,
allow acquisition of other assets, better fit debt service requriements


Question: Healthcare bond issues place legal obligations on