NAB EXAM: LATEST COMPREHENSIVE A+ QUESTIONS
AND ANSWERS BOOKLET
Forms of ownership in nursing homes
1. Public agency
2. Sole proprietorship
3. partnership
4. corporation
What type of ownership bears joint liability?
Partnership
Each partner has limited liability under what type of ownership?
partnership
There is a unlimited personal liability under what type of ownership?
sole proprietorship
A corporation is formed when you file an application for a certificate with whom?
secretary of state
An application for corporate certificate must include what?
1. articles of incorporation
2. basic purpose
3. amount of stock
4. responsible agent
For profit
a corporation that distributes profits to shareholders
Trustees
Those that determine major business policy for a company
Not for profit
A corporation that invests profits back to it's mission
Limited Liability
A corporation in which damages and debts are limited to it's assets.
Business judgement rule
Directors are not liable for losses incurred because of honest bad judgment.
, Wrongful acts
A director may be a target of law suits which claim improper discharge of duties.
Director and Officer Insurance
Type of insurance that covers individual directors and officers.
Close Corporations
Corporation that generally has a small number of shareholders.
Subchapter S corporation
Corporation that features a flow through tax treatment.
Subchapter S
Corporation with 100 or fewer shareholders can be treated as
Nursing Home Managers perform these basic functions
1. Planning
2. organizing
3. directing
4. controlling
Mission
Broad statement of purpose and belief of an organization
Vision
Statement telling what the organization wants to be
Strategic plans
Used to identify long term goals
Tactical plans
Used to set short range goals for immediate needs
SWOT
Strength, Weakness, Opportunities, Threats
Strategic planning
SWOT analysis is used for this
Organizational chart
Shows "formal" interrelationships
Types of authority
AND ANSWERS BOOKLET
Forms of ownership in nursing homes
1. Public agency
2. Sole proprietorship
3. partnership
4. corporation
What type of ownership bears joint liability?
Partnership
Each partner has limited liability under what type of ownership?
partnership
There is a unlimited personal liability under what type of ownership?
sole proprietorship
A corporation is formed when you file an application for a certificate with whom?
secretary of state
An application for corporate certificate must include what?
1. articles of incorporation
2. basic purpose
3. amount of stock
4. responsible agent
For profit
a corporation that distributes profits to shareholders
Trustees
Those that determine major business policy for a company
Not for profit
A corporation that invests profits back to it's mission
Limited Liability
A corporation in which damages and debts are limited to it's assets.
Business judgement rule
Directors are not liable for losses incurred because of honest bad judgment.
, Wrongful acts
A director may be a target of law suits which claim improper discharge of duties.
Director and Officer Insurance
Type of insurance that covers individual directors and officers.
Close Corporations
Corporation that generally has a small number of shareholders.
Subchapter S corporation
Corporation that features a flow through tax treatment.
Subchapter S
Corporation with 100 or fewer shareholders can be treated as
Nursing Home Managers perform these basic functions
1. Planning
2. organizing
3. directing
4. controlling
Mission
Broad statement of purpose and belief of an organization
Vision
Statement telling what the organization wants to be
Strategic plans
Used to identify long term goals
Tactical plans
Used to set short range goals for immediate needs
SWOT
Strength, Weakness, Opportunities, Threats
Strategic planning
SWOT analysis is used for this
Organizational chart
Shows "formal" interrelationships
Types of authority
