HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
Contribution Margin - Correct Answers ✅Difference
between marginal revenue and marginal cost.
Break-even point - Correct Answers ✅Level of sales
volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.
Overhead - Correct Answers ✅Indirect Costs
Activity-based costing (ABC) - Correct Answers ✅Method of
determining product costs using cost drivers or activity
measures, which cause indirect costs to be incurred.
Three main types of Cost standards. - Correct Answers
✅Predetermined (Synthetic), Negotiated (Historical), and
Customized (Engineered)
Four Types of Individual Cost behaviors - Correct Answers
✅Variable, Fixed Cost Pattern, Semi-Variable Cost Pattern,
Semi-Fixed or Stepped Variable
Three Principal Types of expense variances - Correct
Answers ✅Price, Volume, and Efficiency
,HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
The 4 Primary payment methods used in managed care -
Correct Answers ✅Fee-for-Service, Per Diem Rate, Case
Rate, Capitation
Healthcare providers should develop different modeling tools
depending on - Correct Answers ✅the reimbursement
method proposed in the contract
The general categories of provider excess loss insurance are -
Correct Answers ✅per-person, aggregate, and carve-out.
A Strategic Plan allows organizations to - Correct Answers
✅have a clear plan as to why they are in business and how
they can stay in business in the future.
The main types of control budgets include - Correct
Answers ✅operating, capital, and cash.
A budgeting process develops assumptions for the following:
- Correct Answers ✅Admissions, ALOS, Expense per visit,
Inflation on expense, FTE per visit, Productivity on FTE per
visit, Labor cost per FTE, Net Rev per visit
Operating budget's statistical factors include - Correct
Answers ✅Historical statistics, Historical relationship of
,HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
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
The primary purpose of measuring productivity is - Correct
Answers ✅for management to determine if resources are
being used efficiently
Budget types include - Correct Answers ✅fixed and flexible
The four budget variances used to explain by cause are -
Correct Answers ✅Volume, rate (charged), price (of a
supply), and efficiency (cost per procedure).
Three common Capital Evaluation techniques - Correct
Answers ✅Payback, Net Present Value Method, Return on
Investment
Users of ratio analysis - Correct Answers ✅Board of
Directors, Management, Health Systems Agencies, Creditors,
Employee Unions, Rate Regulators
, HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
The categories of ratios used - Correct Answers
✅Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital
Structure Ratios
Two common types of long-term debt - Correct Answers
✅Revenue bonds and General Obligation Bonds
Undertake debt restructuring by either retiring or reacquiring
existing debt for 4 reasons - Correct Answers ✅Take
advantage of lower interest rates, change collateral
restrictions, allow acquisition of other assets, better fit debt
service requriements
Healthcare bond issues place legal obligations on - Correct
Answers ✅the borrower intended to protect the lender
against default by the borrower.
In order to use the discounted cash flow method - Correct
Answers ✅you need to know the payment flow or payment
pattern and the interest rate
Every capital investment proposal requires 4 quantifiable
factors - Correct Answers ✅Cash Outflow, Cash Inflow,
Economic Life, Opportunity Cost of funds
Accounting and Finance Exam Questions
and Answers (Latest 2026)
Contribution Margin - Correct Answers ✅Difference
between marginal revenue and marginal cost.
Break-even point - Correct Answers ✅Level of sales
volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.
Overhead - Correct Answers ✅Indirect Costs
Activity-based costing (ABC) - Correct Answers ✅Method of
determining product costs using cost drivers or activity
measures, which cause indirect costs to be incurred.
Three main types of Cost standards. - Correct Answers
✅Predetermined (Synthetic), Negotiated (Historical), and
Customized (Engineered)
Four Types of Individual Cost behaviors - Correct Answers
✅Variable, Fixed Cost Pattern, Semi-Variable Cost Pattern,
Semi-Fixed or Stepped Variable
Three Principal Types of expense variances - Correct
Answers ✅Price, Volume, and Efficiency
,HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
The 4 Primary payment methods used in managed care -
Correct Answers ✅Fee-for-Service, Per Diem Rate, Case
Rate, Capitation
Healthcare providers should develop different modeling tools
depending on - Correct Answers ✅the reimbursement
method proposed in the contract
The general categories of provider excess loss insurance are -
Correct Answers ✅per-person, aggregate, and carve-out.
A Strategic Plan allows organizations to - Correct Answers
✅have a clear plan as to why they are in business and how
they can stay in business in the future.
The main types of control budgets include - Correct
Answers ✅operating, capital, and cash.
A budgeting process develops assumptions for the following:
- Correct Answers ✅Admissions, ALOS, Expense per visit,
Inflation on expense, FTE per visit, Productivity on FTE per
visit, Labor cost per FTE, Net Rev per visit
Operating budget's statistical factors include - Correct
Answers ✅Historical statistics, Historical relationship of
,HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
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
The primary purpose of measuring productivity is - Correct
Answers ✅for management to determine if resources are
being used efficiently
Budget types include - Correct Answers ✅fixed and flexible
The four budget variances used to explain by cause are -
Correct Answers ✅Volume, rate (charged), price (of a
supply), and efficiency (cost per procedure).
Three common Capital Evaluation techniques - Correct
Answers ✅Payback, Net Present Value Method, Return on
Investment
Users of ratio analysis - Correct Answers ✅Board of
Directors, Management, Health Systems Agencies, Creditors,
Employee Unions, Rate Regulators
, HFMA's CSAF 2021, Certified Specialist
Accounting and Finance Exam Questions
and Answers (Latest 2026)
The categories of ratios used - Correct Answers
✅Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital
Structure Ratios
Two common types of long-term debt - Correct Answers
✅Revenue bonds and General Obligation Bonds
Undertake debt restructuring by either retiring or reacquiring
existing debt for 4 reasons - Correct Answers ✅Take
advantage of lower interest rates, change collateral
restrictions, allow acquisition of other assets, better fit debt
service requriements
Healthcare bond issues place legal obligations on - Correct
Answers ✅the borrower intended to protect the lender
against default by the borrower.
In order to use the discounted cash flow method - Correct
Answers ✅you need to know the payment flow or payment
pattern and the interest rate
Every capital investment proposal requires 4 quantifiable
factors - Correct Answers ✅Cash Outflow, Cash Inflow,
Economic Life, Opportunity Cost of funds
