NR 533 FINANCIAL MANAGEMENT IN
HEALTHCARE ORGANIZATIONS UPDATED
ACTUAL EXAM QUESTIONS AND CORRECT
ANSWERS FULL SOLUTION GRADED A+
◉ Treasurer. Answer: The finance department manager who handles
capital acquisition, investment management, and risk management
activities
◉ Comptroller. Answer: The finance department manager who
handles accounting, budgeting, and reporting activities.
◉ CFO (Chief Financial Officer). Answer: The head of the finance
department holds the title of chief financial officer. (The title of vice
president-finance is also used.) This individual typically reports
directly to the organization's chief executive officer (CEO) and is
responsible for all finance activities within the organization.
◉ costs. Answer: The measurement and minimization of _____ are
vital activities to the financial success of all healthcare organizations.
Rampant ____, compared to revenues, usually spell doom for any
business.
◉ cash. Answer: A business might be profitable but still face a crisis
because of a shortage of _____. ______ is the lubricant that makes the
, wheels of a business run smoothly; without it, the business grinds to a
halt.
◉ Capital. Answer: _____ represents the funds (money) used to
acquire land, buildings, and equipment. Without _____, healthcare
businesses would not have the physical resources needed to provide
patient services.
◉ Control. Answer: A business must ______ its financial and physical
resources to ensure that they are being wisely employed and protected
for future use. In addition to meeting current mission requirements,
healthcare organizations must plan to meet society's future healthcare
needs.
◉ Accounting. Answer: The measurement and recording of events
that reflect the operations, assets, and financing of an organization.
◉ healthcare finance. Answer: Within health services organizations,
____ _____ consists of both the accounting and financial management
functions.
◉ financial management. Answer: Whereas accounting provides a
rational means by which to measure a business's financial
performance and to assess operations, ___ ____ (often called
corporate finance) provides the theory, concepts, and tools necessary
to help managers make better financial decisions.
HEALTHCARE ORGANIZATIONS UPDATED
ACTUAL EXAM QUESTIONS AND CORRECT
ANSWERS FULL SOLUTION GRADED A+
◉ Treasurer. Answer: The finance department manager who handles
capital acquisition, investment management, and risk management
activities
◉ Comptroller. Answer: The finance department manager who
handles accounting, budgeting, and reporting activities.
◉ CFO (Chief Financial Officer). Answer: The head of the finance
department holds the title of chief financial officer. (The title of vice
president-finance is also used.) This individual typically reports
directly to the organization's chief executive officer (CEO) and is
responsible for all finance activities within the organization.
◉ costs. Answer: The measurement and minimization of _____ are
vital activities to the financial success of all healthcare organizations.
Rampant ____, compared to revenues, usually spell doom for any
business.
◉ cash. Answer: A business might be profitable but still face a crisis
because of a shortage of _____. ______ is the lubricant that makes the
, wheels of a business run smoothly; without it, the business grinds to a
halt.
◉ Capital. Answer: _____ represents the funds (money) used to
acquire land, buildings, and equipment. Without _____, healthcare
businesses would not have the physical resources needed to provide
patient services.
◉ Control. Answer: A business must ______ its financial and physical
resources to ensure that they are being wisely employed and protected
for future use. In addition to meeting current mission requirements,
healthcare organizations must plan to meet society's future healthcare
needs.
◉ Accounting. Answer: The measurement and recording of events
that reflect the operations, assets, and financing of an organization.
◉ healthcare finance. Answer: Within health services organizations,
____ _____ consists of both the accounting and financial management
functions.
◉ financial management. Answer: Whereas accounting provides a
rational means by which to measure a business's financial
performance and to assess operations, ___ ____ (often called
corporate finance) provides the theory, concepts, and tools necessary
to help managers make better financial decisions.
