NAB FINANCIAL MANAGEMENT SECTION PRACTICE EXAM QUESTIONS WITH 100% SOLVED ANSWERS/NEWEST UPDATE

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NAB FINANCIAL MANAGEMENT
SECTION PRACTICE EXAM
QUESTIONS WITH 100% SOLVED
ANSWERS/NEWEST UPDATE✓
Question: How long must employee records be retained
Answer:


✓ 3 years


Question: How much is overtime pay?
Answer:


✓ 1.5 times the normal base rate


Question: What is meant by the 8-80 system?
Answer:


✓ 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.


Question: What is meant by an exempt employee?
Answer:


✓ These employees are not eligible for overtime. These are usually
management employees.


Question: What is meant by an Non exempt employees?

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Answer:


✓ These are employees that qualify for overtime pay.


Question: What does the acronym HCBS stand for?
Answer:


✓ Home and community based services.


Question: What is an operating budget?
Answer:


✓ 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.


Question: Why is cost center used in a budget.
Answer:


✓ It is used to separate various expenditures, including wages, medical
supplies, raw food, etc.


Question: Why would a company use a capital budget?
Answer:


✓ It is used for large expenditures such s real estate, buildings and
equipment.