Healthcare finance 1 ch 8 questions
and answers already passed
strategic plan - correct answer ✔✔focuses on orgs vision and priorities in response to a
changing environment
primary purpose is to ensure that everyone is working towards the same goal
a document that defines the biz longterm direction along with the resources needed to get
there
values statement - correct answer ✔✔"guiding light" for the strategic plan - values represent
core priorities
contains a list of 4-6 beliefs that underlie the org
mission statement - correct answer ✔✔must conform to the value statement, defines the orgs
overall purpose and reason for existence
must describe what the org does and who whom
vision statement - correct answer ✔✔developed concurrently with the mission statement
described the orgs desired position for a future point in time from now
, why do financial planners need to be familiar with the business's strategic plan? - correct
answer ✔✔
whats the difference between strategic and operational planning?
most common time horizon for operating plans? - correct answer ✔✔strategic planning is for
the long term and operational planning is the road map fro executing the strategic plan
5 years
how do organizational goals differ from organizational objectives - correct answer ✔✔goals-
qualitative
objectives- quantitative
contents of a typical financial plan - correct answer ✔✔first part- fin. condition, capital
investments, and financing at organizational level (a review of biz current financial condition)
next- capital budget outlines future plans for capital investment (land, building, equipment)
section 2- current accts mgmt the mgmt of current assets and current liabs. including rev cycle
mgmt. (provides day to day short term fin. operations/ operating benchmarks for all current
accts mgmt)
section 3- budgeting and control portion: provides fin. goals at micro level- by division, contract,
diagnosis. (contains budgets that provide benchmarks managers should be striving to attain
throughout the year)
primary differences between sections 1,2,3 of financial plan - correct answer ✔✔section one is
an overview while sections 2 and 3 provide the details
and answers already passed
strategic plan - correct answer ✔✔focuses on orgs vision and priorities in response to a
changing environment
primary purpose is to ensure that everyone is working towards the same goal
a document that defines the biz longterm direction along with the resources needed to get
there
values statement - correct answer ✔✔"guiding light" for the strategic plan - values represent
core priorities
contains a list of 4-6 beliefs that underlie the org
mission statement - correct answer ✔✔must conform to the value statement, defines the orgs
overall purpose and reason for existence
must describe what the org does and who whom
vision statement - correct answer ✔✔developed concurrently with the mission statement
described the orgs desired position for a future point in time from now
, why do financial planners need to be familiar with the business's strategic plan? - correct
answer ✔✔
whats the difference between strategic and operational planning?
most common time horizon for operating plans? - correct answer ✔✔strategic planning is for
the long term and operational planning is the road map fro executing the strategic plan
5 years
how do organizational goals differ from organizational objectives - correct answer ✔✔goals-
qualitative
objectives- quantitative
contents of a typical financial plan - correct answer ✔✔first part- fin. condition, capital
investments, and financing at organizational level (a review of biz current financial condition)
next- capital budget outlines future plans for capital investment (land, building, equipment)
section 2- current accts mgmt the mgmt of current assets and current liabs. including rev cycle
mgmt. (provides day to day short term fin. operations/ operating benchmarks for all current
accts mgmt)
section 3- budgeting and control portion: provides fin. goals at micro level- by division, contract,
diagnosis. (contains budgets that provide benchmarks managers should be striving to attain
throughout the year)
primary differences between sections 1,2,3 of financial plan - correct answer ✔✔section one is
an overview while sections 2 and 3 provide the details
