NR 533 Week 7 Business Plan Final Exam
Study Guide
Comprehensive 100 Q&A | 2026/2027
Academic Year
SECTION 1: Business Plan Fundamentals (Questions 1-15)
1. What is the primary purpose of a healthcare business plan?
A) Secure personal loans for staff
B) Provide a roadmap for organizational success and resource allocation ✓
C) Replace strategic planning processes
D) Fulfill regulatory documentation requirements only
2. Which component comes FIRST in a standard business plan?
A) Financial projections
B) Market analysis
C) Executive summary ✓
D) Operational plan
3. The "mission statement" in a business plan should primarily:
A) List financial targets
B) Describe the organization's purpose and reason for existence ✓
C) Outline staffing requirements
D) Detail competitor analysis
4. Which element is CRITICAL in the executive summary?
A) Detailed monthly cash flow projections
B) Concise overview of the entire business proposal ✓
C) Complete organizational chart
D) All references and appendices
5. A SWOT analysis assesses:
A) Staffing patterns and schedules
B) Strengths, Weaknesses, Opportunities, and Threats ✓
,C) Financial reimbursement models only
D) Supply chain logistics
6. In healthcare business planning, "stakeholders" include:
A) Investors only
B) Patients, staff, community, and payers ✓
C) Competitors only
D) Government agencies only
7. The difference between vision and mission statements is:
A) Mission = future aspiration; Vision = current purpose
B) Vision = future aspiration; Mission = current purpose ✓
C) Both describe current operations
D) Both are financial forecasting tools
8. Which is NOT typically part of business plan appendices?
A) Financial statements
B) Staff resumes
C) Market research data
D) Executive summary ✓
9. SMART goals in business planning are:
A) Simple, Measurable, Achievable, Relevant, Time-bound
B) Specific, Measurable, Achievable, Realistic, Time-bound ✓
C) Strategic, Measurable, Actionable, Relevant, Timely
D) Specific, Manageable, Actionable, Relevant, Timely
10. A business plan for a new outpatient clinic should prioritize:
A) Detailed architectural blueprints
B) Community need and market gap analysis ✓
C) Historical financial data from other organizations
D) Staff personal development plans
11. Which demonstrates effective differentiation in a healthcare business plan?
A) Copying competitor services exactly
B) Offering lower prices than all competitors
C) Identifying unique services meeting unmet community needs ✓
D) Hiring the most expensive specialists available
12. The "sustainability" section of a business plan addresses:
A) Environmental policies only
,B) Long-term viability and environmental impact ✓
C) Staff retention bonuses
D) Temporary funding solutions
13. Which regulatory consideration is ESSENTIAL for healthcare business plans?
A) Local zoning laws only
B) HIPAA, licensure, and accreditation requirements ✓
C) International trade agreements
D) Copyright laws for educational materials
14. A contingency plan should address:
A) Only financial shortfalls
B) Unexpected events and risk mitigation strategies ✓
C) Optimal success scenarios only
D) Marketing campaign details
15. The timeline for business plan implementation should be:
A) Vague to allow flexibility
B) Realistic with milestones and deadlines ✓
C) Aggressive without specific dates
D) Identical to competitor timelines**
SECTION 2: Financial Management & Budgeting (Questions 16-35)
16. The break-even point occurs when:
A) Revenue exceeds expenses by 50%
B) Total revenue equals total expenses ✓
C) Cash reserves are depleted
D) Loan payments begin
17. Which is a capital expenditure?
A) Monthly utility bills
B) Staff salaries
C) Purchase of MRI equipment ✓
D) Medical supplies
18. Operating expenses include:
A) Building construction costs
B) Salaries, utilities, and supplies ✓
C) Major equipment purchases
D) Initial franchise fees
, 19. In healthcare, the largest operating expense is typically:
A) Medical supplies
B) Facility maintenance
C) Staff salaries and benefits ✓
D) Marketing and advertising
20. A pro forma financial statement is:
A) A historical financial record
B) A projected financial statement based on assumptions ✓
C) An IRS tax document
D) A payroll register
21. Which depreciation method is most commonly used for medical equipment?
A) Straight-line method ✓
B) Declining balance method
C) Units of production method
D) Sum-of-years-digits method
22. "FTE" stands for:
A) Full-Time Equivalent ✓
B) Fixed Time Expenditure
C) Financial Tracking Entity
D) Federal Tax Exemption
23. Contribution margin is calculated as:
A) Revenue minus variable costs ✓
B) Revenue minus fixed costs
C) Total assets minus liabilities
D) Cash inflow minus outflow
24. A variance analysis compares:
A) Competitor pricing models
B) Actual results to budgeted amounts ✓
C) Different insurance reimbursement rates
D) Staff productivity across departments
25. Which funding source typically has the LOWEST cost of capital?
A) Venture capital
B) Bank loans
Study Guide
Comprehensive 100 Q&A | 2026/2027
Academic Year
SECTION 1: Business Plan Fundamentals (Questions 1-15)
1. What is the primary purpose of a healthcare business plan?
A) Secure personal loans for staff
B) Provide a roadmap for organizational success and resource allocation ✓
C) Replace strategic planning processes
D) Fulfill regulatory documentation requirements only
2. Which component comes FIRST in a standard business plan?
A) Financial projections
B) Market analysis
C) Executive summary ✓
D) Operational plan
3. The "mission statement" in a business plan should primarily:
A) List financial targets
B) Describe the organization's purpose and reason for existence ✓
C) Outline staffing requirements
D) Detail competitor analysis
4. Which element is CRITICAL in the executive summary?
A) Detailed monthly cash flow projections
B) Concise overview of the entire business proposal ✓
C) Complete organizational chart
D) All references and appendices
5. A SWOT analysis assesses:
A) Staffing patterns and schedules
B) Strengths, Weaknesses, Opportunities, and Threats ✓
,C) Financial reimbursement models only
D) Supply chain logistics
6. In healthcare business planning, "stakeholders" include:
A) Investors only
B) Patients, staff, community, and payers ✓
C) Competitors only
D) Government agencies only
7. The difference between vision and mission statements is:
A) Mission = future aspiration; Vision = current purpose
B) Vision = future aspiration; Mission = current purpose ✓
C) Both describe current operations
D) Both are financial forecasting tools
8. Which is NOT typically part of business plan appendices?
A) Financial statements
B) Staff resumes
C) Market research data
D) Executive summary ✓
9. SMART goals in business planning are:
A) Simple, Measurable, Achievable, Relevant, Time-bound
B) Specific, Measurable, Achievable, Realistic, Time-bound ✓
C) Strategic, Measurable, Actionable, Relevant, Timely
D) Specific, Manageable, Actionable, Relevant, Timely
10. A business plan for a new outpatient clinic should prioritize:
A) Detailed architectural blueprints
B) Community need and market gap analysis ✓
C) Historical financial data from other organizations
D) Staff personal development plans
11. Which demonstrates effective differentiation in a healthcare business plan?
A) Copying competitor services exactly
B) Offering lower prices than all competitors
C) Identifying unique services meeting unmet community needs ✓
D) Hiring the most expensive specialists available
12. The "sustainability" section of a business plan addresses:
A) Environmental policies only
,B) Long-term viability and environmental impact ✓
C) Staff retention bonuses
D) Temporary funding solutions
13. Which regulatory consideration is ESSENTIAL for healthcare business plans?
A) Local zoning laws only
B) HIPAA, licensure, and accreditation requirements ✓
C) International trade agreements
D) Copyright laws for educational materials
14. A contingency plan should address:
A) Only financial shortfalls
B) Unexpected events and risk mitigation strategies ✓
C) Optimal success scenarios only
D) Marketing campaign details
15. The timeline for business plan implementation should be:
A) Vague to allow flexibility
B) Realistic with milestones and deadlines ✓
C) Aggressive without specific dates
D) Identical to competitor timelines**
SECTION 2: Financial Management & Budgeting (Questions 16-35)
16. The break-even point occurs when:
A) Revenue exceeds expenses by 50%
B) Total revenue equals total expenses ✓
C) Cash reserves are depleted
D) Loan payments begin
17. Which is a capital expenditure?
A) Monthly utility bills
B) Staff salaries
C) Purchase of MRI equipment ✓
D) Medical supplies
18. Operating expenses include:
A) Building construction costs
B) Salaries, utilities, and supplies ✓
C) Major equipment purchases
D) Initial franchise fees
, 19. In healthcare, the largest operating expense is typically:
A) Medical supplies
B) Facility maintenance
C) Staff salaries and benefits ✓
D) Marketing and advertising
20. A pro forma financial statement is:
A) A historical financial record
B) A projected financial statement based on assumptions ✓
C) An IRS tax document
D) A payroll register
21. Which depreciation method is most commonly used for medical equipment?
A) Straight-line method ✓
B) Declining balance method
C) Units of production method
D) Sum-of-years-digits method
22. "FTE" stands for:
A) Full-Time Equivalent ✓
B) Fixed Time Expenditure
C) Financial Tracking Entity
D) Federal Tax Exemption
23. Contribution margin is calculated as:
A) Revenue minus variable costs ✓
B) Revenue minus fixed costs
C) Total assets minus liabilities
D) Cash inflow minus outflow
24. A variance analysis compares:
A) Competitor pricing models
B) Actual results to budgeted amounts ✓
C) Different insurance reimbursement rates
D) Staff productivity across departments
25. Which funding source typically has the LOWEST cost of capital?
A) Venture capital
B) Bank loans
