BC HSC4310 Quiz 1 guide; Questions and answers correctly done.

Study Guide 50 Points
Chapter 1 Multiple Choice

1. The real key to understanding finance is understanding:
A) the chief executive officer’s mission statement
B) the elements of finance and their relationship to each other
C) the organization’s financial analysis software

True or False

2. Managers within health care organizations must have one of two views: either financial or
process.
True
False

3. Much of the strategic planning for the organization is performed by managers with a financial
view of the organization.
True
False

4. Management as a discipline for educational purposes did not begin in the United States until
after 1900.
True
False

5. The healthcare industry’s essential business is the delivery of healthcare services.
True
False

6. Of the four elements of financial management, the planning element makes sure each area of
the organization is following the plans that have been established.
True
False

7. Government organization types may include the following: federal; city-county; churches;
and/or state universities
True
False

8. The purpose of an organization chart is to indicate how responsibility is assigned to managers
and to certain outside third parties.
True
False