HFMA'S CSAF 2021, CERTIFIED SPECIALIST
ACCOUNTING AND FINANCE | EXAM QUESTIONS AND
ANSWERS| COMPLETE STUDY GUIDE WITH 100%
ACCURATE QUESTIONS & ANSWERS! EXCELLENCE
GUARANTEED!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 100.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, Contribution Margin Answer: Difference between marginal revenue and marginal cost.
Break-even point Answer: Level of sales volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.
Overhead Answer: Indirect Costs
Activity-based costing (ABC) Answer: Method of determining product costs using cost drivers
or activity measures, which cause indirect costs to be incurred.
Three main types of Cost standards. Answer: Predetermined (Synthetic), Negotiated
(Historical), and Customized (Engineered)
Four Types of Individual Cost behaviors Answer: Variable, Fixed Cost Pattern, Semi-Variable
Cost Pattern, Semi-Fixed or Stepped Variable
Three Principal Types of expense variances Answer: Price, Volume, and Efficiency
The 4 Primary payment methods used in managed care Answer: Fee-for-Service, Per Diem
Rate, Case Rate, Capitation
Healthcare providers should develop different modeling tools depending on Answer: the
reimbursement method proposed in the contract
The general categories of provider excess loss insurance are Answer: per-person, aggregate, and
carve-out.
A Strategic Plan allows organizations to Answer: have a clear plan as to why they are in
business and how they can stay in business in the future.
The main types of control budgets include Answer: operating, capital, and cash.
A budgeting process develops assumptions for the following: Answer: Admissions, ALOS,
Expense per visit, Inflation on expense, FTE per visit, Productivity on FTE per visit, Labor cost
per FTE, Net Rev per visit
Operating budget's statistical factors include Answer: Historical statistics, Historical
relationship of department volume, anticipated effects of new programs, clinical practice patters,
covered lives in global payment risk programs, changes in regulatory environment, technical
developments, process improvements, marketing efforts, demographic trends
The primary purpose of measuring productivity is Answer: for management to determine if
resources are being used efficiently
Budget types include Answer: fixed and flexible
The four budget variances used to explain by cause are Answer: Volume, rate (charged), price
(of a supply), and efficiency (cost per procedure).
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
ACCOUNTING AND FINANCE | EXAM QUESTIONS AND
ANSWERS| COMPLETE STUDY GUIDE WITH 100%
ACCURATE QUESTIONS & ANSWERS! EXCELLENCE
GUARANTEED!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 100.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, Contribution Margin Answer: Difference between marginal revenue and marginal cost.
Break-even point Answer: Level of sales volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.
Overhead Answer: Indirect Costs
Activity-based costing (ABC) Answer: Method of determining product costs using cost drivers
or activity measures, which cause indirect costs to be incurred.
Three main types of Cost standards. Answer: Predetermined (Synthetic), Negotiated
(Historical), and Customized (Engineered)
Four Types of Individual Cost behaviors Answer: Variable, Fixed Cost Pattern, Semi-Variable
Cost Pattern, Semi-Fixed or Stepped Variable
Three Principal Types of expense variances Answer: Price, Volume, and Efficiency
The 4 Primary payment methods used in managed care Answer: Fee-for-Service, Per Diem
Rate, Case Rate, Capitation
Healthcare providers should develop different modeling tools depending on Answer: the
reimbursement method proposed in the contract
The general categories of provider excess loss insurance are Answer: per-person, aggregate, and
carve-out.
A Strategic Plan allows organizations to Answer: have a clear plan as to why they are in
business and how they can stay in business in the future.
The main types of control budgets include Answer: operating, capital, and cash.
A budgeting process develops assumptions for the following: Answer: Admissions, ALOS,
Expense per visit, Inflation on expense, FTE per visit, Productivity on FTE per visit, Labor cost
per FTE, Net Rev per visit
Operating budget's statistical factors include Answer: Historical statistics, Historical
relationship of department volume, anticipated effects of new programs, clinical practice patters,
covered lives in global payment risk programs, changes in regulatory environment, technical
developments, process improvements, marketing efforts, demographic trends
The primary purpose of measuring productivity is Answer: for management to determine if
resources are being used efficiently
Budget types include Answer: fixed and flexible
The four budget variances used to explain by cause are Answer: Volume, rate (charged), price
(of a supply), and efficiency (cost per procedure).
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
