NAB Finance Exam Questions and
Correct Answers Already Passed
When the employee is acting within the control or scope of the employer, the employer
is responsible for the acts of the employee is ____.
Select one:
a. contractor
b. strict liability
c. sub-contractor
d. borrowed servant - Answer-b. strict liability
The Certified Public Accountant's end of year report for a 15-year-old 120-bed for-profit
facility with no debt shows an excess of income over expenses of $95,000. The owners
would likely be _____.
Select one:
a. very pleased with facility performance
b. very displeased with facility performance
c. generally satisfied
d. neutral - Answer-b. very displeased with facility performance
The administrator asks the bank for an instrument stating that that bank that has
granted the holder the amount of credit equal to the face amount wants a ______.
Select one:
a. short-term loan
b. long-term loan
c. letter of credit
d. letter of assurance - Answer-c. letter of credit
At the end of a time period, when debits do not match credits exactly, the accountant
can first assume an error has been made in _____.
Select one:
a. recording transactions
b. entering debits
c. entering credits
d. source documents - Answer-a. recording transactions
A _______________ is the original record containing the details to substantiate a
transaction entered in an accounting system. For example, used for recording of
, merchandise purchased is the supplier's invoice supported by the company's purchase
order and receiving ticket. - Answer-source documents
A written court order for an administrator to bring certain documents or objects to court
is a ______.
Select one:
a. subpoena duces tecum
b. summons
c. default judgment
d. tort - Answer-a. subpoena duces tecum
a wrongful act or an infringement of a right (other than under contract) leading to civil
legal liability. - Answer-tort
The form listing for each day the admissions, discharges and transfers by type of care is
the ______.
Select one:
a. patient activities form
b. daily census form
c. patient ledger card
d. patient ledger account - Answer-d. patient ledger account
Payroll tax must be attributed to the same time period in which ______.
Select one:
a. the employees were earning the wages
b. the payroll taxes are actually paid to the Internal Revenue Service
c. the quarterly tax calculation is made
d. the weekly tax calculation is made - Answer-a. the employees were earning the
wages
Opportunity cost is the opportunity to invest or use funds that is ______ when cash
______ the facility not yet is the facility's possession.
Select one:
a. gained about to be owed
b. lost about to be owed
c. foregone invested by
d. lost owe - Answer-d. lost owed
Assets that can be capitalized or depreciated differ from the other assets of a facility in
that they are used in operations for more than _____ and will not be converted into
_____ within the year.
Select one:
a. one time period cash
b. two time periods debt
c. a balance sheet period securities
d. three years cash - Answer-a. one time period cash
Correct Answers Already Passed
When the employee is acting within the control or scope of the employer, the employer
is responsible for the acts of the employee is ____.
Select one:
a. contractor
b. strict liability
c. sub-contractor
d. borrowed servant - Answer-b. strict liability
The Certified Public Accountant's end of year report for a 15-year-old 120-bed for-profit
facility with no debt shows an excess of income over expenses of $95,000. The owners
would likely be _____.
Select one:
a. very pleased with facility performance
b. very displeased with facility performance
c. generally satisfied
d. neutral - Answer-b. very displeased with facility performance
The administrator asks the bank for an instrument stating that that bank that has
granted the holder the amount of credit equal to the face amount wants a ______.
Select one:
a. short-term loan
b. long-term loan
c. letter of credit
d. letter of assurance - Answer-c. letter of credit
At the end of a time period, when debits do not match credits exactly, the accountant
can first assume an error has been made in _____.
Select one:
a. recording transactions
b. entering debits
c. entering credits
d. source documents - Answer-a. recording transactions
A _______________ is the original record containing the details to substantiate a
transaction entered in an accounting system. For example, used for recording of
, merchandise purchased is the supplier's invoice supported by the company's purchase
order and receiving ticket. - Answer-source documents
A written court order for an administrator to bring certain documents or objects to court
is a ______.
Select one:
a. subpoena duces tecum
b. summons
c. default judgment
d. tort - Answer-a. subpoena duces tecum
a wrongful act or an infringement of a right (other than under contract) leading to civil
legal liability. - Answer-tort
The form listing for each day the admissions, discharges and transfers by type of care is
the ______.
Select one:
a. patient activities form
b. daily census form
c. patient ledger card
d. patient ledger account - Answer-d. patient ledger account
Payroll tax must be attributed to the same time period in which ______.
Select one:
a. the employees were earning the wages
b. the payroll taxes are actually paid to the Internal Revenue Service
c. the quarterly tax calculation is made
d. the weekly tax calculation is made - Answer-a. the employees were earning the
wages
Opportunity cost is the opportunity to invest or use funds that is ______ when cash
______ the facility not yet is the facility's possession.
Select one:
a. gained about to be owed
b. lost about to be owed
c. foregone invested by
d. lost owe - Answer-d. lost owed
Assets that can be capitalized or depreciated differ from the other assets of a facility in
that they are used in operations for more than _____ and will not be converted into
_____ within the year.
Select one:
a. one time period cash
b. two time periods debt
c. a balance sheet period securities
d. three years cash - Answer-a. one time period cash
