NAB FINANCIAL EXAM STUDY GUIDE 2026
PRACTICE QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ OT? Answer: Occupational Therapy
◉ PT? Answer: Physical Therapy
◉ ST? Answer: Speech Therapy
◉ What is the Medicare definition of Hospice Care? Answer:
Supportive care provided to terminally ill patients and their families
in the final 6 months of a patients life.
◉ Palliative Care is defined as? Answer: Management and support
provided for reduction or abatement of pain. Doesn't include
treatment to cure medical condition or to artificially prolong life.
◉ The Age Discrimination Act protects employees in what age
group? Answer: 40 to 70 years old.
◉ How often must form 941 be filed by employers? Answer:
Quarterly, Form 941 is the Employers Quarterly Federal Tax Return
,◉ What information is included in Form 941? Answer: Amount
witheld for federal income taxes and the employer's & employee's
share of FICA and Medicare taxes.
◉ Residents paying in this manner may be billed in advance?
Answer: Self pay residents (third party programs may not be billed
in advance)
◉ Residents must be notified when their account rises to within
what amount of the resource limit the state has established?
Answer: Within $200 of the limit
◉ (Cash + Marketable Securities) / ((Total Operating Expenses -
Depreciation) / 365) = Answer: Days of Cash
◉ Days of Cash Answer: (Cash + Marketable Securities) / ((Total
Operating Expenses - Depreciation) / 365) =
◉ Net Resident Accounts Receivable from all Sources / (Net Patient
Revenue / 356) = Answer: Days in Resident Accounts Receivable
◉ Outstanding Accounts Receivable / (3 month net revenue / total
days in 3 month period) = Answer: DSO (Daily Sales Outstanding)
,◉ DSO (Daily Sales Outstanding) Answer: Outstanding Accounts
Receivable / (3 month net revenue / total days in 3 month period) =
◉ The operating budget is composed of what two categories?
Answer: Revenue and Expense Categories
◉ The type of budget that projects cash inflows and outflows?
Answer: Cash Budget
◉ The type of budget that reflects long-term capital decisions?
Answer: Capital Budget
◉ The organizations expected financial condition if the budgeted
amounts are realized? Answer: Pro Forma Statement
◉ Liquid assets include? Answer: Short term notes, cash, and
accounts receivable
◉ Where must Sharps containers be provided? Answer: in the
Laundry Room and Every Med Cart
, ◉ What space must be provided below automatic sprinkler heads?
Answer: 18 inches (items may not be stored above 18 inches below
the sprinkler heads)
◉ Building additions must be separated by a fire barrier with at
least the following rating? Answer: 2 hours
◉ Hot food should be served at what temperature? Answer: 140 F
◉ Which federal agency mandated the RAI (Resident Assessment
Instrument)? Answer: HCFA (Health Care Financing Administration)
preferred term in now CMS (Centers for Medicare and Medicaid
Services)
◉ Is the administrator typically a primary interdisciplinary team
member? Answer: No
◉ Drugs that have a high tendency for abuse and no medical use?
Answer: Schedule 1 (ex. Marijuana, Heroin, Ecstasy, LSD, etc.)
◉ Drugs that have a high tendency for abuse, may have an
acceptable medical use, and can be available by prescription?
Answer: Schedule 2 (ex. Cocaine, Opium, Morphine, Fentanyl,
Amphetamines, etc.)
PRACTICE QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ OT? Answer: Occupational Therapy
◉ PT? Answer: Physical Therapy
◉ ST? Answer: Speech Therapy
◉ What is the Medicare definition of Hospice Care? Answer:
Supportive care provided to terminally ill patients and their families
in the final 6 months of a patients life.
◉ Palliative Care is defined as? Answer: Management and support
provided for reduction or abatement of pain. Doesn't include
treatment to cure medical condition or to artificially prolong life.
◉ The Age Discrimination Act protects employees in what age
group? Answer: 40 to 70 years old.
◉ How often must form 941 be filed by employers? Answer:
Quarterly, Form 941 is the Employers Quarterly Federal Tax Return
,◉ What information is included in Form 941? Answer: Amount
witheld for federal income taxes and the employer's & employee's
share of FICA and Medicare taxes.
◉ Residents paying in this manner may be billed in advance?
Answer: Self pay residents (third party programs may not be billed
in advance)
◉ Residents must be notified when their account rises to within
what amount of the resource limit the state has established?
Answer: Within $200 of the limit
◉ (Cash + Marketable Securities) / ((Total Operating Expenses -
Depreciation) / 365) = Answer: Days of Cash
◉ Days of Cash Answer: (Cash + Marketable Securities) / ((Total
Operating Expenses - Depreciation) / 365) =
◉ Net Resident Accounts Receivable from all Sources / (Net Patient
Revenue / 356) = Answer: Days in Resident Accounts Receivable
◉ Outstanding Accounts Receivable / (3 month net revenue / total
days in 3 month period) = Answer: DSO (Daily Sales Outstanding)
,◉ DSO (Daily Sales Outstanding) Answer: Outstanding Accounts
Receivable / (3 month net revenue / total days in 3 month period) =
◉ The operating budget is composed of what two categories?
Answer: Revenue and Expense Categories
◉ The type of budget that projects cash inflows and outflows?
Answer: Cash Budget
◉ The type of budget that reflects long-term capital decisions?
Answer: Capital Budget
◉ The organizations expected financial condition if the budgeted
amounts are realized? Answer: Pro Forma Statement
◉ Liquid assets include? Answer: Short term notes, cash, and
accounts receivable
◉ Where must Sharps containers be provided? Answer: in the
Laundry Room and Every Med Cart
, ◉ What space must be provided below automatic sprinkler heads?
Answer: 18 inches (items may not be stored above 18 inches below
the sprinkler heads)
◉ Building additions must be separated by a fire barrier with at
least the following rating? Answer: 2 hours
◉ Hot food should be served at what temperature? Answer: 140 F
◉ Which federal agency mandated the RAI (Resident Assessment
Instrument)? Answer: HCFA (Health Care Financing Administration)
preferred term in now CMS (Centers for Medicare and Medicaid
Services)
◉ Is the administrator typically a primary interdisciplinary team
member? Answer: No
◉ Drugs that have a high tendency for abuse and no medical use?
Answer: Schedule 1 (ex. Marijuana, Heroin, Ecstasy, LSD, etc.)
◉ Drugs that have a high tendency for abuse, may have an
acceptable medical use, and can be available by prescription?
Answer: Schedule 2 (ex. Cocaine, Opium, Morphine, Fentanyl,
Amphetamines, etc.)
