HFMA CSAF UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
⩥ 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).
, ⩥ Three common Capital Evaluation techniques.
Answer: Payback, Net Present Value Method, Return on
Investment
⩥ Users of ratio analysis.
Answer: Board of Directors, Management, Health Systems
Agencies, Creditors, Employee Unions, Rate Regulators
⩥ The categories of ratios used.
Answer: Profitability Ratios, Liquidity Ratios, Activity Ratios,
Capital Structure Ratios
⩥ Two common types of long-term debt.
Answer: Revenue bonds and General Obligation Bonds
⩥ Undertake debt restructuring by either retiring or reacquiring
existing debt for 4 reasons.
Answer: Take advantage of lower interest rates, change
collateral restrictions, allow acquisition of other assets, better fit
debt service requriements
QUESTIONS AND CORRECT ANSWERS
⩥ 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).
, ⩥ Three common Capital Evaluation techniques.
Answer: Payback, Net Present Value Method, Return on
Investment
⩥ Users of ratio analysis.
Answer: Board of Directors, Management, Health Systems
Agencies, Creditors, Employee Unions, Rate Regulators
⩥ The categories of ratios used.
Answer: Profitability Ratios, Liquidity Ratios, Activity Ratios,
Capital Structure Ratios
⩥ Two common types of long-term debt.
Answer: Revenue bonds and General Obligation Bonds
⩥ Undertake debt restructuring by either retiring or reacquiring
existing debt for 4 reasons.
Answer: Take advantage of lower interest rates, change
collateral restrictions, allow acquisition of other assets, better fit
debt service requriements
