HFMA CSAF CERTIFIED SPECIALIST
ACCOUNTING AND FINANCE END OF
COURSE STUDY GUIDE LATEST UPDATED
ACTUAL TESTED QUESTIONS AND
CORRECT ANSWERS
⩥ Contribution margin is:
A. The difference between marginal revenue and the break-even
point.
B. The difference between marginal revenue and marginal cost.
C. Where marginal revenue equals marginal cost.
D.the point where fixed cost produces a profit.
Answer: B. The difference between marginal revenue and
marginal cost.
⩥ Activity-based costing is
Answer: A. Another term for the proportional allocation method
**B. A method of determining product costs using cost drivers
or activity measures that cause indirect costs to be incurred
C. Less expensive to determine due to the necessary data
collection
,D. Generally considered a less accurate costing method
⩥ The break-even point is the level of sales volume of a product
producing the exact amount of _____________.
A. Contribution margin needed to cover fixed costs
B. Incremental cost needed to cover fixed costs
C. Contribution margin needed to cover incremental costs
D. Contribution margin needed to cover all costs
Answer: A. Contribution margin needed to cover fixed costs
⩥ Overhead is a common term for
A. Direct Costs
B. Variable Costs
C. Fixed Costs
D. Indirect Costs
Answer: D. Indirect Costs
⩥ Arrived at by a group or association of organizations with
similar characteristics (for example, a published relative value
scale).
,A. Predetermined
B. Negotiated
C. Customized standards
Answer: A. Predetermined
⩥ Based on the historical data of the specific institution for
which the budget is intended
Answer: A. Predetermined
**B. Negotiated
C. Customized standards
⩥ Based on detailed time or activity studies within a specific
department of a specific institution.
A. Predetermined
B. Negotiated
C. Customized standards
Answer: C. Customized standards
⩥ Which type of cost behavior varies more or less in direct
proportion to volume?
Answer: **A. Variable cost
, B. Fixed cost
C. Semi-variable cost
D. Semi-fixed cost
⩥ The wage variance is determined by:
Answer: A. The "difference in the actual and budgeted paid
hours" times the "budgeted wage rate."
B. The "budgeted units of service" times the "budgeted labor
hours per unit of service" times the "actual average wage rate
per hour."
C. The variance in the "labor hours per unit of service" times the
"actual units of service" times the "budgeted average wage rate."
**D. The "difference in the budgeted and actual average wage
per hour" times the "actual paid hours."
⩥ The hospital staffing for a regular acute unit is an example of
Answer: **A. Semi-fixed or stepped variable cost
B. Variable cost
C. Fixed cost
D. A fixed cost pattern
ACCOUNTING AND FINANCE END OF
COURSE STUDY GUIDE LATEST UPDATED
ACTUAL TESTED QUESTIONS AND
CORRECT ANSWERS
⩥ Contribution margin is:
A. The difference between marginal revenue and the break-even
point.
B. The difference between marginal revenue and marginal cost.
C. Where marginal revenue equals marginal cost.
D.the point where fixed cost produces a profit.
Answer: B. The difference between marginal revenue and
marginal cost.
⩥ Activity-based costing is
Answer: A. Another term for the proportional allocation method
**B. A method of determining product costs using cost drivers
or activity measures that cause indirect costs to be incurred
C. Less expensive to determine due to the necessary data
collection
,D. Generally considered a less accurate costing method
⩥ The break-even point is the level of sales volume of a product
producing the exact amount of _____________.
A. Contribution margin needed to cover fixed costs
B. Incremental cost needed to cover fixed costs
C. Contribution margin needed to cover incremental costs
D. Contribution margin needed to cover all costs
Answer: A. Contribution margin needed to cover fixed costs
⩥ Overhead is a common term for
A. Direct Costs
B. Variable Costs
C. Fixed Costs
D. Indirect Costs
Answer: D. Indirect Costs
⩥ Arrived at by a group or association of organizations with
similar characteristics (for example, a published relative value
scale).
,A. Predetermined
B. Negotiated
C. Customized standards
Answer: A. Predetermined
⩥ Based on the historical data of the specific institution for
which the budget is intended
Answer: A. Predetermined
**B. Negotiated
C. Customized standards
⩥ Based on detailed time or activity studies within a specific
department of a specific institution.
A. Predetermined
B. Negotiated
C. Customized standards
Answer: C. Customized standards
⩥ Which type of cost behavior varies more or less in direct
proportion to volume?
Answer: **A. Variable cost
, B. Fixed cost
C. Semi-variable cost
D. Semi-fixed cost
⩥ The wage variance is determined by:
Answer: A. The "difference in the actual and budgeted paid
hours" times the "budgeted wage rate."
B. The "budgeted units of service" times the "budgeted labor
hours per unit of service" times the "actual average wage rate
per hour."
C. The variance in the "labor hours per unit of service" times the
"actual units of service" times the "budgeted average wage rate."
**D. The "difference in the budgeted and actual average wage
per hour" times the "actual paid hours."
⩥ The hospital staffing for a regular acute unit is an example of
Answer: **A. Semi-fixed or stepped variable cost
B. Variable cost
C. Fixed cost
D. A fixed cost pattern
