HSA 546 Final exam Part 2 and 1.docx complete practice questions and answers solution

HSA 546 Final exam Part 2 and complete practice questions and answers solutionHSA 546 Final exam Part 1 and 2 (Questions and Answers) • Question 1 4 out of 4 points The six primary categories of __________ in the office practice are professional, personnel, property, financial, information technology, and legal/regulatory. Selected Answer: risk exposure Correct Answer: risk exposure • Question 2 0 out of 4 points Which of the following statements is true regarding the hiring process? Selected Answer: The job application should ask for disability-related information to determine if the applicant can perform the job functions. Correct Answer: Advertising must be fair and not discriminate against any group of individuals. • Question 3 4 out of 4 points The four primary functions of __________ in the office practice are to: 1) provide clinical communication with any practitioner who may see the patient for current or future care, 2) provide the basis for billing charges, 3) help maintain compliance with regulations and standards, and 4) provide a risk management tool to support the clinical actions and decision making of the provider. Selected Answer: medical records documentation Correct Answer: medical records documentation • Question 5 4 out of 4 points Who is responsible for both accounting and budgeting in a medical practice? Selected Answer: The practice manager Correct Answer: The practice manager • Question 6 4 out of 4 points The Statement of Financial Accounting Concepts No. 1 states that: Financial reporting should provide information that is useful to present to: Selected Answer: potential investors and creditors and other users in making rational investment, credit, and similar decisions. Correct Answer: potential investors and creditors and other users in making rational investment, credit, and similar decisions. • Question 7 4 out of 4 points __________ is “the rational and systematic allocation of the cost of a capital item to the revenues it produces over its useful life.” Selected Answer: Depreciation Correct Answer: Depreciation • Question 8 4 out of 4 points Which of the following statements is true regarding budgeting? Selected Answer: The budget involves processes that are determined solely by the organization. Correct Answer: The budget involves processes that are determined solely by the organization. • Question 9 0 out of 4 points Which of the following statements is true regarding customer satisfaction? Selected Answer: The questions used in patient surveys should be changed and updated often in order to obtain a variety of responses. Correct Answer: Benchmarking the patients’ level of satisfaction with the practice is an important measurement of the service, access, convenience, and operations that the practice is offering. • Question 10 0 out of 4 points The __________ is defined as total operating cost divided by total medical revenue. Selected Answer: operating infrastructure rate Correct Answer: overhead rate • Question 11 4 out of 4 points Calculating physicians’ income and performing a breakeven analysis are used for determining: Selected Answer: profitability. Correct Answer: profitability. • Question 12 4 out of 4 points Gross collection rate, collection rate by payer, payer mix, reimbursement by service line, and reimbursement per procedure code are all benchmarks related to: Selected Answer: revenue. Correct Answer: revenue. • Question 13 0 out of 4 points __________ are the expenses incurred by the organization in earning medical revenue. Selected Answer: Medical expenses Correct Answer: Operating expenses • Question 14 0 out of 4 points The majority of medical practices use the __________ method of accounting. Selected Answer: accrual Correct Answer: cash • Question 15 4 out of 4 points The __________ explains how the organization obtained and used cash during the accounting period. Selected Answer: statement of cash flows Correct Answer: statement of cash flows ............continued.............