HESI STUDY EXAM | UPDATED QUESTIONS WITH VERIFIED ANSWERS 2024

DLM (ASCP) Exam Questions With Correct Answers 2024 Project Volumes (forecasting stage) Correct Answer based on expert opinion, stats, historical data, shifts in patient mix, changes in medical staff composition, changes in inflation/reimbursement ratws, expansion/cutbacks, population fluctuations based on economy Steps to creating a budget Correct Answer 1. project volumes 2. convert volumes to revenue 3. convert volumes into expense requirements 4. Adjust revenue/ expenses as necessary to meet budget margin Gross revenue Correct Answer Rates x Production Unit (Billable test volume) Expenses Correct Answer salaries/wages, reference service, instrument lease, maintenance contracts, education/travel Financial Statements Correct Answer convey the financial status of an organization 4 main types - income statement, balance sheet statement of changes in equity and statement of cash flows. income statement Correct Answer summarizes the operations of an organization with a focus on its revenues, expenses, and profitability. contains operational results over a period of time. depreciation Correct Answer noncash charge against earnings on income statement that reflect the "wear and tear" on a business' fixed assets (property and equipment). loss of value salvage value Correct Answer amount received when final disposition occurs at end of the asset's useful life. annual depreciation Correct Answer (initial cost - salvage value)/ useful life Profit Correct Answer net income -expense cashflow Correct Answer net income + depreciation Total Profit Margin Correct Answer Net income divided by total revenues. It measures the amount of total profit per dollar of total revenues. fixed costs Correct Answer cost not related to the volume of services delivered (ex.