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HSA 400 Exam 1 2023 with 100% correct answers
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HSA 400 Exam 1 2023 with 100% correctanswers
accounting - correct answerAn adequate understanding of the ________ process and the data
generated by it are thus critical to successful decision making.
decision making - correct answer______ is basically the selection of a course of action from a defined list
of possible or feasible actions.
information - correct answergenerating ______ is the key to decision making
uncertainty - correct answerdecision making is usually surrounded by ______
does not - correct answerone thing an information system (does/does not) do is evaluate the desirability
of results.
5 uses of financial information that may be important in decision making.
1. financial
2.stewardship
3.efficiency
4. operations
5. compliance - correct answer5 uses of financial information that may be important in decision making:
1. evaluate the _____ condition of an entity
2.evaluate _______ within an entity
3. assessing the ______ of operations
4.assessing the effectiveness of _________
5. determine the _______ of operation with directives
,-financial condition
-most - correct answerevaluation of an entity's ___________ is probably the (most/least) common use
of financial information.
viability - correct answerusually, an organizations financial condition is equated with its _______ or
capacity to continue pursuing its stated goals at a consistent level of activity.
short-run, long-run - correct answerassessment of financial condition also includes consideration of
_______ versus ________ effects
stewardship - correct answerHistorically, evaluation of ______ was the most important* use of
accounting and financial information. Designed to prevent the loss of assets or resources through
employees malfeasance.
Efficiency - correct answer______ is simply the ratio of outputs to inputs, not the quality of outputs but
the lowest possible cost of production. Implies availability of standards or benchmarks for comparison.
Effectiveness - correct answer•Attainment of objectives through production of outputs.
•Difficult to measure as organizations do not always state their objectives quantitatively
compliance - correct answer-financial information may be used to determine whether _________ with
directives has taken place.
-Financial reporting is required to ensure _____
-Internal uses (e.g., budgets)
condition - correct answermost healthcare decision-making groups use financial information to access
financial ______ and efficiency
3 main forms of business organizations in health care: - correct answer3 main forms of _________
organizations in health care:
-nonprofit
-for-profit
, -governmental
*differ in terms of ownership structure*
Not-for-profit, investor - correct answer__________ are owned by the entire community rather than by
_________-owners. MUST be run as a business*
True - correct answer(t/f) the primary goal of nonprofits is NOT to maximize profits, but serve the
community which it operates.
are - correct answernot-for-profits (are/are not) exempt from federal income taxes and property taxes.
community - correct answernonprofits are expected to provide ________ benefit, which often comes in
the form of providing more uncompensated care.
not-for-profit - correct answerthe primary advantage of the __________ form of organization is its tax
advantage.
capital - correct answerthe main disadvantage of nonprofits is they have more limited access to
________
Not-for-profit - correct answer_______ business organizations dominate the hospital sector with about
80% of hospitals
for-profit - correct answerthe main objective of most _______ firms is to earn profits that are distributed
to the investor-owners for long-term benefits.
publicly traded - correct answerfor-profit firms that buy and sell shares of their company stocks on the
open market are referred to as ___________ companies.
true - correct answer(t/f) a major advantage of being publicly traded is the ability to raise equity capital
through the sale of company stocks. ALSO subject to reporting requirements and regulation by the
Securities and Exchange Commission (SEC)
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