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MHA 706 Financial Management Midterm Exam – Questions & Verified Answers
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MHA 706 Financial Management Midterm Exam – Questions & Verified Answers
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MHA 706 Financial Management Midterm – Questions& Verified Answers
Healthcare finance ✔️ans - the accounting and financial management
principles and practices used within health services organizations to ensure
the financial well-being of the enterprise
Healthcare sector ✔️ans - consists of a diverse collection of industries
that involve the healthcare of the population
Provider ✔️ans - an organization that provides healthcare services
Business ✔️ans - maintains financial viability by selling goods or services
Pure charity ✔️ans - relies solely on contributions
Finance ✔️ans - consists of both accounting and financial management
functions
Primary role of finance ✔️ans - to plan for, acquire, and use resources to
maximize the efficiency and value of the enterprise
Accounting ✔️ans - concerns the recording of economic events that
reflect the operations, resources, and financing of an organization
Financial management ✔️ans - provides the theory, concepts, and tools
necessary to help managers make better financial decisions
Planning and budgeting ✔️ans - involves evaluating the financial
effectiveness of current operations and planning for the future
Financial reporting ✔️ans - recording and reporting to outsiders the
results of operations and current financial status
Capital budgeting ✔️ans - the process of analyzing and choosing new
fixed assets
, Financing decisions ✔️ans - all organizations must raise capital to buy
the assets necessary to support operations
Working capital management ✔️ans - a managerial accounting strategy
focusing on maintaining efficient levels of both components of working
capital, current assets and current liabilities, in respect to each other
Contract management ✔️ans - the process of managing contract creation,
execution and analysis to maximize operational and financial performance at
an organization, all while reducing financial risk
Financial risk management ✔️ans - the practice of economic value in a
firm by using financial instruments to manage exposure to risk, particularly
credit risk and market risk
Four c's ✔️ans - costs, cash, capital, and control
Cost ✔️ans - a resource use associated with providing or supporting a
specific service
Chief financial officer ✔️ans - typically reports directly to the ceo
Chief executive officer ✔️ans - responsible for all finance activities within
the organization
Comptroller ✔️ans - responsible for accounting and reporting activities
Treasurer ✔️ans - responsible for then acquisition and management of
capital
Patient accounts manager ✔️ans - reports to the comptroller
Cash manager ✔️ans - reports to treasurer
Business practice manager ✔️ans - in small health services organizations,
the finance responsibilities are combined and assigned to this person
Hospitals ✔️ans - provide diagnostic and therapeutic services to
individuals who require more that several hours of care
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