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2024 NJ CALA EXAM WITH CORRECT ANSWERS
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2024 NJ CALA EXAM WITH CORRECT ANSWERS
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2024 NJ CALA EXAM WITHCORRECT ANSWERS
What are the three types of budgets? - CORRECT-ANSWERSOperational
Budget, Capital Budget, and Cash Budget
The outgrowth of an organization's needs for a standardized system or
recording, monitoring, and using financial data that follows generally
accepted policies and procedures on a consistent basis. - CORRECT-
ANSWERSAccounting
Liabilities + Equity = - CORRECT-ANSWERSAssets
Assets - Equity = - CORRECT-ANSWERSLiabilities
Assets - Liabilities = - CORRECT-ANSWERSEquity
This is the term associated with increasing assets, decreasing liabilities, and
owner's equity, increasing expenditures and decreasing revenues. -
CORRECT-ANSWERSDebit
The is term associated with decreasing assets, increasing liabilities and
owner's equity, decreasing expenditures, and increasing revenues. -
CORRECT-ANSWERSCredit
Revenue - Expenses = - CORRECT-ANSWERSProfit divided by Loss
This equation determines the financial of an organization. Net income/loss is
equal to ___________________ - CORRECT-ANSWERSthe difference of revenue
and expenses.
Net income or profit is then credited to ____________________, while a net loss
is debited. - CORRECT-ANSWERSRetained Earnings
__________________ are the accumulated profits and losses of an organization
since its inception. Any distribution of owner's equity to owners, partners, or
shareholders comes from this. - CORRECT-ANSWERSRetained Earnings
________________ provides for the recognition of revenue at the moment
revenue is received, and the recognition of expenditures at the time that
payment was made. - CORRECT-ANSWERSCash Basis of Accounting
,____________________ provides for the recognition of revenue at the time
revenue is earned, and the recognition of expenditures at the time the
expense was incurred. (Example: Monthly Budgeting Purposes) - CORRECT-
ANSWERSAccrual Basis of Accounting
A financial statement is a summary of an organization's financial data in
generally accepted formats. - CORRECT-ANSWERSFinancial Statements
What are the three basic financial statements? - CORRECT-ANSWERSBalance
Sheets, Income Statement, Statement of Cash Flows
The _________________ summarizes the assets, liabilities, and owner's equity
of the organization. The report is called such because the assets must total
the sum of the liabilities and the owner's equity. The date of it is stated "as
of the date" indicating that is not a reflection of a specific time period. -
CORRECT-ANSWERSBalance Sheet
The ________________ summarizes the result of operation of an organization.
The report matches expenses against revenue; therefore, it is often referred
as a profit and loss statement. The statement is dated "for the period", sine
it reflect the activity from a specific beginning date to a specific ending date.
- CORRECT-ANSWERSIncome Statement
The _______________ is a report that reconciles the cash balance at the
beginning of the period with the cash balance at the end of the period. It
provides an accountability of the sources of funds and the uses of
accounting: cash and accrual. The date of the reports is "for the period"
since it covers a specific beginning date and ending date. - CORRECT-
ANSWERSStatement of Cash Flow
A _______________ is a summary listing of an organization's accounts and their
respective balances in numerical order according to the charts of accounts.
Its indicated both debit and credit accounts, at all the trial balance debits
and credits must equal. (Example: Itemized Raw Foods and Credit Tracking).
- CORRECT-ANSWERSTrial Balance
This is a listing of all general ledger accounts by category with corresponding
general ledger accounts numbers. The asset category is listed first, followed
by liabilities, equities, revenues, and expense accounts. - CORRECT-
ANSWERSChart of Accounting
The _____________ is a book, record, or report in which the monetary
transactions of the organization are posted in the form of debits and credits.
It contains a separate record for each account that is listed in the chart of
,accounts. Its postings are obtained from transactions recorded in the various
journals. - CORRECT-ANSWERSGeneral Ledger
____________ are the organization's books of original entry. Transactions are
first recorded in ______________ before posting to the general ledger. -
CORRECT-ANSWERSJournals
What are the five types of journals? - CORRECT-ANSWERSSales, Cash,
Purchase, Cash Distribution, and General
money owed to a company by its debtors. - CORRECT-ANSWERSaccounts
receivable
A process whereby individuals remain in their living environment despite the
physical and/mental decline and growing needs for supportive services that
may occur in the course of aging. - CORRECT-ANSWERSAging in Place
The functions or tasks for self-care, which are performed either
independently or with supervision or assistance, such as: dressing, bathing,
toileting, transfer, locomotion, bed mobility, and eating. - CORRECT-
ANSWERSADLs (Activity of Daily Living)
A coordinated array of supportive personal and health services 24 hours per
day, to residents who have been assessed to need these services including
persons who require nursing home level care. It promotes resident self
direction and participation in decisions that emphasize independence,
individuality, privacy, dignity, and homelike surroundings. - CORRECT-
ANSWERSAssisted Living
Limits places on a resident's choice as a result of an assessment, in
accordance with N.J.A.C. 8:36-5.18, which indicates that such resident's
choices or preference place the resident or others at a risk of harm or lead to
consequences which violate the norms of the facility or program or the rights
of others. - CORRECT-ANSWERSBounded Choice
A facility which is licensed by the Department of Health and Senior Services
to provide room and board and to assure that assisted living services are
available when needed, to four or more adults unrelated to the proprietor.
Residential units in this type of facility have no more than two residents and
have a lockable door on the unit entrance. - CORRECT-ANSWERSCPCH
(Comprehensive Personal Care Home)
A facility that has received a certificate of authority pursuant to the _________
and Financial Disclosure Act, N.J.S.A. 52:27D-300 et seq. - CORRECT-
ANSWERSCCRC (Continuing Care Retirement Community)
, A unit-of-use package prepared by a pharmacist for a specific resident
comprising a series of containers and containing two or more prescribed sold
oral dosage forms, and so designed or labeled as to indicate the day and
time, or period of time, that the contents within each container are to be
taken. - CORRECT-ANSWERSCustomized Resident Medication Package
A person appointed by a court of competent jurisdiction to handle the affairs
and protect the rights of any resident of the facility who has been declared a
mental incompetent. This does not include a person affiliated with the
facility, its operations or personnel, unless so ordered by the court. -
CORRECT-ANSWERSGuardian
Any service provided to a resident of an assisted living or comprehensive
personal care home that is ordered by a physician and required to be
provided or delegated by a licensed, registered or certified health care
professional. - CORRECT-ANSWERSHealth Care Service
A program of palliative and supportive services provided to terminally ill
persons and their families in the form of physical, psychological, social, and
spiritual care. - CORRECT-ANSWERSHospice
The process of balancing resident choice and independence with the health
and safety of the resident and other persons in the facility or program. If a
resident's preference or decision places the resident or others at risk and is
likely to lead to adverse consequences, such risks or consequences are
discussed with the resident, and, if the resident agrees, a resident
representative, and a formal plan to avoid or reduce negative or adverse
outcomes is negotiated, in accordance with the provisions of N.J.A.C. 8:36-
5.18. - CORRECT-ANSWERSManaged Risk
The written formal plan developed in consideration of shared responsibility,
bounded choice and assisted living values and negotiated between the
resident and the facility or program to avoid or reduce the risk of adverse
outcomes which may occur in an assisted living environment. - CORRECT-
ANSWERSManage Risk Agreement
A procedure in which a prescribed medication or biological is given to a
resident by an authorized individual in accordance with all laws and
regulations governing such procedures. - CORRECT-ANSWERSMedication
Administration
1.) Removing an individual dose from a previously dispensed, properly
labeled container (including a unit dose or unit-of-use container).
2.) Verifying it with the prescriber's orders.
3.) Giving the individual dose to the resident.
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