HCM 481 Exit Exam Questions & Answers 2024/2025
Direct Cost - ANSWERSa direct cost is a price that can be directly tied to the production of specific goods or services
Indirect cost - ANSWERSare costs that are not directly accountable to a cost object
fixed cost - ANSWERSa cost that does...
Direct Cost - ANSWERSa direct cost is a price that can be directly tied to the production of specific goods
or services
Indirect cost - ANSWERSare costs that are not directly accountable to a cost object
fixed cost - ANSWERSa cost that does not change, no matter how much of a good is produced
variable cost - ANSWERSa cost that rises or falls depending on how much is produced
sunk cost - ANSWERSa cost that has already been committed and cannot be recovered
opportunity cost - ANSWERSthe most desirable alternative given up as the result of a decision
law of demand - ANSWERSconsumers buy more of a good when its price decreases and less when its
price increases
law of supply - ANSWERSTendency of suppliers to offer more of a good at a higher price
market equilibrium - ANSWERSa situation in which quantity demanded equals quantity supplied
insurance premium - ANSWERSamount paid on an insurance policy per a given time period
insurance co-pay - ANSWERSout-of-pocket pay at time of visit to MD office, Rx, hospital
, Deductible - ANSWERSAmount you must pay before you begin receiving any benefits from your
insurance company
inpatient - ANSWERSAdmitted to the hospital overnight
Post-acute care - ANSWERSCare provided to patients who have been released from an acute care facility
to recuperate at home
long term care - ANSWERS24-hour care provided for people with ongoing conditions who are generally
unable to manage their ADLs
outpatient - ANSWERSperson who requires health care services but does not need to stay in an
institution for those services
organizational behavior - ANSWERSis the academic study of the ways people act within groups
operations management - ANSWERSadministration of business practices to create the highest level of
efficiency possible within an organization
abdomen - ANSWERSabdomin/o
front - ANSWERSanter/o
hearing - ANSWERSaudi/o
arm - ANSWERSbrachi/o
cancer - ANSWERScarcin/o
colon - ANSWERScol/o
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