LSUS MHA 706 MIDTERM EXAM
2024/FINANCIAL MANAGEMENT MIDTERM
QUESTIONS AND ANSWERS
healthcare finance - ANSWERS>>>the accounting and financial
management principles and practices used within health services
organizations to ensure the financial well-being of the enterprise
hea...
healthcare finance - ANSWERS>>>the accounting and financial
management principles and practices used within health services
organizations to ensure the financial well-being of the enterprise
healthcare sector - ANSWERS>>>consists of a diverse collection
of industries that involve the healthcare of the population
provider - ANSWERS>>>an organization that provides healthcare
services
business - ANSWERS>>>maintains financial viability by selling
goods or services
pure charity - ANSWERS>>>relies solely on contributions
,finance - ANSWERS>>>consists of both accounting and financial
management functions
primary role of finance - ANSWERS>>>to plan for, acquire, and
use resources to maximize the efficiency and value of the
enterprise
accounting - ANSWERS>>>concerns the recording of economic
events that reflect the operations, resources, and financing of an
organization
financial management - ANSWERS>>>provides the theory,
concepts, and tools necessary to help managers make better
financial decisions
planning and budgeting - ANSWERS>>>involves evaluating the
financial effectiveness of current operations and planning for the
future
,financial reporting - ANSWERS>>>recording and reporting to
outsiders the results of operations and current financial status
capital budgeting - ANSWERS>>>the process of analyzing and
choosing new fixed assets
financing decisions - ANSWERS>>>all organizations must raise
capital to buy the assets necessary to support operations
working capital management - ANSWERS>>>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 - ANSWERS>>>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 - ANSWERS>>>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 - ANSWERS>>>costs, cash, capital, and control
cost - ANSWERS>>>a resource use associated with providing or
supporting a specific service
chief financial officer - ANSWERS>>>typically reports directly to
the CEO
chief executive officer - ANSWERS>>>responsible for all finance
activities within the organization
comptroller - ANSWERS>>>responsible for accounting and
reporting activities
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