Question 1

How much of the equipment cost is recovered per year if the purchase price of a new printer is $12,000 and the average annual savings are expected to be $4,000?

Accepted Answer

A)  29.75% 
B)  31.00% 
C)  32.50% 
D)  33.33% 
A)  29.75% 
B)  31.00% 
C)  32.50% 
D)  33.33% D

Question 2

Often projections for capital purchases are required how many years prior to the purchase?

Accepted Answer

A)  1-2 years 
B)  3-5 years 
C)  6-10 years 
D)  10-15 years 
A)  1-2 years 
B)  3-5 years 
C)  6-10 years 
D)  10-15 years B

Question 3

How much would it cost annually to rent a new scanner if the rental cost (plus maintenance) is $450 per month?

Accepted Answer

A)  $5,400 
B)  $5,800 
C)  $6,200 
D)  $6,400 
A)  $5,400 
B)  $5,800 
C)  $6,200 
D)  $6,400 A

Question 4

Which of the following line items would NOT be included in an operational budget?

Accepted Answer

A)  Payroll 
B)  Equipment leases 
C)  Office supplies 
D)  Software 
A)  Payroll 
B)  Equipment leases 
C)  Office supplies 
D)  Software

Question 5

Calculate the percentage of variance for the below chart:

Accepted Answer

A)  7.75% 
B)  8.0% 
C)  9.50% 
D)  10.0% 
A)  7.75% 
B)  8.0% 
C)  9.50% 
D)  10.0%

Question 6

Calculate the payback period if a new delivery truck is purchased at a cost of $50,000, with monthly savings of $1,041.67.

Accepted Answer

A)  2.5 years 
B)  3 years 
C)  3.5 years 
D)  4 years 
A)  2.5 years 
B)  3 years 
C)  3.5 years 
D)  4 years

Question 7

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). How many claims were returned last year?

Accepted Answer

A)  20,000 claims 
B)  40,000 claims 
C)  60,000 claims 
D)  80,000 claims 
A)  20,000 claims 
B)  40,000 claims 
C)  60,000 claims 
D)  80,000 claims

Question 8

Calculate the payback period if a new forklift is purchased at a cost of $78,000, with monthly savings of $1,000 due to quicker retrievals and turnaround time for record requests from storage.

Accepted Answer

A)  4.5 years 
B)  6.5 years 
C)  8.5 years 
D)  10.5 years 
A)  4.5 years 
B)  6.5 years 
C)  8.5 years 
D)  10.5 years

Question 9

What does the payback period determine?

Accepted Answer

A)  How long it will take to pay off debts 
B)  How long it will take break even on fixed and variable costs 
C)  How long it will take to recover the expense of the equipment 
D)  How long it will take to start generating a profit 
A)  How long it will take to pay off debts 
B)  How long it will take break even on fixed and variable costs 
C)  How long it will take to recover the expense of the equipment 
D)  How long it will take to start generating a profit

Question 10

An employee earns $24,000. The annualized amount prior to a raise in pay is $2,000 per month. If the employee gets a 3% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Accepted Answer

A)  $1,050 
B)  $2,060 
C)  $3,020 
D)  $4,010 
A)  $1,050 
B)  $2,060 
C)  $3,020 
D)  $4,010

Question 11

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). The accuracy standards require 97.0% accuracy and you hope to see this standard applied enterprise wide for all coding. How many returned claims will be allowed?

Accepted Answer

A)  388,000 claims 
B)  12,000 claims 
C)  20,000 claims 
D)  320,000 claims 
A)  388,000 claims 
B)  12,000 claims 
C)  20,000 claims 
D)  320,000 claims

Question 12

How much of the equipment cost is recovered per year if the purchase price of a new forklift is $78,000 and the average annual savings are expected to be $12,000?

Accepted Answer

A)  13.278% 
B)  14.745% 
C)  15.385% 
D)  16.254% 
A)  13.278% 
B)  14.745% 
C)  15.385% 
D)  16.254%

Question 13

Which type of capital equipment purchase represents how much of the equipment cost is recovered per year?

Accepted Answer

A)  Payback period 
B)  Return on investment 
C)  Variance 
D)  Accrued interest 
A)  Payback period 
B)  Return on investment 
C)  Variance 
D)  Accrued interest

Question 14

What is a deviation from the original prediction of what would be spent and when?

Accepted Answer

A)  Fixed cost 
B)  Anticipated revenue 
C)  Variance 
D)  Payback Period 
A)  Fixed cost 
B)  Anticipated revenue 
C)  Variance 
D)  Payback Period

Question 15

An employee earns $42,000. The annualized amount prior to a raise in pay is $3,500 per month. If the employee gets a 5% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Accepted Answer

A)  $3,675 
B)  $3,850 
C)  $4,020 
D)  $4,845 
A)  $3,675 
B)  $3,850 
C)  $4,020 
D)  $4,845

Question 16

Calculate the variance for the below chart:

Accepted Answer

A)  $5,450 
B)  ($5,450) 
C)  ($5,750) 
D)  $5,750 
A)  $5,450 
B)  ($5,450) 
C)  ($5,750) 
D)  $5,750

Question 17

Which of the following is an example of a fixed cost on an operational budget?

Accepted Answer

A)  Price of printer equipment lease 
B)  Utilities 
C)  Cost of printer paper 
D)  Packaging costs 
A)  Price of printer equipment lease 
B)  Utilities 
C)  Cost of printer paper 
D)  Packaging costs

Question 18

Which of the following is an example of a variable cost on an operational budget?

Accepted Answer

A)  Rent 
B)  Labor 
C)  Property insurance 
D)  Capital equipment 
A)  Rent 
B)  Labor 
C)  Property insurance 
D)  Capital equipment

Question 19

Fixed costs are based on:

Accepted Answer

A)  forecasted salaries for the upcoming year. 
B)  forecasted profits for the upcoming year. 
C)  contracted amounts between a company and its vendors. 
D)  costs from previous years. 
A)  forecasted salaries for the upcoming year. 
B)  forecasted profits for the upcoming year. 
C)  contracted amounts between a company and its vendors. 
D)  costs from previous years.

Question 20

Last year, a practice's returned claims were 8% of total submissions (600,000 claims). The accuracy standards require 94.0% accuracy and you hope to see this standard applied enterprise wide for all coding. What does this standard allow for returned claims?

Accepted Answer

A)  5.0% error rate 
B)  5.5% error rate 
C)  6.0% error rate 
D)  6.5% error rate 
A)  5.0% error rate 
B)  5.5% error rate 
C)  6.0% error rate 
D)  6.5% error rate

How much of the equipment cost is recovered per year if the purchase price of a new printer is $12,000 and the average annual savings are expected to be $4,000?

Often projections for capital purchases are required how many years prior to the purchase?

How much would it cost annually to rent a new scanner if the rental cost (plus maintenance) is $450 per month?

Which of the following line items would NOT be included in an operational budget?

Calculate the percentage of variance for the below chart:

Calculate the payback period if a new delivery truck is purchased at a cost of $50,000, with monthly savings of $1,041.67.

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). How many claims were returned last year?

Calculate the payback period if a new forklift is purchased at a cost of $78,000, with monthly savings of $1,000 due to quicker retrievals and turnaround time for record requests from storage.

What does the payback period determine?

An employee earns $24,000. The annualized amount prior to a raise in pay is $2,000 per month. If the employee gets a 3% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). The accuracy standards require 97.0% accuracy and you hope to see this standard applied enterprise wide for all coding. How many returned claims will be allowed?

How much of the equipment cost is recovered per year if the purchase price of a new forklift is $78,000 and the average annual savings are expected to be $12,000?

Which type of capital equipment purchase represents how much of the equipment cost is recovered per year?

What is a deviation from the original prediction of what would be spent and when?

An employee earns $42,000. The annualized amount prior to a raise in pay is $3,500 per month. If the employee gets a 5% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Calculate the variance for the below chart:

Which of the following is an example of a fixed cost on an operational budget?

Which of the following is an example of a variable cost on an operational budget?

Fixed costs are based on:

Last year, a practice's returned claims were 8% of total submissions (600,000 claims). The accuracy standards require 94.0% accuracy and you hope to see this standard applied enterprise wide for all coding. What does this standard allow for returned claims?

Introduction to Statistical Terms and Concepts in Health Data Management

Basic Math Concepts, Central Tendency, and Dispersion

Data Presentation

Administrative Data

Clinical Facility Data

Public Health Data

Departmental Data

Scrubbing and Mapping Data

Predicting Data

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Exam 8: Financial Data

How much of the equipment cost is recovered per year if the purchase price of a new printer is $12,000 and the average annual savings are expected to be $4,000?

Often projections for capital purchases are required how many years prior to the purchase?

How much would it cost annually to rent a new scanner if the rental cost (plus maintenance) is $450 per month?

Which of the following line items would NOT be included in an operational budget?

Calculate the percentage of variance for the below chart:

Calculate the payback period if a new delivery truck is purchased at a cost of $50,000, with monthly savings of $1,041.67.

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). How many claims were returned last year?

Calculate the payback period if a new forklift is purchased at a cost of $78,000, with monthly savings of $1,000 due to quicker retrievals and turnaround time for record requests from storage.

What does the payback period determine?

An employee earns $24,000. The annualized amount prior to a raise in pay is $2,000 per month. If the employee gets a 3% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Last year, a practice's returned claims were 5% of total submissions (400,000 claims). The accuracy standards require 97.0% accuracy and you hope to see this standard applied enterprise wide for all coding. How many returned claims will be allowed?

How much of the equipment cost is recovered per year if the purchase price of a new forklift is $78,000 and the average annual savings are expected to be $12,000?

Which type of capital equipment purchase represents how much of the equipment cost is recovered per year?

What is a deviation from the original prediction of what would be spent and when?

An employee earns $42,000. The annualized amount prior to a raise in pay is $3,500 per month. If the employee gets a 5% raise, then what would the new monthly payment be for that employee beginning with the October 1st payroll?

Calculate the variance for the below chart:

Which of the following is an example of a fixed cost on an operational budget?

Which of the following is an example of a variable cost on an operational budget?

Fixed costs are based on:

Last year, a practice's returned claims were 8% of total submissions (600,000 claims). The accuracy standards require 94.0% accuracy and you hope to see this standard applied enterprise wide for all coding. What does this standard allow for returned claims?

Introduction to Statistical Terms and Concepts in Health Data Management

Basic Math Concepts, Central Tendency, and Dispersion

Data Presentation

Administrative Data

Clinical Facility Data

Public Health Data

Departmental Data

Scrubbing and Mapping Data

Predicting Data

Filters