Question 1

The formula used to create a moving average forecast is

Accepted Answer

A)  Y = (Y-1+Y-2+Y-3)/3 
B)  Y = α*Y-1actual + (1-α)*Y-1budget 
C)  r = (X/Y)(1/n)-1 
D)  Y = α + (β*X) 
A)  Y = (Y-1+Y-2+Y-3)/3 
B)  Y = α*Y-1actual + (1-α)*Y-1budget 
C)  r = (X/Y)(1/n)-1 
D)  Y = α + (β*X) A

Question 2

Producers in which type of market have the least control over the price of their product?

Accepted Answer

A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly 
A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly A

Question 3

Sales of durable goods are more dependent on the overall economic climate than either non-durables goods or services.

Accepted Answer

A) True 
 B)False  True

Question 4

Producers operating within which type of markets have the greatest control over the price of their product?

Accepted Answer

A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly 
A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly

Question 5

Diagnostic related groups (DRGs) summarize medical treatments by body system.

Accepted Answer

A) True 
 B)False

Question 6

A durable good is

Accepted Answer

A)  A product with an expected life of less than one year 
B)  A product with an expected life of more than one year 
C)  A product with an expected life of more than five years 
D)  A non-physical product 
A)  A product with an expected life of less than one year 
B)  A product with an expected life of more than one year 
C)  A product with an expected life of more than five years 
D)  A non-physical product

Question 7

Which of the following reimbursement systems provides an incentive to reduce hospital admissions?

Accepted Answer

A)  Percent of charge 
B)  Per case 
C)  Per diem 
D)  Capitation 
E)  Cost 
A)  Percent of charge 
B)  Per case 
C)  Per diem 
D)  Capitation 
E)  Cost

Question 8

The most important variable in a budget is the estimate of total revenue.

Accepted Answer

A) True 
 B)False

Question 9

A price reduction will increase total revenue if the demand for a product is

Accepted Answer

A)  Elastic 
B)  Unitary elastic 
C)  Inelastic 
D)  Sub-elastic 
A)  Elastic 
B)  Unitary elastic 
C)  Inelastic 
D)  Sub-elastic

Question 10

Which of the following personal consumption expenditures demonstrates the least variability?

Accepted Answer

A)  Durable goods 
B)  Non-durable goods 
C)  Services 
D)  Residential housing 
A)  Durable goods 
B)  Non-durable goods 
C)  Services 
D)  Residential housing

Question 11

The primary assumption of a composite forecast that gives equal weight to each forecasting method is no method is more accurate than another.

Accepted Answer

A) True 
 B)False

Question 12

If price is increased, the total revenue generated by a product with elastic demand

Accepted Answer

A)  Will increase 
B)  Will decrease 
C)  Will remain the same 
D)  Cannot be determined 
A)  Will increase 
B)  Will decrease 
C)  Will remain the same 
D)  Cannot be determined

Question 13

If price elasticity for a product equals -0.75, the demand for it is

Accepted Answer

A)  Elastic 
B)  Unitary elastic 
C)  Inelastic 
D)  Rigidly elastic 
A)  Elastic 
B)  Unitary elastic 
C)  Inelastic 
D)  Rigidly elastic

Question 14

Which of the following reimbursement systems allow hospitals to increase their profitability by increasing prices?

Accepted Answer

A)  Percent of charge 
B)  Per case 
C)  Per diem 
D)  Capitation 
E)  Cost 
A)  Percent of charge 
B)  Per case 
C)  Per diem 
D)  Capitation 
E)  Cost

Question 15

The lean waste of over processing focuses on

Accepted Answer

A)  Producing unneeded or unwanted goods and services 
B)  Using too many steps or building in too many features into a good or service 
C)  Holding an excessive amount of supplies 
D)  Failure to assign staff to duties they are capable of completing 
E)  Allowing staff or other resources to be idle 
A)  Producing unneeded or unwanted goods and services 
B)  Using too many steps or building in too many features into a good or service 
C)  Holding an excessive amount of supplies 
D)  Failure to assign staff to duties they are capable of completing 
E)  Allowing staff or other resources to be idle

Question 16

The forecasting method that bases estimates on the relationship between two variables, i.e., the amount of one variable is based on the amount of a different variable, is

Accepted Answer

A)  Compound growth rates 
B)  Moving average 
C)  Exponential smoothing 
D)  Regression 
A)  Compound growth rates 
B)  Moving average 
C)  Exponential smoothing 
D)  Regression

Question 17

In response to a price increase, the quantity of an inelastic product sold will

Accepted Answer

A)  Decrease by more than the percentage change in price 
B)  Decrease by approximately the same percentage change in price 
C)  Decrease by less than the percentage change in price 
D)  Increase by less than the percentage change in price 
A)  Decrease by more than the percentage change in price 
B)  Decrease by approximately the same percentage change in price 
C)  Decrease by less than the percentage change in price 
D)  Increase by less than the percentage change in price

Question 18

Which of the following types of healthcare services has demonstrated the greatest variability in demand over time?

Accepted Answer

A)  Inpatient discharges 
B)  Physician visits 
C)  Long-term care services 
D)  Cosmetic surgery 
A)  Inpatient discharges 
B)  Physician visits 
C)  Long-term care services 
D)  Cosmetic surgery

Question 19

The primary assumption quantitative forecasting methods make is future demand can be determined by examining history.

Accepted Answer

A) True 
 B)False

Question 20

In a regression forecast, β indicates

Accepted Answer

A)  The change in the dependent forecast variable due to a one unit change in the independent variable 
B)  The value of the dependent forecast variable when the independent variable is zero 
C)  The change in the independent variable due to a one unit change in the dependent forecast variable 
D)  The value of the independent variable when the dependent forecast variable is zero 
A)  The change in the dependent forecast variable due to a one unit change in the independent variable 
B)  The value of the dependent forecast variable when the independent variable is zero 
C)  The change in the independent variable due to a one unit change in the dependent forecast variable 
D)  The value of the independent variable when the dependent forecast variable is zero

The formula used to create a moving average forecast is

Producers in which type of market have the least control over the price of their product?

Sales of durable goods are more dependent on the overall economic climate than either non-durables goods or services.

Producers operating within which type of markets have the greatest control over the price of their product?

Diagnostic related groups (DRGs) summarize medical treatments by body system.

A durable good is

Which of the following reimbursement systems provides an incentive to reduce hospital admissions?

The most important variable in a budget is the estimate of total revenue.

A price reduction will increase total revenue if the demand for a product is

Which of the following personal consumption expenditures demonstrates the least variability?

The primary assumption of a composite forecast that gives equal weight to each forecasting method is no method is more accurate than another.

If price is increased, the total revenue generated by a product with elastic demand

If price elasticity for a product equals -0.75, the demand for it is

Which of the following reimbursement systems allow hospitals to increase their profitability by increasing prices?

The lean waste of over processing focuses on

The forecasting method that bases estimates on the relationship between two variables, i.e., the amount of one variable is based on the amount of a different variable, is

In response to a price increase, the quantity of an inelastic product sold will

Which of the following types of healthcare services has demonstrated the greatest variability in demand over time?

The primary assumption quantitative forecasting methods make is future demand can be determined by examining history.

In a regression forecast, β indicates

Financial Planning and Management

Accounting and Economics

Budget Incentives and Strategies

Scratch Budgeting

Incremental Budgeting

Flexible Budgeting

Zero-Base Budgeting

Program Budgeting

Activity-Based Budgeting

Variance Analysis

Ratio Analysis and Operating Indicators

Capital Budgeting

Cost-Benefit Analysis, Cost-Effectiveness Analysis, and Program Evaluation

Financial Functions in Finance

Strategic Financial Planning

Financial Management and Health Care

Filters

Exam 4: Output Forecasts and Revenue Budgets

The formula used to create a moving average forecast is

Producers in which type of market have the least control over the price of their product?

Sales of durable goods are more dependent on the overall economic climate than either non-durables goods or services.

Producers operating within which type of markets have the greatest control over the price of their product?

Diagnostic related groups (DRGs) summarize medical treatments by body system.

A durable good is

Which of the following reimbursement systems provides an incentive to reduce hospital admissions?

The most important variable in a budget is the estimate of total revenue.

A price reduction will increase total revenue if the demand for a product is

Which of the following personal consumption expenditures demonstrates the least variability?

The primary assumption of a composite forecast that gives equal weight to each forecasting method is no method is more accurate than another.

If price is increased, the total revenue generated by a product with elastic demand

If price elasticity for a product equals -0.75, the demand for it is

Which of the following reimbursement systems allow hospitals to increase their profitability by increasing prices?

The lean waste of over processing focuses on

The forecasting method that bases estimates on the relationship between two variables, i.e., the amount of one variable is based on the amount of a different variable, is

In response to a price increase, the quantity of an inelastic product sold will

Which of the following types of healthcare services has demonstrated the greatest variability in demand over time?

The primary assumption quantitative forecasting methods make is future demand can be determined by examining history.

In a regression forecast, β indicates

Financial Planning and Management

Accounting and Economics

Budget Incentives and Strategies

Scratch Budgeting

Incremental Budgeting

Flexible Budgeting

Zero-Base Budgeting

Program Budgeting

Activity-Based Budgeting

Variance Analysis

Ratio Analysis and Operating Indicators

Capital Budgeting

Cost-Benefit Analysis, Cost-Effectiveness Analysis, and Program Evaluation

Financial Functions in Finance

Strategic Financial Planning

Financial Management and Health Care

Filters