Download Quiz Preparation for Finance Questions - 2015

Quiz Preparation Questions – Financial Management
2015
Select the best single answer to the following questions:
What is the formulation for ROI?
A. Gain from Investment - Cost of Investment)/Cost of Investment
B. (Revenue - Cost of Goods Sold)/ Revenue
C. Total Revenue - Cost of good
D. Total Revenue - Total Expenses
Which of the following is an appropriate time period to prepare a balance sheet?
A. Monthly
B. Quarterly
C. Annually
D. Any of these time periods are appropriate.
Which of the following components of the balance sheet consists of items of value that a
business owns?
A. Assets
B. Liabilities
C. Shareholders’ Equity
D. None of the above
The purpose of a balance sheet is to:
A. Provide insight into a company’s operations
B. Reveal financial information
C. Show part of a company’s main financial statements
D. All of the above
Assets are defined as:
A. What a company owns
B. What a company owes
C. How much is really owned
D. A company’s debt
Measures of financial performance include:
A. Profitability
B. Liquidity
C. Percent change
D. All of the above
Which of the following best describes an Income statement?
A. A financial statement that measures a firm’s financial performance over a period of time
B. Picture of a firm’s financial position in one point in time
C. Reflects the changes that occurred in an owner’s equity during a period of time
D. Outlines how cash balance and cash equivalents have changed from the beginning to the
end of a period of time
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Which of the following is included in an income statement?
A. Revenues & Gains
B.
Expenses & Losses
C.
All of the above
D. None of the above
Which of the following is profit gained from the sale of an asset?
A. Gains
B.
Losses
C.
Expenses
D. Revenues
An income statement is also known as
A. Expenses and loss
B.
Profit and loss
C.
Profit and gain
D. Revenue and gain
What is an income statement also known as?
A. “Employee satisfaction review”
B. “Potential investment statement”
C. “Profit and loss statement”
D. “Dollar for dollar analysis”
Which of the following can you not calculate in the single step income statement?
A. Wage expense
B. Gross margin
C. Merchandise sales
D. Expense breakdown
Which of the following is not a part of an income statement heading?
A. Title of the statement
B. Time period
C. Company name
D. Sponsor
ACER and ICER are components of which of the following pharmacoeconomic methods?
A. Cost Benefit
B. Budget Impact
C. Cost Effectiveness
D. All of the above
Which of the following is a purpose of conducting a cost-benefit study? To determine:
A. The timing of hiring a new employee
B. If an investment/decision is sound
C. The place of hiring a new employee
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D. How to correct the pharmacy technicians’ work
Which of the follow is not part of the cost benefit study method?
A. Assign monetary value to costs
B. Assign monetary value to benefits
C. Compare costs to benefits
D. All of the above are part of the cost benefit study method
Define QALY’S?
A. A measure of how much a drug costs
B. Measure of health improvement
C. The amount of drug cost that insurance covers
D. A Medicare Part D plan
What factors are used in the cost-effectiveness ratio?
A. Cost of intervention
B. Cost prevented by intervention
C. Benefit of intervention
D. All of the above
What does it mean if two interventions are completely independent?
A. The costs and outcomes of one intervention are not affected by the other
B. Implementing one intervention means another cannot be initiated
C. Implementing one intervention changes the outcome of the other
D. Both interventions must be identical
Inventory control:
A. Maximizes total cost
B. Determines profit
C. Minimizes total cost
D. Decreases turnover
Medication purchasing:
A. Is interrelated with inventory control
B. Requires knowing the right quantity to buy and when to buy it
C. Is used by all pharmacies
D. All of the above
Which form must be used to order and document the receipt of Schedule II controlled
substances?
A. DEA 111 Form
B. DEA 112 Form
C. FBI 222 Form
D. DEA 222
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The cost of something in terms of something else that could be purchased and sold instead is:
A. Opportunity Cost
B.
Development Cost
C.
Carrying Cost
D.
Procurement Cost
Total Cost equals:
A. Opportunity costs (OC) + Acquisition costs (AC) + Procurement costs (PC)
B. Acquisition costs (AC) + Procurement costs (PC) + Carrying costs (CC)
C. Acquisition costs (AC) + Procurement costs (PC)
D. Opportunity costs (OC) + Procurement costs (PC) + Collective costs (CC)
What are the three different ways that pharmacists can intervene to help reduce healthcare cost?
A. MTM
B. New to therapy adherence calls
C. Interdisciplinary team
D. All of the above
What is the impact of the health care systems and patient health?
A. Lower admission rates
B. Lower medication cost
C. Time to readmission significant longer
D. All of the above
What are the possible interventions pharmacists can help with?
A. Medication adherence
B. Medication reconciliation
C. ADRs
D. All of the above
In regard to the flow chart which described medication adherence, pharmacists are part of all the
following except:
A. Transcribing
B. Dispensing
C. Administering
D. Monitoring
What is an example of software that pharmacists can use today to help them get paid for MTM
services?
A. Mirixia
B. Outcomes MTM
C. Aprexis
D. All of the above
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Which cognitive services can pharmacists currently get paid for now?
A. MTM
B. Health test (BMP, BP, Blood glucose)
C. Vaccines
D. All of the above
Which Act enacted by the US government provided access to medication therapy management?
A. Medicare Modernization Act of 2003
B. Wagner Act
C. Comprehensive Health Insurance Plan
D. Medicare Catastrophic Coverage Act
Which of the following is a characteristic of provider status?
A. Restricting access to pharmacists
B. Providing care to only a specific disease of patients
C. The ability for pharmacist to be reimbursed for clinical services from Medicare
D. The ability for pharmacists to provide clinical services
Why is it important for pharmacists to obtain provider status?
A. To make more money
B. To allow pharmacist to be primary healthcare providers
C. Reduce medication error and provide patient with a greater quality of care
D. To increase patient's medications that they are taking
Which of the following are benefits of pharmacist provider status?
A. Allows pharmacists to widen their scope of practice with their specialty
B. Increase patient quality of care
C. Reduce medication error
D. All of the above
What is the purpose of a cost-benefit study?
A. Estimates the strength & weakness of alternatives that satisfy different aspects of a business.
B. To find out how much expenditures the business has.
C. Provides a basis for comparing projects.
D. A&C
Which of the following is a good practice for cost-benefit analysis?
A.
B.
C.
D.
Underestimate your costs
Before making a cost-benefit analysis, get quotes and pick the most cost-effective option.
Outline your benefits before costs.
Before making any rash decisions, sleep on it.
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Who is currently listed as having “Provider Status” in the Social Security Act?
A. Pharmacists
B. Any Nurse Practitioner
C. Clinical Social Workers
D. Physical Therapists
Pharmacists can offer all of the following as a provider except:
A. Diagnosing patients
B. Better Management of Chronic Disease States
C. Caring for an Aging Patient Population
D. Drug Monitoring/Polypharmacy Monitoring
All of the following are goals of provider status except:
A. Creates more future jobs for current and upcoming professions
B. Gain momentum for pharmacists to be seen as the smartest profession in the healthcare field
C. Allowing us to be more integrated into hospital and private practice settings
D. Allows us to bill for individual “a la-carte” services at a more practical rate for patients
True or False?
Discretionary costs include building and equipment maintenance, scholarship funds, marketing and
advertising, research and development of new drugs and strategies, and taxes.
A debit decreases an asset or expense account and is positioned on the right of an account entry.
The balance sheet is a view of a firm’s gains and losses over a period of time.
Pharmacists do not need to know about income statements or accounting in general.
Pharmacoeconomics is defined as balancing the cost with the outcomes of pharmaceutical therapies
and services.
Cost benefit analysis is never expressed as a ratio.
Cost benefit studies require little planning and collaboration.
Most pharmacies average 8-10 turnovers per year.
Adverse drug events are the frequent causes of medication error.
Studies have shown that the incorporation of pharmacists into the inpatient setting improves care and
decreases length of stay.
Companies should go with the first option they find and not get any quotes on equipment or any
other purchase.
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