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HFMA'S CSAF CERTIFIED
SPECIALIST ACCOUNTIN G AND
FINANCE | Q&A LATEST UPDATE |
100% PASS
Question : Contribution Margin
CORRECT ANSWER : Difference between marginal
revenue and marginal cost.
Question : Break-even point
CORRECT ANSWER : Level of sales volume of a
product producing the exact amount of contribution margin needed to cover fixed costs.
Question : Overhead
CORRECT ANSWER : Indirect Costs
Question : Activity-based costing (ABC)
CORRECT ANSWER : Method of determining product
costs using cost drivers or activity measures, which cause indirect costs to be incurred.
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Question : Three main types of Cost standards.
CORRECT ANSWER: Predetermined (Synthetic),
Negotiated (Historical), and Customized (Engineered)
Question : Four Types of Individual Cost behaviors
CORRECT ANSWER : Variable, Fixed Cost Pattern,
Semi-Variable Cost Pattern, Semi-Fixed or Stepped Variable
Question : Three Principal Types of expense variances
CORRECT ANSWER : Price, Volume, and Efficiency
Question : The 4 Primary payment methods used in
managed care
CORRECT ANSWER : Fee-for-Service, Per Diem Rate,
Case Rate, Capitation
Question : Healthcare providers should develop different
modeling tools depending on
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CORRECT ANSWER : the reimbursement method
proposed in the contract
Question : The general categories of provider excess loss
insurance are
CORRECT ANSWER : per-person, aggregate, and
carve-out.
Question : A Strategic Plan allows organizations to
CORRECT ANSWER : have a clear plan as to why they
are in business and how they can stay in business in the future.
Question : The main types of control budgets include
CORRECT ANSWER : operating, capital, and cash.
Question : A budgeting process develops assumptions for
the following:
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CORRECT ANSWER : Admissions, ALOS, Expense
per visit, Inflation on expense, FTE per visit, Productivity on FTE per visit, Labor cost per FTE, Net Rev per visit
Question : Operating budget's statistical factors include
CORRECT ANSWER : Historical statistics, Historical
relationship of department volume, anticipated effects of new programs, clinical practice patters, covered lives in global payment risk programs, changes in regulatory environment, technical developments, process improvements, marketing efforts, demographic trends
Question : The primary purpose of measuring
productivity is
CORRECT ANSWER : for management to determine if
resources are being used efficiently