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Pass4itsure offers the latest HFMA CHFP practice test free of charge (46Q&As)

Exam B
QUESTION 1
Which one of the following systems is used to classify inpatients based o their diagnoses, used by both Medicare and private insurers?
A. Diagnosis-related groups
B. Proactive payments system
C. Payment insurance group
D. None of the above
Correct Answer: A
Explanation
Explanation/Reference:

QUESTION 2
A system that pays providers a specific amount in advance to care for defined health care needs of a population over a specific period is called:
A. Health care system
B. Prospective payments system
C. Global payment system
D. Capitation
Correct Answer: D
Explanation

QUESTION 3
Risk pool is:
A. A generally small population of individuals who are all uninsured under the same arrangement, regardless of working status
B. A generally large population of individuals who are all insured under the same arrangement, regardless of working status
C. A generally large population of groups who are all uninsured under the different arrangement, regardless of working status
D. A generally small population of individuals who are all insured under different arrangement, regardless of working status
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 4
A system to pay providers whereby the fees for all providers are included in a single negotiated amount is called:
A. Single member per month payment
B. Global payment
C. Revolutionary payment
D. Ambulatory payment
Correct Answer: B
Explanation

QUESTION 5
Which organizations are the third party entities that contract with multiple hospitals to offer cost savings in the purchase of supplies and equipment by negotiating
large-volume discounted contract with vendors?
A. Cost saving organizations
B. Global payment organizations
C. Group purchasing organizations
D. Cost-accounting organizations
Correct Answer: C
Explanation

QUESTION 6
An electronic health record or electronic medical record is an electronics capture of all of a patient’s encounters and heath information over a short period of time.
A. True
B. False
Correct Answer: B
Explanation

QUESTION 7
A process that specifies in advance the preferred treatment regimen for patients with particular diagnoses is called:
A. Retail health care
B. Diagnosis care
C. Complementary medicine
D. Care mapping
Correct Answer: D
ExplanationExplanation/Reference:

QUESTION 8
Medial home states that:
A. A partnership between primary care providers (PCPs), patients and their families to deliver comprehensive care over the long-term in a variety of settings.
B. A proprietorship of primary care providers (PCPs), patients and their families to deliver comprehensive care over the long-term in their own variety of settings.
C. A partnership between primary care providers (PCPs), patients and their families that do not deliver comprehensive care over the long-term in a variety of
settings.
D. A partnership between primary care providers (PCPs), patients and their families to deliver comprehensive care just foe a short period of time in a variety of
settings.
Correct Answer: A
Explanation

QUESTION 9
Which of the following are the four aspects that all the businesses are required to produce financial statements at least annually?
A. Balance sheet, statement of operations, statement of changes in equity, statement of expense
B. Journals, statement of operations, statement of changes in equity, statement of expense
C. Balance sheet, statement of operations, statement of changes in equity, statement of cash flow
D. Balance sheet, statement of operations, statement of controlled liabilities, statement of expense
Correct Answer: C
Explanation

QUESTION 10
Balance sheet is majorly composed of:
A. heading, body and notes
B. heading, preliminary side bullets and notes
C. footers, body and notes
D. heading, body and footers
Correct Answer: A
Explanation
Explanation/Reference:

QUESTION 11
At the top of the balance sheet there is a three-line heading that includes name of the organization, name ff statement and
A. One date
B. Two dates
C. Three dates
D. none of the above
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 12
A major difference between the balance sheet of an investor-owned and a non-profit health care organization is in the section.
A. owners’ asset
B. owners’ liability
C. owners’ equity
D. owners’ expense
Correct Answer: C
Explanation
Explanation/Reference:

QUESTION 13
Salvage value is:
A. the amount of credit to be received when an asset is sold, usually at the mid of its useful life.
B. the amount of credit to be paid when an asset is purchased, usually at the end of its useful life.
C. the amount of cash to be paid when an asset is purchased, usually at the mid of its useful life.
D. the amount of cash to be received when an asset is sold, usually at the end of its useful life.
Correct Answer: D
Explanation

QUESTION 14
An amount paid above and beyond the book value of an asset when it is sold, representing the value of intangible factors refers to:A. Salvage value
B. Pro forma statement
C. Goodwill
D. Annuity
Correct Answer: C
Explanation
Explanation/Reference:

QUESTION 15
The general decision rule regarding NPV is:
If NPV > 0, accept or reject the project
If NPV < 0, reject the project
If NPV = 0, accept the project
A. True
B. False
Correct Answer: B
Explanation

QUESTION 16
When using the Excel NPV function, the initial investment value must be added to the NPV function result and not entered as a value within the function itself.
A. True
B. False
Correct Answer: A
Explanation

QUESTION 17
Which of the following is NOT the strength of an NVP analysis?
A. Answers in dollars, not years
B. Accounts for all the cash flows in the project
C. Disregards cash flows after payback
D. Discounts at the cost of capital
Correct Answer: C
Explanation

QUESTION 18
Which is the ideal platform to calculate net present value because most, if not all, have built-in functions that simplify the determination of NPV?
A. Excel
B. Spreadsheet
C. Outlook
D. Publisher
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 19
The rate of return on an investment that makes the net present value equal to $0, after all cash flows have been discounted at the same rate is called:
A. External rate of return
B. Discounted rate of return
C. Invested rate of return
D. Internal rate if return
Correct Answer: D
Explanation

QUESTION 20
In contrast to excel’s NPV function, the IRR function includes the final investments as one of the entries in the function.
A. True
B. False
Correct Answer: B
Explanation

QUESTION 21
Required rate of return is:
A. An organization’s minimally acceptable internal rate of return on any investment to justify an initial investment.
B. An organization’s minimally rejected internal rate of return on any investment to justify a final investment.C. An organization’s maximally accepted external rate of return on any investment to justify an initial investment.
D. An organization’s maximally rejected external rate of return on any investment to justify a final investment.
Correct Answer: A
Explanation
Explanation/Reference:

QUESTION 22
Which of the following is NOT the strength of the IRR analysis?
A. Consider all relevant cash flows of the investment project
B. Can generate multiple rates of return if future cash flows are estimates
C. Time value of money-based approach
D. Widely used by practitioners and easily understood
Correct Answer: B
Explanation

QUESTION 23
Which of the following is NOT the weakness of the IRR analysis?
A. Discounts at the cost of capital
B. Assumes reinvestment of proceeds at the internal rate of return
C. Estimates may be difficult to develop
D. Can generate multiple rates of return if future cash flows are estimates
Correct Answer: A
Explanation

QUESTION 24
A method that depreciates an asset an equal amount each year until it reaches its salvage value at the end of its useful life is called:
A. Total depreciation
B. Equal depreciation
C. Straight-line depreciation
D. Yearly depreciation
Correct Answer: C
Explanation

QUESTION 25
The planning-and-control cycle has which of the following four major components?
A. Strategic planning, planning, implementing and controlling
B. Strategic planning, designing, implementing and controlling
C. Planning, designing, implementing and controlling
D. None of the above
Correct Answer: A
Explanation
Explanation/Reference:

QUESTION 26
is the central element that affects all the areas in the planning and control cycle.
A. Timing
B. Budgeting
C. Resourcing
D. Equipments
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 27
What guides the organization into the future by identifying the unique attributes of the organization, why it exists and what it hopes to achieve?
A. Planning statement
B. Vision statement
C. Mission statement
D. Budgeting statement
Correct Answer: C
Explanation

QUESTION 28
Identifying an organization’s mission, goals and strategy to best position itself for the future is called:A. Mission statement
B. Strategic Planning
C. Future planning
D. None of the above
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 29
The financial obligations of the organization are known as:
A. liabilities
B. comparative net assets
C. expenses
D. none of the above
Correct Answer: A
Explanation

QUESTION 30
Interest is a payment to creditors, those who have loaned the organization funds or otherwise extended credit.
A. False
B. True
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 31
An amount paid above and beyond the book value of an asset when it is sold, representing the value of intangible factors refers to:
A. Goodwill
B. Pro forma statement
C. Salvage value
D. Annuity
Correct Answer: A
Explanation

QUESTION 32
A lease that lasts for an extended period, up to the life of the leased asset and cannot be cancelled without penalty refers to:
A. Decision lease
B. Principal lease
C. Capital lease
D. Operating lease
Correct Answer: C
Explanation
Explanation/Reference:

QUESTION 33
____________ is the tendency health care practitioners to do more testing and to provide more care for patients than might otherwise be necessary to protect
themselves against potential litigation.
Correct Answer: Defensive medicine
Explanation
Explanation/Reference:

QUESTION 34
____________expenses are the expenses that arise in the control course of business that have not yet been paid.
Correct Answer: Accrued expenses
Explanation
Explanation/Reference:

QUESTION 35
The amount of working capital an organization keeps on hand relative to its potential working capital obligations is called______________ .
Correct Answer: Asset mix
Explanation
Explanation/Reference

QUESTION 36
______is an agreement established by a bank and a borrower that establishes the maximum amount of funds that could be borrowed and the bank may loan the
funds at its own discretion.
Correct Answer: Normal line of credit
Explanation
Explanation/Reference:

QUESTION 37
Service centers, cost centers, profit centers and are the types of responsibility centers.
A. Reliability centers
B. Production centers
C. Investment centers
D. Controlling centers
Correct Answer: C
Explanation

QUESTION 38
Organizational units that are primarily responsible for ensuring that health care-related services are provided to a population in volume and quality control
environment of the organization and have direct budgetary control.
A. True
B. False
Correct Answer: A
Explanation

QUESTION 39
Which of the following is NOT the type cost centers in health care organizations?
A. production cost centers
B. service cost centers
C. clinical cost centers
D. administrative cost centers
Correct Answer: B
Explanation
Explanation/Reference:

QUESTION 40
Organizational units responsible for producing products or providing services and controlling their costs fall in which category?
A. production cost centers
B. cost centers
C. clinical cost centers
D. administrative cost centers
Correct Answer: B
Explanation

QUESTION 41
Production cost centers are:
A. responsible for producing or selling products or both.
B. responsible for shipping products
C. responsible for raw material cost of the products.
D. None of the above
Correct Answer: A
Explanation

QUESTION 42
Cost centers that are responsible for providing health care-related services to clients, patients or enrollees refer to:
A. service cost center
B. clinical cost center
C. production cost centers
D. clinical cost centers
Correct Answer: D
Explanation
Explanation/Reference:

QUESTION 43
Cost centers that support clinical cost centers and the organization as a whole are called:A. Organizational cost centers
B. Managerial cost center
C. Administrative cost centers
D. Secretarial cost centers
Correct Answer: C
Explanation

QUESTION 44
Profit centers are the organizational units responsible for controlling costs and earning revenues.
A. True
B. False
Correct Answer: A
Explanation

QUESTION 45
Organizational units responsible for earning a profit by providing health care services and their revenues are earned either on a free-for-service or a flat fee basis
refers to:
A. Organizational earnings centers
B. Traditional profits centers
C. Profit earning centers
D. Flat fee profit centers
Correct Answer: B
Explanation

QUESTION 46
Organizations that do not provide health care-related services but are responsible for their profit are called:
A. Organizational profit centers
B. Traditional profits centers
C. Capitated profit centers
D. Administrative profit centers
Correct Answer: D
Explanation
Explanation/Reference:

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