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ACCA Financial Management
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business-skills
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acca
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Non-operating income.
Bonds
Other income
Fixed labor budget
Incremental cash flows
2. An organization whose profits can be distributed outside the organization and must pay taxes. Also called investor-owned organizations.
Permanently restricted net assets
Operating margin
Retained earnings
For-profit
3. Requiring the patient to pay part of his/her health care bill. These payments are used to prevent over-utilization of services.
Net working capital
Average Days Receivable
Co-payments
Statement of changes in net assets
4. One of the four major financial statements. It answers the question: Where did our cash come from and where did it go during the accounting period?
Fixed asset turnover
Statement of cash flows
Payback
Volume diversity
5. Cash flows that occur solely as a result of undertaking a project. Basically the marginal difference between alternatives.
Incremental cash flows
Not-for-profit
Clinical cost centers
Fixed assets
6. [long-term debt/net assets]- A measure of the proportion of an organization's assets that are financed by debt as opposed to equity. In for-profit organizations - it is called the long-term debt to equity ratio and is calculated using the formula [lo
Leverage
Long-term debt to net assets ratio
Non-current assets
Line-item budget
7. The planning process that identifies the organization's mission and strategy in order to position itself for the future.
Traditional profit centers
Efficiency
Long Term Solvency ratios
Strategic planning
8. Series of payments over time - such as interest paid to bondholders.
Liquidity ratios
G & A expenses
Periodic payments
Breakeven point
9. {[cash + marketable securities)/[(operating expenses -depreciation)/ 365].- A ratio that indicates the number of days' worth of expenses an organization can cover with its most liquid assets (cash and marketable securities).
Operating income
Days cash on hand
Base Budget
ROI
10. The cumulative amount of depreciation recognized on an asset since its purchase. An asset's book value is equal to its purchase price less the amount of accumulated depreciation.
Average Days Inventory
Ending inventory
Administrative cost centers
Accumulated depreciation
11. Assets that provide service for a period exceeding one year. Sometimes referred to as long-term assets.
Non-current assets
Profit margin
Accumulated depreciation
Mutually exclusive projects
12. Financial obligations that will be paid off over a time period longer than one year
Coupon
Capital budget
Non-current liabilities
Spillover cash flows
13. I) Organizations that have a special designation because they provide goods or services that result in needed community benefit. In turn - such organizations are not required to pay most taxes. 2) The designation of an organization as one that is not
Bond rating agency
Accounts payable
Activity ratios
Not-for-profit
14. A method to evaluate the feasibility of an investment by determining how long it would take until the initial investment is recovered. This method does not account for the time value of money.
Expenses
Allowance for uncollectibles
Liquidity ratios
Payback
15. The difference between current assets and current liabilities.
Allocation
Net working capital
Donor
Amortization of a loan
16. [total revenues/net plant & equipment]- This ratio measures the number of dollars generated for each dollar invested in an organization's plant and equipment.
Bond rating agency
Cash basis of accounting
Fixed asset turnover
Net Assets
17. A catchall category for miscellaneous expenses and losses not included in other categories (telephone - travel - meals - etc.).
Budget
Other expenses
Matching principle
Properties and equipment - net
18. A contract in which the lessee (user) agrees to pay the leassor (owner) a specific amount over a period of time for the use of an asset.
Lease
Days cash on hand
Assets
Administrative cost centers
19. The difference between what was planned (budgeted) and what was achieved (actual).
Base Budget
Budget variance
Debt service coverage
Accounting period
20. The ability of an organization to find new ways to operate that obviate the need for certain classes of costs - such as doing procedures on an outpatient rather than inpatient basis.
Step-down method
Cost avoidance
Net working capital
Activity Based Costing
21. A note payable that has as collateral real assets and that requires periodic payments.
Lease
Effectiveness
Step Down
Mortgage
22. Costs that stay the same in total over the relevant range as volume increases - but that change inversely on a per unit basis.
Fixed asset turnover
Strategic planning
Non-operating ratio
Fixed costs
23. An investment that generates an annuity for an indefinite period of time - basically forever.
Operating activities
Assets
Realization principle
Perpetuity
24. An organization's financial obligations that are to be paid within one year.
Revenues
Non-operating ratio
Current liabilities
Program budget
25. Organizational units primarily responsible for ensuring that services are provided to a population in a manner that meets the volume and quality requirements of the organization. Service centers are the most basic type of responsibility centers.
Average Days Receivable
Mutually exclusive projects
Service centers
Interest
26. An entity that is owed money for lending funds or supplying goods or services on credit.
Revenues
Tax-exempt bonds
Collection float
Creditor
27. The changes in cash resulting from the normal operating activities of the organization.
Restricted donation
Other expenses
Cost
Cash flows from operating activities
28. Internal rate of return. The percentage return on an investment. It is the rate of return at which the net present value equals zero. Often used as a comparison to cost of capital.
FTE
Long-term investments
Comparative approach
IRR
29. Financial and non-financial standards against which organizational performance is measured.
Footnotes
Performance measure
Allowance for uncollectibles
Mail float
30. A section of the statement of cash flows used to report such activities as borrowing and paying back loans.
Opportunity cost
Equity financing
Non-operating revenues
Financing activities
31. The budget format that lists revenues and expenses by category - such as labor - travel - and supplies. Categories are sometimes broken down into sub-categories. See also Performance budget and Program budget.
Investor
Administrative profit centers
Line-item budget
Line of credit
32. Monies received that have not yet been earned. One of the most common deferred revenues is the receipt of capitation on the basis of per member per month (PMPM).
Tangible assets
Deferred revenues
Balance sheet
Cost centers
33. Ratios that answer the question: How well is the organization positioned to meet its short-term obligations?
Liquidity ratios
Donation
Single/Simple Step
Net accounts receivable
34. One of the four major financial statements of a health care organization. It presents a summary of the organization's assets - liabilities - and net assets as of a certain date.
IRR
Non-regular cash flows
Cash basis of accounting
Balance sheet
35. Expenses of the organization incurred in non-health-care related activities.
Line-item budget
Asset Management ratios
Non-operating expenses
Not-for-profit
36. An entity that sells bonds in order to raise money.
Income from investments
Present value of an annuity
Financing mix
Issuer
37. An entity that owns other companies.
Return on net assets
Line-item budget
Single/Simple Step
Parent organization
38. The budget used to forecast - and in some cases justify - the expenditures (and in some cases the sources of financing) for non-current assets.
Fixed asset turnover
Cost centers
Capital budget
Cash budget
39. The resources owned by the organization. It is one of the three major categories on the balance sheet.
Certainty
Current liabilities
Assets
Payback
40. The unit of service which we wish to know the cost for (hospital admission - classroom hour - course - etc.)
Net working capital
Liquidity ratios
Allowance for uncollectibles
Final cost object
41. A transaction that reduces the risk of an investment.
Hedge
Fixed labor budget
Expense budget
Non-operating income
42. One of the four major financial statements. It explains the changes in net assets from one period to the next on the balance sheet. Also called statement of changes in owners' equity in a for-profit business.
Statement of changes in net assets
Periodic payments
Average Days Receivable
Matching principle
43. The central document of the planning/control cycle. It identifies revenues and resources that will be needed by an organization to achieve its goals and objectives.
Net assets released from restriction
Budget
Bond rating agency
Operating revenues
44. I) Measuring inputs against outputs. 2) The cost of service per unit rendered.
Fixed asset turnover
Activity ratios
Efficiency
HMO
45. Being subject to sanctions with respect to carrying out responsibilities.
Accountability
Accounting period
MV
Beginning inventory
46. Budgets that typically cover two to five years.
Donation
Multiyear budget
Periodic payments
Administrative profit centers
47. Full-time equivalent employees. Two half-time employees equal one FTE.
Coupon payment
FTE
Quick ratio
Capital structure decision
48. The section of the expense budget that forecasts the cost of those supplies that will not vary as a direct result of changes in the amount of services provided (such as administrative office supplies).
Fixed supplies budget
Cash budget
Lender
Cost of goods sold
49. [operating income/total operating revenues]- The proportion of profit remaining after subtracting total operating expenses from operating revenues.
Direct costs
Operating margin
Not-for-profit
Total revenue
50. Revenues of the organization earned in non-healthcare related activities.
Non-operating revenues
Float
Administrative cost centers
Budget variance
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