CALA CALA Financial Management & Budgeting

Question 1

Which budget type projects revenues and expenses for a specific future period in an assisted living facility?

Accepted Answer

Operating budget

Answer

Capital budget

Answer

Cash flow budget

Answer

Zero-based budget

Question 2

What is the primary source of revenue for most US assisted living facilities?

Accepted Answer

Private pay resident fees

Answer

Medicare reimbursements

Answer

Medicaid waiver payments

Answer

Long-term care insurance

Question 3

Which financial statement shows an assisted living facility's assets, liabilities, and equity at a specific point in time?

Accepted Answer

Balance sheet

Answer

Income statement

Answer

Cash flow statement

Answer

Accounts payable report

Question 4

In assisted living financial management, what does 'census' refer to?

Accepted Answer

Number of occupied resident beds

Answer

Staff headcount

Answer

Monthly expense total

Answer

Government inspection count

Question 5

A CALA administrator notices accounts receivable aging past 90 days. What is the most appropriate first action?

Accepted Answer

Contact the responsible party to arrange payment or a payment plan

Answer

Write off the debt immediately

Answer

Discharge the resident

Answer

Reduce resident services

Question 6

Which cost is considered a fixed expense in an assisted living facility budget?

Accepted Answer

Monthly building lease payment

Answer

Dietary supplies based on census

Answer

PRN medication costs

Answer

Overtime labor during high census