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

An operating budget projects day-to-day revenues and expenses for a defined period, typically one fiscal year.

Question 2

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

Accepted Answer

Private pay resident fees

Answer

Private pay resident fees are the primary revenue source for most assisted living facilities, as Medicare generally does not cover assisted living costs.

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

The balance sheet provides a snapshot of a facility's financial position, listing assets, liabilities, and owners' equity at a specific date.

Question 4

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

Accepted Answer

Number of occupied resident beds

Answer

Census refers to the number of occupied resident beds or units at a given time, directly impacting revenue calculations.

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

The administrator should first contact the responsible party to discuss outstanding balances and arrange payment or a structured payment plan.

(CALA) Certified Assisted Living Administrator Practice Test

(CALA) Certified Assisted Living Administrator Practice Test

CALA CALA Financial Management & Budgeting