CALA Financial Management & Budgeting Flashcards
6 cards from real CALA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CALA Financial Management & Budgeting flashcards as text
Which budget type projects revenues and expenses for a specific future period in an assisted living facility?
Answer: Operating budget
An operating budget projects day-to-day revenues and expenses for a defined period, typically one fiscal year.
What is the primary source of revenue for most US assisted living facilities?
Answer: Private pay resident fees
Private pay resident fees are the primary revenue source for most assisted living facilities, as Medicare generally does not cover assisted living costs.
Which financial statement shows an assisted living facility's assets, liabilities, and equity at a specific point in time?
Answer: Balance sheet
The balance sheet provides a snapshot of a facility's financial position, listing assets, liabilities, and owners' equity at a specific date.
In assisted living financial management, what does 'census' refer to?
Answer: Number of occupied resident beds
Census refers to the number of occupied resident beds or units at a given time, directly impacting revenue calculations.
A CALA administrator notices accounts receivable aging past 90 days. What is the most appropriate first action?
Answer: Contact the responsible party to arrange payment or a payment plan
The administrator should first contact the responsible party to discuss outstanding balances and arrange payment or a structured payment plan.
Which cost is considered a fixed expense in an assisted living facility budget?
Answer: Monthly building lease payment
A monthly building lease payment remains constant regardless of census or service volume, making it a fixed expense.