CMC Financial Management & Budgeting 4

Question 1

A cardiac nurse manager is comparing actual FTEs used versus budgeted FTEs. This analysis is part of which type of budget report?

Accepted Answer

Staffing or labor variance report

Answer

A staffing or labor variance report compares actual versus budgeted FTEs and associated labor costs to identify workforce spending variances.

Question 2

Under a bundled payment model for coronary artery bypass graft (CABG) surgery, which party bears financial risk if total episode costs exceed the bundled payment amount?

Accepted Answer

The provider or provider group accepting the bundle

Answer

In a bundled payment arrangement, the provider accepting the bundle is at financial risk for costs exceeding the predetermined episode payment.

Question 3

Which financial ratio measures the ability of a cardiac hospital to meet short-term obligations using its most liquid assets?

Accepted Answer

Current ratio

Answer

The current ratio (current assets ÷ current liabilities) measures short-term liquidity and ability to meet near-term financial obligations.

Question 4

A cardiac program's accounts receivable days outstanding (A/R days) has increased from 42 to 58 days. This change MOST likely indicates:

Accepted Answer

Slowed collections or billing process delays

Answer

Rising A/R days indicate that collections are taking longer, which may reflect billing delays, payer denials, or revenue cycle inefficiencies.

Question 5

Which depreciation method allocates equal expense amounts for a cardiac imaging asset in each year of its useful life?

Accepted Answer

Straight-line depreciation

Answer

Straight-line depreciation spreads the cost evenly over the asset's useful life by deducting the same amount each year.

CMC - Cardiac Medicine Certification Practice Test

CMC - Cardiac Medicine Certification Practice Test

CMC Financial Management & Budgeting 4