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PDB Midterm Part 1 Flashcards | StudBud
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PDB Midterm Part 1
PDB Midterm Part 1
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1
Which of the following does the FLSA NOT govern?
Equal pay act
Social security
Overtime
Minimum wage
2
Which of the following is NOT true about straight salary?
Some manner of evaluation will take place to define production
Usually in form of relief work, part time, or full time
Case load dependent
Personal productivity/work ethic is very important
3
Total consumer debt should be less than _________ percent of net income
5%
20%
75%
50%
4
Which of the following describes net yearly income?
Before taxes and deduction has no money taken out
After taxes and deductions is between 23-47%
5
Which of the following describes straight production?
A fixed regular payment often expressed as annual sum, monthly or biweekly
A fixed regular payment + additional pay if exceed targets
A fixed regular payment + additional pay with negative accrual penalties
Dollars paid based on revenue produced for the hospital
6
Consumer debt per month should not exceed (net monthly income x .30)
True
False
7
Operational expenses under study expenditures is 18% according to AVMA or 12.5% according to AAHA.
False
True
8
When discussing the fair labor standards act, nonexempt employees governed by the FLSA are NOT entitled to overtime pay
True
False
9
The formula for computing the time value of money considers the amount of money, future value, amount it earns, and time
True
False
10
Which of the following are the two major factors in feeding the production percentage?
Expenses to pay
Product dollars
Service dollars
Client feedback
11
Indirect financial compensation is important for attracting and retaining talent
False
True
12
Which of the following are TRUE about productivity?
Most common use is to gauge economic performance generated for practice
A measure of output
A measure of input
Most common use is to determine where to cut your losses
13
Step 1 of making a budget is determining the wants vs needs and determining what is valued the most.
False
True
14
Which of the following is NOT a type of direct form of compensation?
Straight production
Guaranteed salary only
Straight salary
Base salary + production
15
Which of the following is NOT true about straight production?
Defines production % (service and product sales)
Average client transaction (case load/price structure)
You are guaranteed money before you start producing
Salary= production revenue produced x production %
16
Which of the following does consumer debt NOT include?
Student loans
Car loans
Rent money
Credit card payments
17
A budget is only made for a business.
True
False
18
Which of the following is NOT a top budgeting mistake?
Failure to test assumptions
Focus on cash flow problems or considerations
Failure to question every expense
Spreadsheet errors
19
Does inflation have a positive or negative impact on value of money? (purchasing power lowers as prices rise)
Negative
Positive
20
Putting financial goals in writing makes it concrete and achievable
True
False
21
Which of the following describes a personal budget?
A finance plan that allocates future personal income toward expenses, etc.
A finance plan that allocates current family income toward expenses, etc.
A business plan that allocates company income toward expenses, etc.
A finance plan that allocates current personal income towards expenses, etc
22
Which of the following is NOT true regarding base salary plus production?
Can have paycheck adjusted to compensate for not making production target
Negative accrual penalties that will be carried forward
Annual salary/production %= expected clinic production
The higher the base, the less pressure you have to produce more
23
Another way to find money without making more is to make smarter spending decisions.
True
False
24
Which of the following is NOT true about guaranteed salary + production (ProSal)?
Has direct penalties involved
Annual Salary/production %= expected clinic production
Prices are important in average client transaction
Will have a guaranteed salary
25
Which of the following is NOT a document important for getting organized when making a budget?
Your memory
Bank statements and credit card information
Receipts
Insurance policies and tax returns
26
Which of the following are true about financial compensation?
Is not a part of any employee compensation packages
The act of providing money of economic value to an employee
The act of keeping money or other things of economic value tfrom a employee
Is part of an employee compensation package
27
Which of the following is NOT a part of the SMART acronym?
Achievable/Time-Bound
Measurable
Regal
Specific
28
Which of the following defines compensation package?
Only fringe benefits that an employer provides to an employee
Salary and fringe benefits an employer takes away from an employee
Only salary that an employer provides to an employee
Salary and fringe benefits an employer provides to employee
29
Which of the following does a budget NOT serve as for an administrative tool?
Standard for measuring performance
Way to figure out who to fire for spending too much money
Device for coping for foreseeable adverse situations
Plan of action for achieving quantified objectives
30
Which of the following is the formula for profit or loss?
Net Revenue- 50% of expenses
Gross Revenue - Total Expenses
Net Revenue - Total Expenses
Gross Revenue - 75% of expenses
31
Budgets are required for reporting by external parties
True
False
32
Which of the following is NOT one of the four different direct forms/types of compensation?
Salaries
Bills
Commissions
Bonuses
33
Which of the following defines a budget?
A statement of only expenses and costs over a specific period of time
A statement of revenue or income and expenses or costs over specific time
An estimate of future revenue and expenses or costs over set period of time
An estimate of revenue or income and expenses or costs over specific time
34
Which of the following are definitions/casual terms for indirect financial compensation?
Employer benefits
Monetary benefits
Non-monetary benefit
Employee benefits
35
Which of the following is NOT true when building strong credit?
A credit report is a record of past bills payment
If credit card balance begins to increase, keep using it
Save for big-ticket items rather than charging them on a card
Use a low-interest card and be cautious of cards with short time frame
36
Which of the following is NOT a beneficial budget tool?
Pencil and paper
Card spending history
Money-management software and websites
Spreadsheet software and spending-management softward
37
The time value of money means that a sum of money is worth less now than the same sum of money in the future.
True
False
38
Which of the following are considered when creating a personal budget?
Personal debt
Personal shopping
Future spending
Past spending
39
For study expenditures, net profit and owner compensation is 28% according to AVMA or 33% according to AAHA for payroll.
False
True
40
Which of the following is NOT a way to review and reduce debt?
Cut expenses
Prioritize debts
Create a get-out-of-debt plan
Get a third or fourth credit card to pay off the other ones
41
Which of the following is NOT an example of indirect financial compensation?
Company vehicle
CE reimbursement
Retirement funds
Christmas salary bonus
42
Which of the following is/are NOT a tax-advantaged retirement account?
Mutual funds and stocks
401(k) and 403(b) plans
IRAs
Roth
43
The time value of money can be in the form of compounded interest
True
False
44
Which of the following is short-term goal?
Purchasing a car
Buying a new computer
Retiring
Buying a home
45
Which of the following describes spending leaks when knowing where money goes?
Not everything that was bought and how much it costs
Locate most recent bank, loan, and credit card statements
Note areas where small amounts of money seem to disappear
Jot down everything that money was spent on last month
