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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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Answers
1
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%
2
Indirect financial compensation is important for attracting and retaining talent
True
False
3
Which of the following is NOT a type of direct form of compensation?
Base salary + production
Guaranteed salary only
Straight salary
Straight production
4
Which of the following does consumer debt NOT include?
Credit card payments
Car loans
Student loans
Rent money
5
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
6
Budgets are required for reporting by external parties
False
True
7
For study expenditures, net profit and owner compensation is 28% according to AVMA or 33% according to AAHA for payroll.
False
True
8
Which of the following is short-term goal?
Buying a home
Purchasing a car
Retiring
Buying a new computer
9
Which of the following is NOT a way to review and reduce debt?
Cut expenses
Prioritize debts
Get a third or fourth credit card to pay off the other ones
Create a get-out-of-debt plan
10
Total consumer debt should be less than _________ percent of net income
75%
5%
50%
20%
11
Which of the following defines compensation package?
Only fringe benefits that an employer provides to an employee
Salary and fringe benefits an employer provides to employee
Only salary that an employer provides to an employee
Salary and fringe benefits an employer takes away from an employee
12
Which of the following is NOT a top budgeting mistake?
Spreadsheet errors
Focus on cash flow problems or considerations
Failure to question every expense
Failure to test assumptions
13
Which of the following describes a personal budget?
A finance plan that allocates current personal income towards 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 future personal income toward expenses, etc.
14
Which of the following does a budget NOT serve as for an administrative tool?
Way to figure out who to fire for spending too much money
Standard for measuring performance
Device for coping for foreseeable adverse situations
Plan of action for achieving quantified objectives
15
Step 1 of making a budget is determining the wants vs needs and determining what is valued the most.
True
False
16
Which of the following does the FLSA NOT govern?
Overtime
Equal pay act
Social security
Minimum wage
17
Which of the following is/are NOT a tax-advantaged retirement account?
401(k) and 403(b) plans
Mutual funds and stocks
IRAs
Roth
18
When discussing the fair labor standards act, nonexempt employees governed by the FLSA are NOT entitled to overtime pay
True
False
19
A budget is only made for a business.
False
True
20
Which of the following is NOT true regarding base salary plus production?
Negative accrual penalties that will be carried forward
The higher the base, the less pressure you have to produce more
Can have paycheck adjusted to compensate for not making production target
Annual salary/production %= expected clinic production
21
Which of the following is NOT one of the four different direct forms/types of compensation?
Bills
Salaries
Commissions
Bonuses
22
Which of the following are TRUE about productivity?
A measure of output
Most common use is to gauge economic performance generated for practice
A measure of input
Most common use is to determine where to cut your losses
23
Which of the following is NOT a part of the SMART acronym?
Measurable
Achievable/Time-Bound
Specific
Regal
24
Which of the following is NOT an example of indirect financial compensation?
Company vehicle
CE reimbursement
Christmas salary bonus
Retirement funds
25
Which of the following describes straight production?
Dollars paid based on revenue produced for the hospital
A fixed regular payment + additional pay with negative accrual penalties
A fixed regular payment often expressed as annual sum, monthly or biweekly
A fixed regular payment + additional pay if exceed targets
26
Another way to find money without making more is to make smarter spending decisions.
False
True
27
Does inflation have a positive or negative impact on value of money? (purchasing power lowers as prices rise)
Positive
Negative
28
Which of the following is NOT true about straight production?
Salary= production revenue produced x production %
Defines production % (service and product sales)
Average client transaction (case load/price structure)
You are guaranteed money before you start producing
29
Consumer debt per month should not exceed (net monthly income x .30)
False
True
30
Which of the following is NOT a document important for getting organized when making a budget?
Receipts
Insurance policies and tax returns
Your memory
Bank statements and credit card information
31
Which of the following describes spending leaks when knowing where money goes?
Locate most recent bank, loan, and credit card statements
Jot down everything that money was spent on last month
Note areas where small amounts of money seem to disappear
Not everything that was bought and how much it costs
32
Which of the following is NOT true when building strong credit?
Use a low-interest card and be cautious of cards with short time frame
A credit report is a record of past bills payment
Save for big-ticket items rather than charging them on a card
If credit card balance begins to increase, keep using it
33
Which of the following defines a budget?
A statement of only expenses and costs over a specific period of time
An estimate of revenue or income and expenses or costs over specific 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
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 about straight salary?
Some manner of evaluation will take place to define production
Personal productivity/work ethic is very important
Usually in form of relief work, part time, or full time
Case load dependent
36
Which of the following are considered when creating a personal budget?
Past spending
Future spending
Personal shopping
Personal debt
37
Which of the following are the two major factors in feeding the production percentage?
Product dollars
Expenses to pay
Service dollars
Client feedback
38
Which of the following is NOT a beneficial budget tool?
Pencil and paper
Spreadsheet software and spending-management softward
Card spending history
Money-management software and websites
39
Which of the following is NOT true about guaranteed salary + production (ProSal)?
Will have a guaranteed salary
Prices are important in average client transaction
Has direct penalties involved
Annual Salary/production %= expected clinic production
40
The formula for computing the time value of money considers the amount of money, future value, amount it earns, and time
False
True
41
The time value of money can be in the form of compounded interest
True
False
42
Putting financial goals in writing makes it concrete and achievable
False
True
43
Operational expenses under study expenditures is 18% according to AVMA or 12.5% according to AAHA.
False
True
44
Which of the following are true about financial compensation?
The act of providing money of economic value to an employee
Is part of an employee compensation package
The act of keeping money or other things of economic value tfrom a employee
Is not a part of any employee compensation packages
45
Which of the following is the formula for profit or loss?
Gross Revenue - Total Expenses
Gross Revenue - 75% of expenses
Net Revenue - Total Expenses
Net Revenue- 50% of expenses
