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Management EX 2 Flashcards | StudBud
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Management EX 2
Management EX 2
51 terms
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StudBud Administration
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29 plays
Spring 2019
Flashcards
51 cards
F
Practice quiz
P
Host live
L
Questions
51
Answers
1
Matching: identifies people to provide business expertise
Organizational plan
Market analysis
Marketing plan
Operational plan
2
Promissory notes protect ________
Employee
Employer
3
NOT a contract & harder to enforce
Employment Agreement
Offer Letter
4
Which of the following is NOT a financial option?
Owner financing
Bank financing
Selling practice financing
Buy-in practice financing
5
DEA registration grants practitioners federal authority but must act w/in state limits
True
False
6
Pros--many financing options, practice history, instant income, autonomy, investment pays itsel
All of these
Starting your own practice
Associate buy in
Buying a veterinary practice
7
Matching: know real estate & housing markets, resident demographics, average income
Organizational plan
Executive summary
Hospital overview & summary of services
Market analysis
8
Which of the following is NOT an offer term?
Conditions precedent
Restrictive covenants
Compensation
All of these are offer terms
9
Prior to financing, you need to get a veterinary practice valuation & manage personal debt
True
False
10
Cons--large investment, full responsibility, client turnover
Associate buy in
Buying a veterinary practice
All of these
Starting your own practice
11
Prohibits employee from actively persuading clients & employees to leave
Non-competitive agreement
Non-disclosure statement
Non-solicitation agreement
12
Value determined by sum of parts of the business
Market approach
Income approach
Asset approach
13
Practice management is a reflection on us
False
True
14
You can NOT control payroll & COGS
True
False
15
Cons--can be expensive, construction time; NO initial income & limited financing
Buying a veterinary practice
All of these
Assoicate buy in
Starting your own practice
16
Prohibits employee from sharing protected info & making disparaging remarks about ex-employer
Non-competitive agreement
Non-solicitation agreement
Non-disclosure statement
17
Cons--slow process, NOT in charge, beware Golden Handcuffs
Starting your own practice
Buying a veterinary practice
All of these
Associate buy in
18
Matching: identify target market & consumer demographics; describes niche
Market analysis
Organizational plan
Executive summary
Hospital overview & summary of services
19
Pros--less risk, investment should pay for itself, gain management experience, have support
Buying a veterinary practice
Associate buy in
Starting your own practice
All of these
20
OSHA can be run by federal or state government
False
True
21
Matching: comprehensive & detailed budget for marketing plan
Organizational plan
Financial plan
Operational plan
Marketing plan
22
Restrictive covenants take away your ability to do something for a period of time
True
False
23
Revenue growth is __________
Staying constant
Decreasing
Increasing
24
Which of the following is NOT a way to determine true market value?
Look up normal values for your region & compare
Take net profit & multiply by adjustment factor
Subtract owner's/management compensation & fair market rent
Take profit from P & L
25
Matching: includes sales forecasts, statement of operations & cash flow, capital budget
Organizational plan
Financial plan
Marketing plan
Operational plan
26
States employment is "at will"
Employment Agreement
Offer Letter
27
Promissory notes are used when receiving a sign on bonus or relocation bonus, etc.
False
True
28
Matching: plan for patient & hospital flow
Marketing plan
Organizational plan
Market analysis
Operational plan
29
Patient visits are __________
Decreasing
Increasing
Staying constant
30
Contains restrictive covenants
Offer Letter
Employment Agreement
31
Records for controlled substances have to be maintained for ___ years unless otherwise stated
2
5
3
4
32
Goes into greater detail surrounding points of employment
Employment Agreement
Offer Letter
33
The mission/values statement sets the expectations for clients & staff
True
False
34
Which of the following is NOT a metric of P & L?
Gross & Net income
Cost of Goods Sold--COGS
Supply & demand
Payroll
35
Matching: identifies the legal entity selected & describes role of management team
Operational plan
Market analysis
Organizational plan
Marketing plan
36
Matching: who are you? qualifications. what is your why? what will make you successful
Executive summary
Hospital overview & summary of services
Organizational plan
Market analysis
37
Employers MUST display the official OSHA job safety & health poster
True
False
38
Value determined by calculating return on owning & goodwill
Market approach
Income approach
Asset approach
39
Matching: describes details for pricing, promotion, distribution, media usage, public relations
Financial plan
Organizational plan
Marketing plan
Operational plan
40
You must have a DEA license for EACH clinic that you are employed at
False
True
41
Only guarantees terms set out in the paper
Employment Agreement
Offer Letter
42
Matching: identify need relating to human resources, facilities & tech infrastructure
Operational plan
Market analysis
Marketing plan
Organizational plan
43
Which of the following is NOT a place to find info on national regulatory practices?
OSHA.gov
DEA.gov
CDC.gov
44
Which title of united states is the code for controlled substance act
21
51
15
12
45
Value determined by comparing the practice to other clients
Asset approach
Income approach
Market approach
46
If you accept the promissory note & then leave, you are not obligated to pay it back
True
False
47
Matching: communicate PROBLEM you're trying to solve & how you will be the solution
Organizational plan
Market analysis
Executive summary
Hospital overview & summary of services
48
New client growth is __________
Increasing
Staying constant
Decreasing
49
Legally binding contract; defines "At Will"
Employment Agreement
Offer Letter
50
Protects employer from losing business due to a doctor leaving & cannot practice w/in radius
Non-disclosure statement
Non-competitive agreement
Non-solicitation agreement
51
Pros--pick & build what you want; can be cheaper & you have control
All of these
Starting your own practice
Buying a veterinary practice
Assoicate buy in
