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