WGU C428 Financial Resource Management in Healthcare Questions and Answers Already Graded A
Finance within a healthcare organization can be condensed into the "four Cs": ✔✔Costs Cash Capital Control
The finance department manager who handles capital acquisition, investment management, and risk management activities ✔✔Treasurer
The finance department manager who handles accounting, budgeting, and reporting activities.✔✔Comptroller
The head of the finance department holds the title of chief financial officer. (The title of vice president-finance is also used.) This individual typically reports directly to the organization's chief executive officer (CEO) and is responsible for all finance activities within the organization.✔✔CFO (Chief Financial Officer)
- / 2
The measurement and minimization of _____ are vital activities to the financial success of all healthcare organizations. Rampant ____, compared to revenues, usually spell doom for any business. ✔✔costs
A business might be profitable but still face a crisis because of a shortage of _____. ______ is the lubricant that makes the wheels of a business run smoothly; without it, the business grinds to a halt. ✔✔cash
_____ represents the funds (money) used to acquire land, buildings, and equipment. Without _____, healthcare businesses would not have the physical resources needed to provide patient services. ✔✔Capital
A business must ______ its financial and physical resources to ensure that they are being wisely employed and protected for future use. In addition to meeting current mission requirements, healthcare organizations must plan to meet society's future healthcare needs. ✔✔Control
The measurement and recording of events that reflect the operations, assets, and financing of an organization. ✔✔Accounting
- / 2