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NURSE EXECUTIVE ADVANCED EXAM NEWEST 2024
ACTUAL EXAM 150 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS )
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A Strategy for the nurse executive in consideration of costs
when preparing a presentation for a new program is a : -
ANSWER- break-even analysis
What is breakeven analysis? - ANSWER- Volume at which total revenues equal total costs At this point, the firm does not make a profit or suffer a loss
Financial formulas - Projected Annual Patient Days - ANSWER- Average daily census X 365 days per year
Financial formulas - hours of care per year - ANSWER- Average daily census X nursing hours pt day X 365 day
Financial formulas -Full Time equivalent (FTE) - ANSWER- hours of care per year divided by 2080 (employee w/o benefit time) 1 / 4
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Financial formulas - benefit time - ANSWER- vacation hours + holiday hours +sick hours + personal hours
Financial formulas - productive time - ANSWER- 2080 - benefit time
Financial formulas - Adjusted FTE - ANSWER- hours of care per year divided by productive time
How many FTE's do you need? You are a nurse manage and
have the following data available to you: 3.8 nursing hours per
patient day, average daily census of 40 patients, staff benefits of 14 vacation, 6 holiday, 12 sick (32) - ANSWER- 1) Find projected annual hours of care (40 X 3.8 X 365) = 55, 480
2) Find Benefit Hours (multiple 8 times the days they have - so they have 32 total days X 8 = 256
3) Find productive hours (2080-256 = 1842)
4) Find Adjusted FTE's (divide annual hours of care by adjusted FTE's 55480/1824 = 30.41)
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Continuous Coverage Factor in Nursing - ANSWER- to cover one eight-hour shift for 7 days requires 1.4 FTE's (56 hours/40) - to cover three 8-hour shifts for 7 days requites 4.2 FTE's
(168/40)
What is Variance Analysis? - ANSWER- Three factors that effect budget are volume, use or quantity (efficiency) and price or ratio
How to complete a variance analysis process ? - ANSWER- 1) comput efficiency volume
2) compute volume variance
3) compute cost variance
Using the information below, what is the total FTE Staff and RN staff needed for the upcoming week? Unit 1 North
24-bed unit Projected Census 100%
Ratio 1:6
Operations 2:7 3 / 4
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- eight hour shifts per day
RN constitute 75% of staff - ANSWER- 1) Calculate staffing number per shift (24 beds at 100% =24 patients, 24 patients at
1:6 ratio - 4 per shift)
2) Calculate staff per day - 3 shifts per day X 4 staff = 12 staff per day
3) Calculate FTE for 24/7 - 1.4 X 12 staff/day + 16.8 FTE staff per week
4) Calculate RN FTE needed - 75% are RN's 16. FTE staff/week = 12.6 RN FTE/week
What is Gross National Product (GNP)? - ANSWER- GNP (Gross National Product) is the measurement tool of the market value of all final goods and services produced by residents of a country regardless of whether or not the resident produces the goods or services domestically or abroad. (Emphacize the word "NATIONAL".)
What is N-STAT? - ANSWER- Nurse strategic action team - composed of thousands of nurses, how to contact legislators about issues, provides information about key bills
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