CHFP Online Practice Questions and Answers

Net assets are:

A. The difference between an organization's assets and liabilities

B. The difference between an owner's assets and liabilities

C. The difference between a shareholder's assets and expenses

D. The difference between a stakeholder's assets and expenses

Supplies refer to small-dollar items that will be used up or fully consumed within more than two years.

A. True

B. False

What are the financial obligations that, due to their contractual terms, will be paid within one year?

A. Current assets

B. Current liabilities

C. Current financial reviews

D. Current payors

Which of the following in NOT the body of the statement of operations for non-for-profit health care organizations?

A. Operating income

B. Non-operating income

C. Net income

D. Excess of revenues

uses the accrual basis of accounting, which summarizes how much the organization earned and the resources it used to generate that income during a period of time.

A. Balance sheet

B. Non-operating income

C. Statement of operations

D. Accounting system for income

A strategy that refers to how an organization chooses to finance its working capital needs is called:

A. Asset mix

B. Aggressive mix

C. Conservative mix

D. Financing mix

Which of the following is the relevant metric for the Charge capture, the key revenue cycle performance area?

A. Charge receipts as percentage of net revenues.

B. Accounts waiting for charge capture

C. Accuracy of recording billable supplies.

D. Lag days from date of service until charge capture

Interest is a payment to creditors, those who have loaned the organization funds or otherwise extended credit.

A. True

B. False

A legal document that states the conditions and terms of a bond is called .

A. Indenture

B. Debenture

C. Par value document

D. Bond certifications

When the patient covered is responsible for paying a certain base amount before coverage begins refers to:

A. Deduction

B. Pre payment

C. Deductibles

D. Discounted payment