Management Module Quizzes

module quiz questions + midterm exam questions

What are the resources in pharmacy that are managed? Please select best answer. A. Money B. People C. Time D. Material Resources E. Information F. All of the above

What are the resources in pharmacy that are managed? Please select best answer. A. Money B. People C. Time D. Material Resources E. Information F. All of the above

F. All of the Above

What are the reasons why a prospective pharmacist candidate study pharmacy management? A. More than just common sense and the Golden Rule B. UB offers a dual degree that offers additional training in these skill sets C. Managing a pharmacy practice successfully requires a unique set of skills D. Managers need to take into account diversity of the people with whom they work E. All of the following are valid reasons to study pharmacy management

E. All of the following are valid reasons to study pharmacy management

In the reading by Augustine et. al., Identification of Key Business and Management Skills Needed for Pharmacy Graduates, which of the following is not a major theme that was identified by focus group participants? A. Customer Service B. Personnel Management C. Computer Software Techniques Business Skills D. Conflict Resolution

A. Customer Service

In the reading by Augustine et. al., Identification of Key Business and Management Skills Needed for Pharmacy Graduates, what is a proposed solution to incorporating develop of business, management, and human resource skills? A. Preceptors in management roles B. Pharmacy managers through internships C. Administration's vision of content inclusion D. Faculty passionate and experienced on topic E. All of the following are suggested strategies authorship

E. All of the following are suggested strategies authorship

An ethical dilemma is a situation where we make a choice between competing ethical standards in an effort to determine the decision or action that is morally appropriate. A. True B. False

A. True

Includes drug wholesalers, drug and device manufacturers, office equipment suppliers, payroll services, raw materials suppliers, and numerous support services that add value to the supply chain. Not traditionally considered members of the health care team, these stakeholders can affect both the cost and productivity of health care providers' work. A thoughtful analysis of all elements that increase costs and decrease effectiveness must include all links in this value chain to produce the best result possible.

Suppliers

Because their professional practices treat or prevent patient illness, their interests are aligned with those of the primary stakeholders outlined above but expand to include additional factors such as the profitability of their professional practice and their compliance with industry standards.

providers

Typically focus on preventing fraud, waste, and abuse more than improving the quality of health care outcomes for individual patients. Their role in the health care marketplace is characteristically to protect the public interest rather than optimizing individual patient care.

regulators

The interests of these stakeholders logically include all of the economic, clinical, and humanistic outcomes of the primary and secondary stakeholders, but from a different vantage point. Third-tier stakeholders typically focus less on individual patient treatment and more on managing the overall costs of providing care to a group of patients. This can create situations where a patient's therapeutic goals and the provider's clinical plans are not perfectly aligned with the payer's budget. Payers must be concerned with utilization rates, the cost-effectiveness of outcomes, fairness, and remaining solvent.

payers

Leadership or Management? Creates job descriptions and seeks to fill roles and positions

Management

Leadership or Management? Manages the change process

Leadership

Leadership or Management? Enhances efficiency and encourages problem solving through policy and process

Management

Leadership or Management? Deals with how to accomplish the vision or objective through budgeting and planning

Management

Leadership or Management? Determine the vision for the team or organization

Leadership

Leadership or Management? Creates inspiration and motivation

Leadership

Leadership or Management? Aligns people to organizational mission and vision

Leadership

Leadership or Management? Manages organizational complexity

Management

Which of the following behaviors are consistent with leaders? A. Centered on bringing order to complexity B. Focused on creating roles and job descriptions and filling those with qualified individuals C. Problem solving and controlling through meetings, reports, and other tools D. Aligning people to organizational vision E. Concerned with how to accomplish certain activities

D. Aligning people to organizational vision

All of the following are five potential dysfunctions of a team, except: A. Lack of commitment B. Trusting in team dynamics C. Avoidance of accountability D. Inattention to results E. Fear of conflict

B. Trusting in team dynamics

Take responsibility for outcomes and ensure you and others are held accountable for those results. Avoid the tendency to blame or deflect.

Practice Accountability

Be humble and apologize quickly when mistakes are made or feelings are hurt. Make up for wrongs through restitution and giving more than was taken.

Right wrongs

Seek to understand through listening and observing. Ask others what is important to them. Don't make assumptions.

Listen First

Learn to extend trust as abundantly as possible. Honor those who have demonstrated trust with more and give judiciously to those who are still earning trust.

Extend trust

Remove hidden agendas and speak the truth in an open and authentic way where people can measure your words and actions against facts and information.

Create transparency

When looking at the business plan checklist (handout), which market statistics are critical to collect? Chose the best answer. A. Market size B. Growth projections C. Segmentation D. Seasonality E. Economic factor vulnerability F. All of the following should be collected as part of market statistics

F. All of the following should be collected as part of market statistic

In the new venture opportunity profile handout, which of the following are considered competitive advantage issues? Select all that apply. A. Contracts and networks B. Market capacity C. Goals and fit D. Distribution channels E. Fixed and variable costs

A. Contracts and networks E. Fixed and variable costs

In the new venture opportunity profile handout, which of the following are considered barriers to entry? Select the best answer. A. User benefits B. ROI potential C. Proprietary protection D. Customers E. Market capacity

C. Proprietary protection

After reviewing the pet photography business plan (Link), the target marketing segment was said to be middle to upper-middle class family, couples, individuals, or private organizations and businesses. Which of the following market growth trends is correctly paired with the accurate corresponding statistic? A. A total of 30% of all households own a pet as of 1996. B. As of 1998, the average dog owner spends $200 a year on veterinary services. C. Pet food weekly expenditures was expected to reach $8.7 billion by 2001. D. Specialty care veterinarians have not seen growth in specialty demand. E. Expenditure of pet related items rose to $22.6 billion in 1997.

E. Expenditure of pet related items rose to $22.6 billion in 1997.

• They sell used parts, so in most cases they're not usable for our target market. They also sell a limited amount of new parts; however, because of their name, most people are not aware of this. Also, they are located in an area which was described as a poor location.

• These are the mega mail order firms. Customers seem to use them only for price, and because of a lack of local suppliers. We can offer faster delivery times, along with knowledge and experience in their type of racing. We believe a small share of their circle track market would be obtainable. These companies do not enjoy a loyal circle track customer base.

Main Competitors

• Motorsports in general, and circle track racing in particular, have experienced explosive growth in the '90s. Most experts attribute this growth to greatly expanded television coverage of motorsports events. This coverage exposes many more potential participants to the sport. By focusing on affordable entry-level racing, we feel that Southeast Racing Parts will be filling a niche in the market.

• This area has experienced tremendous population growth in the past decade, approximately 25%. As racing and the local population grow hand-in-hand, it should make many more potential customers available to us.

Market Trends

All of the following are elements of a SWOT analysis except: A. Strength B. Weakness C. Marketing Position D. Opportunities E. Threats

C. Market Position

True or False. The executive summary should be up to 5 pages, straight forward, non-specific, and only is needed for acceptance of a loan. A. True B. False

B. False

When assessing the competition, which of the following are areas of distinction? A. Services B. Quality C. Management Style D. Technology E. All of the above are areas of distinction.

E. All of the above are areas of distinction.

When providing financials for a newly formed business plan all of the following are best practices except? A. Forecasting of financial statements should only be given for one year B. Financial statements include: income statement, balance sheet, and cash flow statements C. All assumptions should be explained in further detail D. New products or services should be listed separately E. Sales assumptions are the most important number for financials

A. Forecasting of financial statements should only be given for one year

Which of the following are steps utilized in the funding request? Select all that apply. A. Do not specify the use of funds B. Do not define all funding as debt or equity C. Provide for slippage D. Identify needs for additional round of financing E. Define a clear payback strategy

C. Provide for slippage D. Identify needs for additional round of financing E. Define a clear payback strategy

In the Chapters 6 and 7 scenario, Ted Thompson is a clinical pharmacist looking to expand services that help to increase care options, improve patient outcomes, and reduce spending. After reading the case, which service offerings will Ted develop in his business plan to present to the director of pharmacy? Select all that apply. A. Social determinants of health screenings B. Point of care testing C. Specialty pharmacy medication management services D. Home delivery service E. Transition of care services

C. Specialty pharmacy medication management services E. Transition of care services

Which of the following are reasons for decline in direct payment of pharmacy services? A. Dramatic increase in price of medications B. Restrictive third-party networks C. Evolution of Pharmaceutical Companies D. Limited pharmacist time to perform patient care services E. All of the above are considered reasons for decline in direct payment of services

E. All of the above are considered reasons for decline in direct payment of services

Which of the following describes Medicaid? A. It is insurance for people with end stage kidney disease B. It is a federal program for people over 65 years of age. C. It is a federal/state program for children and individuals of low-income status. D. It offers a completely open formulary.

C. It is a federal/state program for children and individuals of low-income status.

What do we call the portion of the price of the medication that the patient is required to pay from a third party adjudicated claim? Hint: we are assuming regular insurance with no deductibles A. Co-insurance B. Usual and customary price C. Maximum allowable cost D. Copay

D. Copay

The patient pays for a specified amount of charges per coverage before the prescription benefit starts to cover expenses.

Deductible

Patient pays a fixed dollar amount per prescription. This is determined by the third party and sponsored plan.

Copayment

The third party plan will pay only up to the stated maximum amount for a patient's prescriptions during the plan year. Once max is reached the patient must pay out of pocket.

Maximum payment amount

Patient pays a fixed percentage of the cost of each prescription. This percentage is often set at 10% to 20% but maybe as high as 50%

Co-insurance

All of the following are considered STAR rating measures, except? A. High intensity statin therapy for patients with cardiovascular disease B. Adherence to non-insulin diabetes medications, statins, and renin angiotensin system antagonists (ACEIs, ARBs) C. Statin use in patients with diabetes age 40 to 75 years. D. Comprehensive medication review (CMR) completion rate E. Appropriate use of high-risk medications in patients 65 years and older

E. Appropriate use of high-risk medications in patients 65 years and older

All of the following are mechanisms to control prescription use and expenditures EXCEPT? A. Prior authorization B. Brand name substitution C. Patient cost sharing D. Payment formulas E. Step therapy

B. Brand name substitution

Formularies are described as which of the following? a. Costs of goods sold b. List of medication covered by insurer c. "Tiers" indicating out-of-pocket expenses for patients d. List of brand and generic medications e. B, C, & D

e. B, C, & D

Which of the following statement is incorrect? A. Public TPPs are regulated by federal governments only B. Pharmacy benefit management(PBM) has contract with community pharmacies to create a network of pharmacies from which patients can purchase prescriptions C. TPP helps with reimbursement for prescriptions and services D. TPP can be public or private E. Medicare and Medicaid provided by the Centers for Medicare and Medicaid Service(CMS) is the largest public TPP in the US

A. Public TPPs are regulated by federal governments only

Which statement is correct regarding to formulary medication? A. medication means the cheapest medication formula. B. A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. C. Formulary medication is generic name medication only. D. Formulary medication the same regardless of health care insurance. E. Formulary medication is the most popular medication formula picked by patients.

B. A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits.

AWP (average wholesale price) is a standard that describes which of the following? A. Manufacturers' published catalog price for sale of a drug (brand-name or generic) to wholesalers B. Average price paid by wholesalers to manufacturers for drugs distributed through community pharmacy pharmacies or by community pharmacy pharmacies that buy directly from manufacturers C. Suggested list price for products purchased from wholesalers by pharmacies (both community pharmacy and non-community pharmacy); publicly available in industry compendia (e.g. -First DataBankand Medi-Span) D. Estimate of the AAC that is commonly used to determine the reimbursement amount for product cost under prescription benefit plans E. Maximum amount per unit of medication that Third Party Payers will pay pharmacies for multisource drugs (drugs with at least one generic version)

C. Suggested list price for products purchased from wholesalers by pharmacies (both community pharmacy and non-community pharmacy); publicly available in industry compendia (e.g. -First DataBankand Medi-Span)

NADAC (National Average Drug Acquisition Cost) is a standard that describes which of the following? A. Represents a national pricing benchmark that is reflective of actual invoice costs that pharmacies pay to acquire prescription and over-the-counter drugs. It is based upon invoice cost data collected from retail community pharmacies and reflects actual drug purchases. B. Actual amount paid by a pharmacy to a supplier for a product C. Estimate of the AAC that is commonly used to determine the reimbursement amount for product cost under prescription benefit plans D. Maximum amount per unit of medication that Third Party Payers will pay pharmacies for multisource drugs (drugs with at least one generic version) E. Suggested list price for products purchased from wholesalers by pharmacies (both community pharmacy and non-community pharmacy); publicly available in industry compendia (e.g. -First DataBankand Medi-Span)

A. Represents a national pricing benchmark that is reflective of actual invoice costs that pharmacies pay to acquire prescription and over-the-counter drugs. It is based upon invoice cost data collected from retail community pharmacies and reflects actual drug purchases.

Which one is not considered an EPIC enrollment eligibility criteria element? A. Be a NYS resident B. Not be receiving full Medicaid benefits C. Age 65 or older D. Medicare part D enrollment is not required to join EPIC E. Annual income below $75,000 if single or $100,000 if married

D. Medicare part D enrollment is not required to join EPIC

Which statement is incorrect regarding to Medicare? A. One half of money comes from state governments and they are responsible. Vary from state to state. B. Medicare includes multiple medication lists and plan options. C. Pay for hospital stays based on diagnosis-related group. D. Medicare covers acute care for the elderly and disabled, including parts A, B, C, and D. E. Medicare part D covers outpatient prescription drugs for the elderly and disabled. Medicare part B covers certain injectable drugs.

A. One half of money comes from state governments and they are responsible. Vary from state to state.

Which of the following is not included in Medicare outpatient prescription drug benefit (Part D)? A. Initial coverage limit B. Total out-of-pocket expenses C. Coupon coverage D. Initial deductible E. Catastrophic coverage

C. Coupon coverage

Pharmacies and pharmacy advocacy organizations argue that Direct and Indirect Remuneration (DIR) fees have contributed to which of the following? A. Reduces patient care by increasing premiums B. DIR fees are transparent in contract wording leading to an accurate estimation of how much money will be owed to the Pharmacy Benefit Manager (PBM) C. Increases out-of-pocket costs and drives patients to the Medicare Part D "donut hole" D. Charged at the Point of Sale (POS) (Prior to 1/1/24) E. Delays beneficiaries reaching the catastrophic phase

C. Increases out-of-pocket costs and drives patients to the Medicare Part D "donut hole"

How can pharmacists help patients better afford medications? (Please choose the best answer) A. I. Assessment Current Medication Therapy B. II. Verify if patient has adequate prescription coverage for current medication regimen C. III. Suggest a NYS Medicare Part D prescription supplement plan (e.g. - EPIC) D. Choices I. and III. E. Choices I., II., and III.

E. Choices I., II., and III.

Formularies are specific medication lists to be used to treat patients in a particular health system.

Formulary restriction

Rejection for generic alternative that is less expensive. Will need to work with patient's provider to reconcile.

Generic substitution

Prescribers must get approval from the plan before patients can receive medications subject to prior approval requirements. Reduces the use of certain medications and increase the use of preferred medications.

prior authorization

Third party payer impose quantity limits on prescription medications coverage. Limits on days' supply or number of dosage units (e.g. - tablets, capsules, etc...)

quantity limits

Uses a prescribing pattern set by a protocol based on the stage illness or treatment effectiveness. The most cost-effective drug is first followed by alterative therapies

step therapy

After reading the articles on the Medicare Inflation Reduction Acts (IRA), which of the following most accurately describes the intent and purpose? A. These price negotiations and reduction in prices will not reduce beneficiaries out of pocket expenses. B. The act identified 10 high cost medicines to be negotiated because they account for $50.5 billion or about 20% of total Part D prescription drug costs (June 1, 2022, to May 31, 2023) C. Current US administration are able to identify 10 prescription medications subject to price negotiations between manufacturers and Medicaid. D. These negotiated reduced prices will take effect in the year 2024. E. The 10 medications selected for price negotiations include the respiratory inhalers: Stiolto and Anoro.

B. The act identified 10 high cost medicines to be negotiated because they account for $50.5 billion or about 20% of total Part D prescription drug costs (June 1, 2022, to May 31, 2023)

Which of the following are the Purpose and Goals of Inventory Management? A. Minimizing the occurrence of unexpected out-of-stocks to decrease the impact on patient care B. Decreasing the carrying cost of maintaining an inventory C. Lowering costs of ordering medications from wholesalers D. Ensuring minimal time is spent ordering medications and purchasing tasks E. Preventing costs associated with damage and expiration of inventory F. Decreasing total costs to the pharmacy and overall health care organization by focusing on purchasing products with the lowest cost G. All of the above are purposes and goals of inventory management.

G. All of the above are purposes and goals of inventory management.

House the inventory: rent, electricity, utilities, shelving / Move the inventory: technician time

Cost of Space

Finance the inventory / Money is tied up and cannot be used elsewhere

Value of Money

Direct: Wide range of costs (ranging from dollars to thousands) / Indirect: Insurance, Expirations, theft, and limited supply medications

Cost of drug products

A module in a dispensing software that alerts when it is time to reorder a medication.

Automated Inventory Systems

Number of times pharmacies purchase, sell, and replace a product.

Inventory Turnover Rate

Level at which drug is automatically ordered.

Periodic Automatic Replacement (PAR)

Method of inventory control in which actual quantity of drugs on hand are always maintained in real time via paper or electronic log. Updated by each prescription dispensed or medication ordered.

Perpetual Inventory

Strategy used to manage inventory costs by first placing drug products to expire soonest.

Stock Rotation

Which of the following is NOT a purpose of inventory management? A. Minimizing the occurrence of unexpected out-of-stocks to decrease the impact on patient care. B. Decreasing total costs to the pharmacy and overall health care organization by focusing on purchasing products with the lowest cost. C. Preventing costs associated with damage and expiration of inventory. D. Increasing costs and thus boosting income by ordering medications from wholesalers. E. Decreasing the carrying cost of maintaining an inventory

D. Increasing costs and thus boosting income by ordering medications from wholesalers.

Which of the following methods of inventory management is typically used for Schedule II controlled substances?

A. Visual Method B. Periodic Method C. Perpetual Method D. None of the following methods are used.

C. Perpetual Method

A supply of the goods or items that a business will use in its normal operation is called which of the following? A. Closed formulary B. Purchasing C. Open formulary D. Inventory

D. Inventory

The goal of inventory management is which of the following? A. To develop closed formularies B. To maintain Material Safety Data Sheets (MSDS) C. To ensure that drugs are available when they are needed. D. To increase use of wholesalers

C. To ensure that drugs are available when they are needed.

The second group of numbers in an NDC code signifies which of the following? A. Cost (AWP) B. Manufacture C. Package size D. Drug, strength, and form of product

D. Drug, strength, and form of product

In the following NDC, 51285-601-05, the first set (51285) represents which of the following? A. Capsule Size B. Manufacturer C. Dosage form D. Drug name

B. Manufacturer

Which of the following is/are steps pharmacy personnel take when receiving a medication delivery? A. Products need to be counted and checked for damage. B. Products need to be stocked on shelves C. Each item should be physically counted and compared to the invoice/packing slip D. Products should be checked for short expiration dates E. Vendors should be notified immediately of any discrepancies or damaged products F. All of the following are steps that should be taken.

F. All of the following are steps that should be taken.

Which of the following statements correctly describes inventory turnover rate? A. Measures the rate of inventory movement or how quickly is purchased, sold, and replaced. B. The number of days it takes to check the inventory for expired medications C. Reference associated with shortage, handling, insurance, cost of capital, and opportunity costs. D. Level at which drug is automatically ordered E. Strategy to manage inventory costs by first placing drug products to expire soonest

A. Measures the rate of inventory movement or how quickly is purchased, sold, and replaced.

An inventory in a pharmacy on January 1st, 2022, is counted to be $933,333. That same inventory on December 31st, 2022, is counted to be $875,500. That year the associated costs of goods sold was $6,755,900. Please calculate the inventory turnover rate for this pharmacy over the 12-month period. The rate is which one of the following below: A. 7.23 B. 7.71 C. 7.51 D. $904,416.50 E. 7.47

E. 7.47

Which of the following statements about specialty pharmacy is correct? A. Specialty medications are not considered a growth sector in pharmacy. B. Specialty medications are characterized as complex if there are less than 200,000 cases within a year. C. Specialty medications can have significant side effects that require additional monitoring/counseling D. Specialty medications are distributed through all supply channels. E. If a medication costs more than $250 for a year supply it is considered a specialty medication.

C. Specialty medications can have significant side effects that require additional monitoring/counseling

The following statements about supply chain integrity are correct except? A. 'Authorized distributors' should purchase prescription medicines directly from pharmaceutical manufacturers ensuring product safety and reliability. B. Pharmacists should scrutinize and choose reputable vendors with a reliable delivery system. C. The Drug Supply Chain Security Act (DSCSA - 2013) is set to be implemented in this calendar year 2023. D. Medications under the Drug Supply Chain Security Act will have track and trace credentials through the entire supply chain. E. Counterfeiting (worldwide) is estimated to be a multibillion-dollar business (1-2% of drugs in North America are fraudulent)

C. The Drug Supply Chain Security Act (DSCSA - 2013) is set to be implemented in this calendar year 2023.

After reading the EpiPen Shortage (2016) and price increase (2018) articles, which of the following were issues associated with this life saving medication supply issue? A. Bringing complex generic medications to market is a time consuming and costly process. B. Pharmacies saw price increases of up to $600 per unit. C. Patients had to go without this lifesaving medication due to supply and cost concerns. D. Manufactures offered coupons cards up to $300 to help cover costs. E. All of the following were events that occurred during these time-frames.

E. All of the following were events that occurred during these time-frames.

Health Affairs articles, Building Resilience into US Prescription Drug Supply Chains, looked at the complexities of hospital supply chain issues. Factors were discussed about how to make supply chains more resilient. Please choose the correct factor with its associated definition as discussed in the article. A. Preparedness is the possession by the appropriate people of the information needed to assess, mitigate, prepare for, and respond to risks of pharmaceutical shortages. B. Awareness are actions taken prior to a disruptive event to reduce negative effects on health and safety C. Manufacturing of all shorted medications are started post-event to minimize harm from the shortage and to resolve the shortage. D. Mitigation actions are taken prior to a disruptive event to avoid the event altogether or to reduce its magnitude.

D. Mitigation actions are taken prior to a disruptive event to avoid the event altogether or to reduce its magnitude.

When assessing the competition, which of the following are areas of distinction? (Select One Correct Answer) A. Services B. Quality C. Management Style D. Technology E. All of the above

E. All of the above

What are the resources in pharmacy that are managed? (Select One Correct Answer) A. Money B. People C. Time D. Material Resources E. All of the above

E. All of the above

Which of the following behaviors are consistent with leaders? (Select One Correct Answer) A. Aligning people to organizational vision B. Concerned with how to accomplish certain activities C. Centered on bringing order to complexity D. Focused on creating roles and job descriptions and filling those with qualified individuals E. Problem solving and controlling through meetings, reports, and other tools

A. Aligning people to organizational vision

Which of the following are correct statements when referencing items on an income statement? (Select all that apply) A. Net income must always remain positive B. Sales from prescriptions are primarily from copays collected and cash paying customers. C. Net income is obtained by subtracting revenue from expenses D. Administrative expenses: Broad category of items that are considered needed. Examples include: salaries, benefits, insurances, etc. E. Cost of goods sold (COGS): Total receipts from wholesalers, manufacturers for prescription and non-prescription sales.

C. Net income is obtained by subtracting revenue from expenses D. Administrative expenses: Broad category of items that are considered needed. Examples include: salaries, benefits, insurances, etc. E. Cost of goods sold (COGS): Total receipts from wholesalers, manufacturers for prescription and non-prescription sales.

Credit sales/average account receivable

Receivables Turnover

Net income (after tax)/total sales

Net Profit Margin

(Sales - cost of goods sold)/total sales

Gross Profit Margin

Cost of goods sold/average inventory

Inventory Turnover

The amount of money earned after subtracting expenses from gross profit. It is the amount of money leftover after taking into consideration employee salary, electricity, lease cost, insurance, security, inventory, and other expenses.

profit or net income

Sometimes referred to as income or sales, is a broad term used to describe any money coming into the pharmacy for goods sold. Examples include prescriptions or OTC medications, patient care services (e.g. - medication therapy management, point of care testing)

Revenue

Costs required to operate the pharmacy. These include a wide range of examples from supplier bills to operation costs

Expenses

Purchase cost of medications and other items that the pharmacy sells. In the last chapter this was referred to as actual acquisition cost.

Cost of Goods Sold

Revenue minus cost of goods sold (COGS) and represents the direct contribution of the pharmacies business operations to its overall profitability.

Gross Profit

Referencing the accounting equation of Assets = Liabilities + Owner's equity, when a business owner needs to borrow money to purchase assets, which is the correct accounting term? Hint: It is a type of entity. A. Expenses B. Creditor C. Loan D. Overhead E. Dividends

B. Creditor

Which of the following is a correct statement when referencing items on a balance sheet? A. Account receivables are credit, unpaid invoices, and money owed to the company by its customers B. Noncurrent assets are usually only within the set fiscal timeframe (e.g. - 1 year) C. Current assets can be outside of the fiscal timeframe (e.g. - 1 year) D. Accounts payable are past-due salaries to employees that accumulate at the end of a fiscal period. E. Borrowed money (e.g. - loan) is owned to a wholesaler due to medications acquired.

A. Account receivables are credit, unpaid invoices, and money owed to the company by its customers

Financial reports in hospital pharmacies differ from reports in community which of the following ways? Please select all that apply. A. Third Party analyses are vital to perform regularly to see how reimbursement rates are trending. B. Can increase profitability by selling more goods and providing more services. C. Activities (e.g. - drug therapy) contribute by lowering overall cost of caring for patients. D. Managers use budget analysis (e.g. - difference between actual/budgeted) to look into trends or expenses and adjust accordingly. E. Are considered cost centers and look to optimize payroll and nonpayroll expenses.

C. Activities (e.g. - drug therapy) contribute by lowering overall cost of caring for patients. D. Managers use budget analysis (e.g. - difference between actual/budgeted) to look into trends or expenses and adjust accordingly. E. Are considered cost centers and look to optimize payroll and nonpayroll expenses.

Snapshot of the firm's investments (assets) and how they are financed (liabilities and owner's equity)

Balance Sheet