Administration

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Author:
cali-amber
ID:
201511
Filename:
Administration
Updated:
2013-02-18 19:41:48
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from lecture
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definitions
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  1. What are 5 things that fundamental documents accomplish?
    • 1.  Drive future decisions
    • 2.  Advertise to public what they can expect in clear, concise statement
    • 3.  Guide internal politics
    • 4.  Provide corporate identity consistent with community needs
    • 5.  Inform members of organization on standards for decision making
  2. What are 4 things mission statement should specifiy?
    • 1.  Who we are
    • 2.  Community (geographic, demographic, financial group)- who we serve
    • 3.  Service provided- what sets us apart from competition
    • 4.  Financing
  3. Broad mission vs narrow mission of financing:
    • 1.  Broad mission:  provide services to paying public at lowest price consistent with long term financial needs & provide charity care to community
    • 2.  Narrow mission:  services will be provided to all those who demonstrate sufficient resources
  4. Mission, vision, values --> ____ --> _____ --> _____
    • strategic plans --> long range financial plans 
    • --> environmental assessment
  5. Policy:
    consistent guide to be followed under given set of circumstances
  6. Procedure:
    methods used to put policies into action in day to day operations
  7. What are 3 objectives of P & P?
    • 1.  Enunciate corporate mission
    • 2.  Delineate ethical, strategic, and organizational parameters
    • 3.  Framework for mgmt decision making
  8. 5 basic elements of P & P manual?
    • 1. scope of services
    • 2. facility operations
    • 3. employment related policy & procedures
    • 4. emergency preparedness, safety, & infection control
    • 5. pt care/best practices
  9. Job cycle:  ___ --> ____ --> _____ --> _____ --> ____ --> _____ -->
    objectives --> job ID --> job analysis --> job description --> performance mgmt --> outcomes -->
  10. Job cycle:
    Objective:
    ID:
    Analysis
    • Objective:   what needs to be done
    • ID:  who/what will do job
    • Analysis:  when/where job will be done
  11. Job cycle:
    Description:
    Measurement:
    Outcomes:
    • Description: how job will get done
    • Measurement:  how well job is done
    • Outcomes: why did we go through all of this
  12. What are 3 elements of performance standards?
    • 1.  how duties are performed
    • 2.  how performance will be measured
    • 3.  benchmarks for performance
  13. What are 4 potential outcomes of review process?
    • 1.  Feedback
    • 2. Rewards- monetary, promotion, recognition
    • 3. Development/remediation
    • 4.  Termination
  14. What are 4 things commonly included in financial plan?
    • 1. Budget
    • 2. Goals for spending & saving future income
    • 3. Allocates future income to various expenses
    • 4.  Reserves some income for short & long-term savings
  15. What are 4 fiscal life stages?
    • 1.  Foundation
    • 2.  Accumulation
    • 3.  Conservation
    • 4.  Distribution
  16. What are 4 things that affect foundation fiscal stage?
    • 1. attitudes
    • 2. values
    • 3. hx
    • 4. environment
  17. What occurs during conservation fiscal stage?
    Make decisions differently bc older & have less time to make up for mistakes
  18. What occurs during distribution fiscal stage?
    Senior part of life; give gifts, donations, wills/trusts
  19. 3 ways to earn money:
    • 1. Affiliation:  marriage, inheritance, gift
    • 2.  Effort of work
    • 3.  Make your money work for you:  savings, investing, buy stocks, savings
  20. SMART goals:
    • S:  Specific
    • M:  Measurable
    • A:  Acceptable
    • R:  Results
    • T:  Time bound
  21. Financial planning cycle: ____ --> ____ --> ____ --> ______ -->
    Goal --> assess/analyze --> solutions --> implement --> review/revise -->
  22. Forecasting:
    Process by which businesses adjust future expectations based on recent actual performance resulting in production of an updated forecast document
  23. What are 2 other names for income statement?
    budget sheet, P & L (profit & loss) statement
  24. Balance sheet:
    • -snapshot of financial strength & capabilities of specific point in time
    • states what business is worth
  25. Current asset:
    Fixed asset:
    • current:  asset that can be converted into cash within a year
    • fixed:  may take a long time to convert into cash (ex:  building, furniture, equipment)
  26. current liability:
    long-term liability:
    • current:  thing you know you'll pay for within the year
    • long-term: loans, mortgages, etc
  27. owner's equity:
    what owners have stake in the business
  28. Assets = ____ + ____
    liabilities + owner's equity
  29. Statement of cash flow:
    • -reports inflows & outflows of cash
    • -shows changes over time
    • -tells you about health of company
  30. Assets & expenses: ___ credit & ____ debit
    decrease credit, increase debit
  31. Liabilities, income, & equity/capital: ____ credit & ____ debit
    increase credit, decrease debit
  32. 5 elements of accounting:
    • 1. asset accounts
    • 2. liability accounts
    • 3. equity accounts
    • 4. income accounts
    • 5. expense accounts
  33. Ledgers:
    -supplies:
    -customers:
    -general:
    • -supplies:  accounts payable
    • -customers:  accounts receivable
    • -general:  5 elements of accounting
  34. cash:
    • income & expenses recorded when money is received or dispersed
    • -fails to match revenues & expenses
  35. accrual:
    • -income reported when sale is made whether or not you received money for it 
    • -expenses reported when goods received, not when payment made
  36. Cash flow tracking vs accrual:
    -cash flow is better for recording income & expenses except for long-term revenues
  37. Day sales outstanding= ___  /____ x ____
    What does it measure?
    • Accounts receivable / invoiced sales in period x days in period
    • Measures how long it takes to get paid for a service delivered

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