HFMA Certified Healthcare Financial Professional CHFP Questions & Answers

• Question 31:

  A loan typically issued by a bank that has a maturity of:

  A. One to ten weeks

  B. Ten to twelve months

  C. One to ten months

  D. One to ten years

  Correct Answer: D

• Question 32:

  The formula to calculate break-even for capitation is:

  A. PMPM * Enrollees = (Enrollees - Utilization rate * variable cost / unit) + monthly variable cost

  B. PMPM * Enrollees = (Enrollees + Utilization rate + variable cost / unit) + monthly fixed cost

  C. PMPM * Enrollees = (Enrollees * Utilization rate * variable cost / unit) + monthly fixed cost

  D. PMPM * Enrollees = (Enrollees * Utilization rate + total variable cost) + monthly fixed cost

  Correct Answer: C

• Question 33:

  The formula to calculate Expense cost variance is:

  A. (Actual cost per unit ?budgeted cost per unit) * Actual volume

  B. (Retail cost per unit ?budgeted cost per unit) * Retail volume

  C. (variance cost per unit ?budgeted cost per unit) * Actual volume

  D. (Actual cost per unit ?variance cost per unit) * variance volume

  Correct Answer: A

• Question 34:

  The difference between the revenues forecast in the original budget and those in the flexible budget is known as:

  A. Expense variance

  B. Cost variance

  C. Budget variance

  D. Revenue volume variance

  Correct Answer: D

• Question 35:

  Which of the following is NOT the step in expense variance?

  A. Identify the amount of variance due to fixed costs

  B. Develop a flexible expense budget

  C. Calculate actual volume for each expense

  D. Calculate the expense variance due to changes in volume and other factors.

  Correct Answer: C

• Question 36:

  A budget that accommodates a range or multiple levels of activities is known as:

  A. flexible budget

  B. variable budget

  C. multiple budget

  D. accommodating variant

  Correct Answer: A

• Question 37:

  Which of the following is NOT the step involve in the Revenue variance?

  A. Develop flexible budget estimate for revenue

  B. Develop liquidity ratios against each revenue

  C. Determine the budgeted revenue per unit

  D. calculate the revenue variance due to charges in volume and rate

  Correct Answer: B

• Question 38:

  The difference between what was planned (budgeted) and what was received (actual) is called:

  A. Difference variant

  B. Account variant

  C. Budget variant

  D. Cost variant

  Correct Answer: C

• Question 39:

  The three basic attributes of responsibility center are Authority, Responsibility and .

  A. Usability

  B. Accountability

  C. Reliability

  D. Scalability

  Correct Answer: B

• Question 40:

  The extent to which there are consequences attached to carrying out responsibilities is known as:

  A. Responsibility

  B. Authority

  C. Measurement

  D. Accountability

  Correct Answer: D