MAT 116 Week 2 Quiz
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MAT 116 Week 2 Quiz

Course Number: MAT 116, Spring 2011

College/University: University of Phoenix

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1Assignment: Features of Private Payer and Consumer-Driven Health Plans By Candace Terrell HCR 230 April 10, 20112 Most PPO plans are contracted through physicians, hospitals and pharmacies in order to provide quality services to all insured patients. T
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Week 1 CheckPoint: Comparing Cost Control Strategies Employer-sponsored plans only implement a limited amount of cost control strategies. First off, employers are only able to offer their employees or staff a limited amount of products or services. In tur
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How HIPAA Violations Affect the Medical Billing Process By Candace Terrell April 3, 2011 HCR 220There are a large amount of people in this world that suffer from all types of different diseases. However, the HIV and AIDS epidemic seems to be on the rise
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Baptists and Hinduism By Candace Terrell April 3, 2011 HUM 130There are so many different religions that the world is made of. Although many of these religions might be similar, no two religions are exactly identical. It would actually be more difficult
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HCR 220-Capstone CheckPoint There are ten steps in which the medical billing process is made of. These ten steps must be followed to the tee if the process is to go smoothly. Those steps are as follows: preregistration of patients, establishment of financ
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CheckPoint: Features of Health Plans There are many types of medical health plans available however there are only two basic types: indemnity and managed care. Indemnity plans protect against loss. The payer indemnifies the policy holder against cost of m
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Checkpoint: Mathematical Functions 1. Solve the equation for x to find out how many ml of 3% solution you require. 2g NaCl / 100 ml = 2% solution 3g NaCl / 100 ml = 3% solution To decide the amount of the 3% solution required to make a 2% solution: 2g / 1
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Assignment: Ratios and Percents/ Crossword Puzzle1. 6% / 100 = 0.0006 3. 0.3% / 100 = 0.0000312. 1/500 = 1:500 13. (2/3) / (3/4) = 2:3 : 3:4 15. (1/500) / (1/1000) = 1:500 : 1:1000 17. 50% = 50/100 = 1/2 = 1:2 19. 0.25% = 0.25/100 = 1/400 = 1:400 21. 1
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Checkpoint: Origin of the Modern-Day Pharmacy Around the year 2,000 BC, the beginnings of pharmacy practice evolved in China. Legend has it that a man name Shennong searched and found hundreds of herbs to potentially be made into a healing concoction. She
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CHAPTER 2: AN INTRODUCTION TO COST TERMS AND PURPOSES TRUE/FALSE 1. Products, services, departments, and customers may be cost objects. Answer: 2. True Difficulty: 1 Objective: 1Costs are accounted for in two basic stages: assignment followed by accumula
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CHAPTER 3 COST-VOLUME-PROFIT ANALYSISTRUE/FALSE 1. To perform cost-volume-profit analysis, a company must be able to separate costs into fixed and variable components. Answer: True Difficulty: 1 Terms to Learn: cost-volume-profit (CVP) analysis 2. Object
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CHAPTER 4 JOB COSTINGTRUE/FALSE 1. Direct costs are allocated to the cost object using a cost-allocation method. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: cost-allocation base Indirect costs are allocated to the cost object using a cost-al
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CHAPTER 5 ACTIVITY-BASED COSTING AND ACTIVITYBASED MANAGEMENTTRUE/FALSE 1. A top-selling product might actually result in losses for the company. Answer: True Difficulty: Terms to Learn: product undercosting 2. 2 Objective: 1Companies that undercost pro
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CHAPTER 6: MASTER BUDGET AND RESPONSIBILITY ACCOUNTING TRUE/FALSE 1. Few businesses plan to fail, but many of those that flop have failed to plan. Answer: 2. True Difficulty: 1 Objective: 1The master budget reflects the impact of operating decisions, but
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CHAPTER 7: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: I TRUE/FALSE 1. The master budget is one type of flexible budget. Answer: 2. False Difficulty: 1 Objective: 1The master budget is a static budget.A flexible budget is calculated at the star
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CHAPTER 8: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: II TRUE/FALSE 1. Overhead costs are a major part of costs for most companies more than 50% of all costs for some companies. Answer: 2. True Difficulty: 1 Objective: 1At the start of the budg
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CHAPTER 9: INVENTORY COSTING AND CAPACITY ANALYSIS TRUE/FALSE 1. Absorption costing absorbs only variable manufacturing costs. Answer: False Difficulty: 1 Objective: 1 Absorption costing absorbs all manufacturing costs, both fixed and variable. 2. Variabl
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CHAPTER 10: DETERMINING HOW COSTS BEHAVE TRUE/FALSE 1. One assumption frequently made in cost behavior estimation is that changes in total costs can be explained by changes in the level of a single activity. Answer: 2. True Difficulty: 1 Objective: 1All
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CHAPTER 12: PRICING DECISIONS AND COST MANAGEMENT TRUE/FALSE 1. Companies must always examine pricing decisions through the eyes of their customers. Answer: 2. True Difficulty: 2 Objective: 1Relevant costs for pricing decisions include manufacturing cost
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CHAPTER 13: STRATEGY, BALANCED SCORECARD, AND STRATEGY PROFITABILITY ANALYSIS TRUE/FALSE 1. Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives. Answer: 2. True
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CHAPTER 14: COST ALLOCATION, CUSTOMER-PROFITABILITY ANALYSIS, AND SALES-VARIANCE ANALYSIS TRUE/FALSE 1. Indirect costs are costs that cannot be traced to cost objects in an economically feasible way. Answer: 2. True Difficulty: 1 Objective: 1To motivate
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CHAPTER 16: COST ALLOCATION: JOINT PRODUCTS AND BYPRODUCTS TRUE/FALSE 1. Joint costs are incurred beyond the splitoff point and are assignable to individual products. Answer: False Difficulty: 2 Joint costs are incurred prior to the splitoff. 2. Separable
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CHAPTER 17: PROCESS COSTING SYSTEMS TRUE/FALSE 1. Examples of industries that would use process costing include the pharmaceutical and semiconductor industry. Answer: 2. True Difficulty: 1 Objective: 1The principal difference between process costing and
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CHAPTER 18: SPOILAGE, REWORKED UNITS, AND SCRAP TRUE/FALSE 1. Reducing defects helps to reduce costs, but does not make the business more competitive. Answer: False Difficulty: 2 Reducing defects does make the business more competitive. 2. Objective: 1Re
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CHAPTER 20 Inventory Management, Just-in-Time, and Simplified Costing MethodsTRUE/FALSE 1. Retailers generally have a high percentage of net income to revenues. Answer: False Difficulty: 2 Terms to Learn: inventory management Retailers have a low percent
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CHAPTER 21: CAPITAL BUDGETING AND COST ANALYSIS TRUE/FALSE 1. Capital budgeting focuses on projects over their entire lives in order to consider all the cash flows or cash savings from investing in a single project. Answer: 2. True Difficulty: 2 Objective