Modules
Module 4: Managing FinancesToolbox
Post-Test
  1. Why do clinics need the services of an accountant or a bookkeeper?
    1. To ensure that the clinic’s financial records are not audited by the Internal Revenue Service.
    2. To prepare financial statements and be available to help clinic administrators and board members learn how use them.
    3. To minimize the clinic’s tax burden, thereby making more funds available to support patient care.
    4. To meet federal requirements for nonprofit organizations.
  2. Why do clinics need to obtain independent financial audits?
    1. Because it is required by the Internal Revenue Service.
    2. To assure stakeholders and funders that the clinic’s financial statements are accurate.
    3. To discover whether any clinic staff are using funds improperly.
    4. To meet federal requirements for nonprofit organizations.
  3. What are the two types of budgets that clinics should have?
    1. An operating budget and a capital budget.
    2. An operating budget and a planning budget.
    3. A short-term budget and a long-term budget.
    4. An expenditures budget and a capital budget.
  4. Which of the following statements best describes financial statements?
    1. Provides details about the salaries of all clinic staff.
    2. Describes an organization’s financial resources and what it plans to do with those resources in the future.
    3. Provides evidence that a clinic is operating honestly and fairly.
    4. Describes an organization’s financial resources and what it has done with those resources.
  5. Which of the following is NOT an effective way to manage clinic finances?
    1. Through an existing data system.
    2. Through an accounting software package.
    3. Through a contract with a legal firm.
    4. Through a computer spreadsheet.