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Quiz Questions > Session11 > Flashcards

Session11 Flashcards

1
Q

According to Practice Made Perfect; applying Pareto’s 80/20 rule to inventory helps in;

E. Making organizational decisions about inventory.

F. Prioritizing inventory time investment. Since 20% of our products bring in 80% of our produce, revenue, we should concentrate the lion’s share of our efforts on that top 20%.

G. Creating a marketing strategy regarding inventory.

H. Making budget decisions regarding inventory.

A

F. Prioritizing inventory time investment. Since 20% of our products bring in 80% of our produce revenue, we should concentrate the lion’s share of our efforts on that too 20%.

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2
Q

Ideally, the top 20% of inventory items should be ordered;

A. Monthly

B. Weekly

C. When stock is down to 1-3 units

D. When stock is no lower than 10-12 units.

A

A. Monthly

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3
Q

To maintain tight internal controls the role of inventory Purchaser should always be a separate individual from ( multiple choice)

A. The Inventory Receiver

B. The Inventory Counter

C. The Inventory Documenter and Tracker

D. The Inventory Researcher

A

A. The Inventory Receiver

C. The Inventory Documenter and Tracker

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4
Q

The TAX Act of 2003 provided what increased benefits to small business owners (Multiple Choice);

D. Significantly increased the amount of eligible property that can be written off in the first year.

E. Gave an additional deduction of 50% of the remaining balance of the equipment purchased that is above the $139,000.

F. The remainder of the purchases can also be depreciated on a straight line depreciation schedule.

A

All of the above

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5
Q

Practices should plan to reinvest around____% of gross revenue for replacing or acquiring equipment annually.

A. 5%

B. 3%

C. 1%

A

C. 1%

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6
Q

Is the digital radiography unit in your practice considered Capital Inventory?

A. If it valued at $1,500 or higher

B. If it is valued at $15,000 or higher

C. Yes, if it is in useable condition

A

C. Yes, if it is in useable condition

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7
Q

Which details below are considered a benefit of using logs in veterinary medicine? (Multiple Choice)

A. To comply with legal requirements such as controlled substances log.

B. Provide evidence in the event of a malpractice claim.

C. Convenient for quick data analysis and auditing

A

All of the above

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8
Q

The state Veterinary Practice Act defines minimum medical record documentation for each state. What other entity defines minimal requirements of Veterinary medical records?

A. The AVMA Principle of Veterinary Medical Ethics.

B. Both the DEA and the AVMA Principles of Veterinary Medical Ethics

C. The AVMA Principles of Veterinary Medical Ethics and AAHA

A

A. The AVMA Principle of Veterinary Medical Ethics.

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9
Q

The most common medical record formate is;

A. Problem Oriented Medical Record ( POMR)

B. Source Oriented Medical Records (SOMR)

A

A. Problem Oriented Medical Records (POMR)

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10
Q

Software and Hardware purchases will show greater return on investments than any other capital expense in veterinary medicine due to increased efficiency in every department.

A. True

B. False

A

A. True

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11
Q

Hardware and software of both examples of information Systems.

A. True

B. False

A

A. True

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12
Q

Ideally no less than___ of on-site training should accompany any major software conversion.

A. 2 days

B. 1 day

C 1/2 day

A

C. 1/2 day

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13
Q

Regarding financial statements which is more detailed and provides the greatest level of assurance?

A. Compiled

B. Audited

C. Reviewed

A

B. Audited

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14
Q

As it relates to tax planning, what is Safe Harbor?

A. A system of calculating this year’s projected tax based off of last years’s tax.

B. A system created by the IRS that will hold businesses harmless for low level tax miscalculation.

C. Safe a harbor refers to retirement vesting schedules and income tax deferral.

A

A. A system of calculating this year’s projected tax based off of last year’s tax.

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15
Q

A liaison is a broad term that refers to the person who maintains communication with any other involved with the business of running the practice.

A. True

B. False

A

A. True

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16
Q

How many diseases are currently know. To be zoonotic?

A. 780

B. 1400

C. 4200

D. Over 5,000

A

B. 1,400

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17
Q

What is the first step in creating a business contingency plan?

A. The formation of the recovery team.

B. Back up all available data

C. A risk assessment

A

C. A risk assessment

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18
Q

In regards to a medical malpractice lawsuit; if a client fails to confine a dog after surgery, or there is proof of any degree of medical negligence by the client, it may eliminate financial recovery for the client in a lawsuit. What term supports this theory?

A. Duty Negligence

B. Contributory Negligence

C. Negligent Forbearance

A

B. Contributory Negligence

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19
Q

Which of the four phases of Strategic Planning is focuses on how the practice will get from point A (now) to point B (the future)?

E. Formulation

F. Development

G. Implementation

H. Evaluation

A

F. Development

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20
Q

Leadership Fatigue can be experienced by both owners and managers and usually results from lack of communication, lack of delineation of job duties, and feeling that they are constantly haggling with the team to carry out policies and procedures. Which element of the strategic plan addresses the dynamic?

A. Organizational Development

B. Organizational Design

C. Organizational Learning

A

B. Organizational Design

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21
Q

How long can it take to prepare a team member for a leadership position?

A. 6-12 months

B. 12-24

C. 12-36

D. 24-36

A

C 12-36 months

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22
Q

1) Inventory Control is defined as the process whereby the need to maintain sufficient inventory to meet _________ ___________ is weighed against the

A

a. operating demands

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23
Q

2) List four inventory control goals.

A

Products are available to treat patients when needed.
Quantities are controlled to minimize expenses.
Clients can conveniently obtain refills.
Regular evaluation of preferred pharmaceuticals and supplies to avoid redundancy, streamline storage, ordering and training.
Employees can efficiently order, stock and dispense needed items.
Controlled drugs are properly maintained.
Appropriate security, systems, and safeguards exist to ensure proper use.
Employees are well versed in communicating the value of products dispensed at the practice and can also confidently field client inquiries regarding on-line pharmacies or big box stores.
Fees are adjusted regularly
Profit margins are set and accomplished.

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24
Q

3) Combined ordering and holding costs account for approximately what percent of total true cost?

A

25%-35%

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25
Q

When items received are immediately added to the inventory record, and items sold are immediately subtracted from the inventory record, it is called a ___________ Inventory System.

A

Perpetual

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26
Q

5) Define gross profit on product.

A

The difference between the price of a product to the client and the cost of that product to the practice.

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27
Q

What are the two main benefits of using a Central Supply Inventory System?

A

Reduce theft and waste, and better organization and tracking of products.

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28
Q

) The ABC Inventory Analysis contains multiple steps and can be somewhat complex – if you had to define the ABC Analysis in 5 steps, what would those steps be?

A

Create spreadsheet and calculate Annual Usage Volume.
Then calculate cumulative Annual Usage Volume.
Then calculate the Cumulative Percentage of Annual Usage Volume.
Then calculate the Annual Usage Distribution.
Group items into classes A, B, C

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29
Q

) The sum of the beginning inventory (BI) and the ending inventory (EI) divided by 2 is the calculation to determine what metric (BI + EI) / 2?

A

Average Inventory on Hand (AI)

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30
Q

The higher the inventory turnover ratio, the ________the inventory control.

A

A. Tighter

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31
Q

What mathematical formula, that recognizes three specific costs including unit cost, ordering cost, and holding cost, allows calculation of ideal inventory ordering?

A

A. Economic Order Quantity (EOQ)

32
Q

Regarding Mark-up and Margin pricing structures, which is a useful strategy to use where there are large differences in the end resulting price based on the size of the patient?

A

Margin pricing method

33
Q

12) Which category of drugs is likely to have a higher mark-up; competitive drugs or drugs used to treat chronic conditions?

A

a. Drugs used to treat chronic conditions

34
Q

13) Itemizing the various fees potentially associated with dispensing medication (labeling, dispensing, minimum, etc.) on the client invoice helps improve perceived value of the medication. True or False?

A

a. False. Clients do not have a complete understanding or appreciation of the costs associated with dispensing medications.

35
Q 
Calculate the inventory variance using the following data;
Beginning quantity = 250
Amount ordered and received = 1000
Amount sold = 942
Physical count of quantity on hand = 298
Variance = \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
A

(10)

36
Q

What benefits and disadvantages may be involved in Just In Time ordering?

A
  1. Benefits -low holding costs, no expired products

2. Disadvantages -high ordering costs, stock outs and back orders

37
Q

What are two main inventory organizational techniques?

A

A. zoning

B. Central Supply

38
Q

What are the four steps to Inventory Budgeting?

A

1- Project Revenue

2- Project COG Expenses

3-Project COG Subsection Expenses

4-Share the Budget and communication expectations

39
Q

A running capitol inventory list should contain what information about the equipment?

A

Equipment name

Manufacturer

Model/serial number

Purchase date, amount paid, and purchase location

40
Q

19) Using the metrics below; what is the break-even number for a potential Laser machine purchase;
Purchase price $25,000
Client cost $65
Technician time to perform the service $15

A

A - 500 invoiced uses to break-even.

41
Q

The practice purchased a digital radiology unit for $35,000. Shipping charges were $2,525. Installation and training costs were $2,750. The practice is planning on the equipment serving them for a minimum of 10 years. Using the formula for calculating equipment expense for profit center use, what is the estimated monthly expense you can subtract from the profit center?

a. $731.25
b. $602.50
c. $4,027 d. $335.62
A

d. $335.62

42
Q

What is the most significant drawback to paper medical records and why?

A

Most significant drawback is poor legibility which can lead to patient care mistakes and confusion. Illegible records will also likely work against the practice if ever needed in a court case.

43
Q

How do you make a typo or mistake correction on a paper medical record?

A

In the case of a written mistake, correction fluid cannot be used on any medical record, release or authorization form. A correction should consist of a one line strike through with the author’s initials.

44
Q

Electronic medical records should have an automatic ______ ______ time frame after back-up has been completed and any following entries to the record will be documented as an addendum.

A

Software should have an automatic lock out time frame after a backup has been completed. Entries post back-up will be documented as an addendum.

45
Q

Name three examples of license board violations regarding medical records.

A

Lack of complete patient and client identification.
Lack of complete system-by-system description with annotated exam notes.
Lack of tentative diagnosis.
Lack of prognosis.
Lack of treatment specified and especially lack of clients waiver or denial of recommendations for a specific treatment or procedure.
Illegible entries.

46
Q

Illegible medical records are equal to what?

A

An incomplete, illegible record can be considered an admission of professional incompetence and imply that the care provided was sub-standard.

47
Q

Can a veterinarian still be cited for medical record violation even if the client complaint did not concern medical records and the veterinarian was acquitted of the client complaints?

A

Although a client complaint is rarely about records, it is the records that the board will investigate to rule on the complaint.

Even if the veterinarian is acquitted of a client’s complaint, they could still be cited for medical record violations if they do not meet the minimum standards.

48
Q

In the medical record, only abnormal results are recommended to be documented in the patient medical record. True or False?

A

False

49
Q

Medical documentation must include; name of medication, ________, dose given, and route administered.

A

Medication documentation must include; name of medication, strength, dose given, and route administered.

50
Q

Define SOAP.

A

S – Subjective

O – Objective
A – Assessment
P - Plan

51
Q

Name at least three elements that should be included in the auditing of medical records.

A

All records should be audited for:
Date of entry
Initials of all team members writing in the record
A complete SOAP format
All authorization forms signed by the client
Missed charges
Recheck and recall compliance
Compliance with practice medical standards
Medical services compliance

52
Q

Define Source Oriented Medical Records

A

Source Oriented Medical Records (SOMR) – data is entered in the medical record and then grouped by the information source and then organized chronologically by date of patient encounter.

53
Q

List at least 4 potential applications of technology in veterinary practice.

A 
On-line continuing education
Computerized appointment system
Consultation with specialists and experts
Digital photographs and digital radiographs
Credit card processing
E-mail reminders
Electronic medical records
Online office procedural manuals
Supply purchases
Webpage design and maintenance
54
Q

The system or program the computer follows is called __________.

A

Software

55
Q

_________ and __________ purchases will show greater return on investment than any other capital expense. Why will these things show such returns?

A

Software and Hardware purchases will show greater return on investment than any other capital expense in veterinary medicine due to increased efficiency in every department.

56
Q

When considering new software for the practice, if you have employees who lack experience or comfort with technology, what might be an important element when considering the various software benefits?

A

Training provided by the company should be a strong consideration with new software, especially if you have employees less comfortable with computers.

57
Q

In reference to disease transmission; fleas, ticks and mosquitos are considered vectors. True or false?

A

True

58
Q

Why is it recommended to have a steady and ongoing relationship with an attorney?

A

This strategy avoids the urgent and crisis oriented circumstances and maintains more of a preventative relationship for the practice.

59
Q

The role of Liaison for a practice manager involves more than relationships with vendors, what are some examples?

A

The role of liaison is a full time responsibility involving staff, vendors, authorities, professional peers and advisors, independent contractors, clients, practice owners or stock holders, consultants to the practice, and any other relationship involving the practice.

60
Q

What separates CPAs from bookkeepers or accountants?

A

A CPA is a college trained accounting professional who has attained certification via a comprehensive exam, and maintains the certification with continuous continuing education.

61
Q

List 5 considerations when choosing an accounting professional.

A

Expect to interview several candidates and do your research about the candidates and their firm.
Check on-line reviews and standing with the IRS and state boards.
Do they have veterinary experience, and how do they stay abreast of veterinary trends. Do they belong to or follow any veterinary associations or periodicals.
Check licenses and credentials on-line.
Match people whose philosophies and personalities that are compatible with the practice.
Obtain referrals from at least two of their long term clients.
Make sure the candidates experience, education and interests match the role you’re seeking to fill. For example; don’t hire a bookkeeper to fulfill duties of a CPA.
Beware of a large ego that can get in the way of good service. No one knows everything.
Choose an advisor who is busy, they are busy for a reason.
How do they structure their fees?
Avoid a firm that is too small, in the event of illness or death a small firm may not be able to continue service uninterrupted.

62
Q

To get the most efficiency from a CPA at tax time, it is best to have obtained their services for tax planning prior to the end of the calendar year and to have all accounting records (QuickBooks or other software reports) to the CPA by when?

A

The third or last week of January.

63
Q

Name two potential benefits of maintaining healthy relationships with vendors?

A

Vendors are typically highly educated and well trained by their companies and can often provide you with the most cutting edge information available as to new products, client/owner concerns, and upcoming backorders.
Vendors have a wide range of experience inside various practices and can offer valuable feedback in how you’re doing, and/or share some good ideas from other practices.
Vendors have a wide network within the veterinary community and may know when a practice is coming up for sale, employees who may be looking for work, and may also offer employee training.

64
Q

When implementing control methods for zoonotic disease, treatment or programs are generally focused on reservoirs and hosts. Define Reservoirs and hosts in this context.

A

Reservoir – a place where an infectious organism survives and replicates.
Host – the living organism that provides the environment for the maintenance of the organism but may not be necessary for the organism’s survival.

65
Q

What is the most common bacteria present in dog and cat bites?

A

Pasteurella

66
Q

When treating a patient with chemotherapeutic drugs, why is it critical to have detailed and thorough communication with the client?

A

Some chemotherapeutic agents are eliminated in the urine and feces of the pet and can potentially expose family members.

67
Q

In regards to gas anesthesia, what are the three types of gas scavenger systems, and which provides the best protection for employees?

A

Active scavenger system provides the best protection.
Passive system.
Absorption system.

68
Q

Name two steps that should be taken anytime a pregnant woman is working around anesthetic gases.

A

Wear an anesthetic monitoring badge

Proper PPE

69
Q

Once a VCPR is established treatment must continue until (four answers);

A

The animal recovers.
The practitioner has agreed to all the treatment that was agreed upon.
The animal dies.
The client terminates the VCPR.
The responsibility for treatment is transferred to another practitioner with the consent of the client.

70
Q

There are five strategies to reducing the potential of a malpractice lawsuit and they include continuing education, maintaining thorough medical records, practicing informed consent and what two others?

A

Staff Training

Referrals

71
Q

What is the Risk Assessment Equation?

A

Hazards + Vulnerabilities = Risk

72
Q

What are the four priorities of general emergency management and what is the brief definition of each?
I

A

Mitigation - strategies and actions that reduce the likelihood and impact of a threat
Preparation - planning and training action steps that develop the capacity to respond to threats.
Response - actions taken in the face of an emergency situation
Recovery - the process of returning to normal after an emergency event. This could be a lengthy process.

73
Q

A relationship centered practice is defined as utilizing empowered veterinary team members who share veterinary knowledge to develop long-lasting relationships with clients and patients. Which element of strategic planning best addresses this dynamic?
I

A

Organizational Design

74
Q

Lack of follow through from management, “Push” form of learning verses “Pull”, and negative peer pressure from team members who have plateaued, are all common reasons for what?

A

Resistance to learning

75
Q

Which phase of strategic planning includes the development of the Mission, Vision, and Values, and why are they so important?

A

The Formulation Phase. The MVVs are critical because they represent the goals of the organization and every decision made for the business, employees, clients, or patients must support the goals, and there for the MVVs.

Quiz Questions (7 decks)

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