Midterm Flashcards
(162 cards)
1
Q
average salary of a pharmacist in according to scary.com
A
~ $138,929
2
Q
average salary of a pharmacist in NY
A
$134,756 rated at #16
3
Q
Pharmacist patient care process
A
Collect assess plan implement evaluate
4
Q
EMR
what is it?
where is it located?
A
electronic medical record
in physicians office or in one practice
5
Q
EHR
what is it?
who has access?
A
electronic health record
share with other outside of the practice, contains info from all clinicians involved in the patient care across more than one health care organization, even includes the patient.
6
Q
S.M.A.R.T GOALS
A
specific measurable attainable relevant time-based
7
Q
Henri Fayol Classical Management Theory 1916
A
all organizations regardless of size must have a standard set of functions to perform efficiently
8
Q
Accountant
What do they do?
A
records summarizes, interprets business information. keeps and interprets financial records.
set up your books
accounting system
prepares financial statements like income, balance sheets, cash flow statements
obtain loans from the bank
social security, federal taxes
9
Q
business attorney
what do they do?
A
provides legal services and advice that affect almost every aspect of a business legal structure of the business, business licensing property financing tax planning labor laws litigation: process of taking legal action credit problems
10
Q
business banker
what do they do
A
serves the banking needs of the business. lines of credit money market accounts mutual funds checking/savings accounts pension plans accounts recievable
11
Q
accounts recieveable
A
balance of money due to a firm for goods and services delivered or used but not yet paid by customers . AR are listed on the balance sheet as a current asset
12
Q
types of credit:
A
Long term:
short term
line of credit. over draft fees
13
Q
insurance agents
A
cover. liability theft geenral car fire health prescription insurance
14
Q
business consultant
A
workclosely with business owners and managers to improve operations and efficiency.
15
Q
will
A
legal document that expressed persons whishes to how their property is to be distributed AFTER DEATH. carried out by Executor/executrix
16
Q
exectutor/exectutrix
A
a person or institution appointed by a testator to carry out the terms of a will
17
Q
probate
A
term for legal process in which a will is reviewed to determine whether it is valid or authentic. includes giving notice to heirs, beneficiaries, and creditors.
also pays debts o estate including taxes
giving heirs their inheritances
18
Q
Power of Attorney
A
legal document that gives authority to act for another person in specified or all legal or financial matters. NOT health decisions while person is alive
19
Q
Non durable power of attorney
A
power of attorney only for a set period of time until revoked or a date on the form. can happen immediately
20
Q
springing power of attorney
A
effective at a a future time, often that event is the illness or disability of the principle
21
Q
durable power of attorney
A
agent acts for the principle even after the principle is not mentally competent. until revoked by principle or until the principles death..
22
Q
Livil will
A
statements on desired medical treatment. maybe ahead of time in the event that you become unable to decide for yourself
23
Q
is living will recognized by NYS
A
recognized but no legal nye form
24
Q
what does living will contain
A
health care wishes, addressed to unnamed family, friends, hospitals and other health care facilities
25
health care proxy
document that names someone you trust as your proxy, agent to express your wishes and make health care decisions for you. allows for statements of medical treatment.health care agent can o only make decisions if communicated to or if they are written down
26
can you r doctor be your health care proxy?
no not in NYS unless your health care agent is your spouse or relative.
27
can an operator, administrator, or employee of the hospital employee or nursing home be your health care proxy?
no , unless they are a relative
28
DNR
can be in hospital or outside
29
can outside DNR be used in hospitals/ nursing homes?
no
30
Medical orders for life sustaining life treatment
intended for pts. with serious health conditions who want to avoid or receive any or all life sustaining treatment
31
who mustt fill out medical orders for life sustaining treatment
must be filled out by a health care proffesionals and signed by a NYS licensed physician to be valid
32
prime rate
interest rate at which banks lend to customers with good credit
33
savings accounts
| what account should you set up first
emergency fund . save up 3 months of expenses
34
what savings accounts should you open second
short term goals
| and long term goals
35
what should short term goals savings include
furniture
car
vacation
entertainment
36
long term goal savings
```
buying items you want or need like vacation house/condo
luxury car
business
house
investments
retirement, possibly early
```
37
checking accounts
use to pay bills, entertainment, etc.
| most non interest or very little interest
38
money market accounts
pay prevailing interest rate based on rime rate
39
credit union
nn profit financial institution to promote thrift nd provide credit to members
40
800 credit score
magnifient
| only 1% of people risky
41
580-669 credit score
subprime borrowers/ below average
| 27% considered risky
42
<579 credit score
61% of borrowers considered risky
| cannot borrow
43
FICO score
Fair Isaac Corporation
company that tracks credit and predicts information based on criteria
90% of lenders use it
most insurance companies use it
44
how to improve your FICO score
1. check your credit report and correct any errors
2. set up payment reminders
3. reduce the amount of debt you owe
4. pay bills on time
5. work with creditors if you fall behin6. do not open a lot of new accounts
45
define principal
initial size of loan
46
define interest
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
47
define tax free
exempt from taxes
48
define tax deducatble
able to be deducted from taxable incoming when calculating income tax due
49
tax credit
reduction of the income tax you owe
50
tax deffered
taxpayer can delay paying taxes to some future period
51
excise tax
tax that applies to a specific goods, services,
ex. tobacco
airline tickets
gasoline, etc.
52
estate tax
tax imposed on the net value of an estate of a deceased person before distribution to the heirs
53
credit card closing date
date that billing cycle ends
54
credit card due date
last day to make a payment on the credit card before incurring a fee or interest
55
SWOT analysis
strengths, weaknesses, opportunities, threats
56
executive summary of business plan
strategy for success
| description of market and how strategy will succeed
57
company summary of business plan
mission statement
58
management of business plan
synopsis of key members of management
59
market and competition of business plan
industry trends define target market
market research
positioning in market
60
products and services in business plan
describes services
61
marketing plan in business plan
reinforce positioning and advertising plan
62
risk assessment of business plan
what could go wrong and how to mitigate these risks
63
line of credit
preset borrowing limit that can be tapped into at any time to pay off bills
64
personal line of credit
for overdrafts from your checking
| interest is high and is not tax deductible
65
equity
amount of your assets-amount you owe
66
home equity
amount your house is worth minus the amount you currently owe your lender
67
home equity line of credit
must already own a home
basically your home equity turned into a line of credit that you can access money from for a certain period of time. can be used for large purchases and/or home repairs and upgrades. lower interest rates AND interest tax deductable
68
loan consolidation pros
simplifies loan payments, makes payments lower stretching them over a long period of time
69
loan consolidation cons
will make more payments and pay more interest in the long term
70
if you own your own business, are expenses used for the business tax deductible?
yes
71
are interests on car loans tax deductible?
no
72
mortgage
loan used to buy a homee or other piece of real estate
73
fixed mortgage rate
has a fixed interest rate the entire term of the loan
74
adjustable mortgage rates
interests rates can go up or down
75
types of term lengths for mortgages
15,20,25,30 year mortgages
76
is interest on mortgage tax deductible?
YES. best investment to make
77
is rent tax deductible?
no
78
property tax
tax imposed on property, usually realestate
79
are property taxes tax deductible?
yes
80
fiebs simple rules for investing
1. 1. before you invest, you should have a secure base behind you
2. do your homework and read read read.
3. you can become wealthy, but it takes many many years
4. consistent and conservative
5. keep good records. (of what u bought, what u sold, dates, and their costs
81
stock
security that represents the ownership of a fraction of a corporation
82
private stock
stock offered exclusively by a private company to its employees and investors
83
Common (public stocks)
general public can buy shares
| share holders have voting rights, may or may not receive dividends
84
preferred stock
like common stocks, but no voting rights, and they have a guaranteed dividend
85
dividends
what u are paid for owning the stock
86
are dividends taxable income?
YES. but taxed at a lower rate
87
penny stocks
stock valued at < 5 and makes less than 1 penny. RISKY
88
blue chip stocks
stock corporation with a national reputation for quality, reliability, and the ability to operate profitably in good and bad times. history of paying dividends all the time, history of solid profits, leader in their prospective industry, strong prospects for the future
89
examples of blue chip stocks
Exxon-Mobil, GM, Walgreens
90
what is a stock exchange
place or electronic market where owners of businesses get together to buy and sell their shares of stock
91
risky stocks usually pay ___
more
92
what is diversifying stocks
having multiple stocks across various financial instruments, industries, and other categories
93
is diversifying stocks good
can be, it reduces risk and it aims to maximize investing in different areas that would each react differently to the same event.
94
DO NOT OVER DIVERSIFY
meaning do not have more than 10-20 stocks
95
if you buy low on stocks, you should sell ____
HIGH
96
meme socks
stocks that have gone viral with internet popularity. they are RISKY because the stocks valuee is rooted unsocial sentiment instead of economic or corporate indicators
97
what is initial public offering (IPO)
when private company makes its shares public
98
bonds
loan made from an investor to a borrower. before a company pays dividends to stock holders, they must pay the bond holders
99
mutual fund
company that pools money from many investors and invests the money in securities such as stocks, bonds, and short term debt
100
benefits of mutual funds
easy to get into, easy to get out
101
load mutual funds
mutual funds that charge a sales fee or commision
102
no load mutual funds
mutual funds that do not charge a sales fee or commission as long as you keep your money invested for a specified period, often five years
103
only in vest in what kind of mutual funds
no loads
104
futures
predicting something will prosper next season. VERY RISKY
105
pension
retirement fund for an employee paid into by an employer, employee, or both, with employer usually covering largest percentage
106
traditional pension plan
company funds this based on your salary
107
what is a 401k plan
retirement plan where employee has a percentage of each paycheck paid directly into an investment account. employers can match this amount and put into the account as well
108
traditional 401k
employee contributions are deducted from gross income and no taxes are due on it until the money is withdrawn
109
Roth 401k
employees pay the income taxes up front button make withdrawals tax free
110
401 k vesting
full ownership of retirement plan. an employee is 100% vested in his or her account balance owns 100% of it and the employer cannot forfeit, or take it back for any reason.
111
how long does it take to be fully vested for 401k
3-5 years
112
if you are self employed can you have business write offs
YES
113
IF you are not self employed, can you have business write offs
no
114
salary vs hourly
salary. fixed amount every week no matter how many hours you work. hourly income based on how many hours you work
115
what part of brain dealswith stress
amygdala
116
amygdala attack
personal emotional response that is immediate, overwhelming and out of measure with the actual stimulus
117
prefrontal cortex
organizes nd judges information
118
should we have prefrontal >amygdala
YE
119
empowerment
to motivate people
120
coveys matrix
1. important and urgent
2. important not urgent
3. not important urgent
4. not important not urgent
121
Pareto's Law
80/20 rule
122
sole proprietorship
sole owner of a business. owner may or may not run the business
123
are you personally liable for the business in a sole propiertorship
YES
124
partnership
more than one person owns the business
125
who responsible for business in a partnership
each partner equally liable
126
Corporation "C"
chose by company to have a lot of stock holders . a persons personal liability is limited to amount of investment in the corporation
127
is a corporation separate and apart from the business owners?
yes. it is an artificial person
128
corporations as artificial perosons can do anything but
vote or practice in a profession .
129
charter
written document filed by the founders of a corporation. includes name of company, purpose of business, and number of shares issues
130
length of a corporation
can be eternal (never ending)
| ex: apple, sesame street, walt disney
131
business phases
1. growth phase
2. maturation phase
3. business death
132
real authority
actually having right to do th job
133
implied authority
indirect authority to do the job.no actual authority but needs a middle man to meet
134
apparent authority
ppl think you have the authority to do the job but do not
135
by laws
a regulation created by a local authority of an organization to govern the affairs of that locale or organization
136
pros of corporation
limited liability
only investment in corporation
limits your loss
137
cons of corporations
double taxation
corporation pays tax on earnings
shareholders pay tax on distributions
138
S corporation
hydbrid of partnership and corporation
139
for profit
make profit to satisfy stock holders, or private investors
140
non for profit
do not pay taxes
| profits go to supporting community
141
P.C corporation
proffesinal corporation
142
pros of p.c corporation
tax benefits similar to s
| can still be sued proffesinoally
143
can pharmacist have a pc?
yes
144
what is an LLC
Limited liability company
145
what does an LLC do
LLC is a separate entity just like a corporation. members cannot be held personally liable for debts unless they have signed a personal guarantee
146
cons of LLC
corporations can live forever, but LLC dissolved when a member dies or goes bankrupt
147
W. Edward demmings
the aim of leadership should be to improve the performance of man and machine. Managers are people who do things right, while leaders are people who do the right thing
148
leadership
establishes direction
aligns pl
motivates and inspires
149
management
planning and budgeting
organizing and staffing
controlling and problem solving
150
emotional intelligence includes
```
self awareness,
self control
trustworthiness
conscientiousness
social skils
```
151
coercive leadership
DO AS I SAY. demands immediate compliance
used when need for a turn around is needed STAT
overall negative
152
authoritative
come with me.
motivates ppl toward a vision
overall positive
153
affiliative
creates harmony and builds bonds.
| says people come first
154
democratic
forges consensus through participation. what do you think?
155
pace setting.
do as i do now
| sets high standards for performance
156
coaching
develops ppl for the future
| "try this"
157
which leadership has most positive on work climate
authoritative
158
which leadership style has most negative impact on climate
coercive
159
robbery
someone takes something of value directly from someone else
160
burglary
illegaly entering a building with the intent to steal
161
whos responsible in a pharmacy
pharmacist and supervising pharmacist
162
what percentage of theft in pharmacies occur from employees
60%
