My Cards Flashcards
(192 cards)
1
Q
Onboarding with EASE- what does it stand for?
A
E- Encouragement (increases confidence)
A- Align (align team members)
S- Solve (potential problems)
E-End (end distractions)
2
Q
What % of hospital budget is reasonable for training?
A
1-2%
3
Q
70/20/10 Learning and Development Model
A
70 on the job, 20 coaching and 10 courses, lectures and formal training
4
Q
How long should training sessions be?
A
No more than 20 min
5
Q
What constitutes an emergency?
A
When no doctor is available immediately and one must be pulled from another client
6
Q
How long should you keep time off requests?
A
As long as you keep employee file
7
Q
When a doctor uses two exam rooms simultaneously is called:
A
High density scheduling
8
Q
What are SMART goals?
A
Specific Measurable Agreed Realistic Time-Bound
9
Q
Corrective Action using ABCDEF formula - what does it stand for?
A
Awareness, Behavior expectations, consequences, Decision confirmed, Employee involvement, Follow up
10
Q
What are the top 3 causes of conflict in a practice?
A
Gossip, lack of training, lack of communication
11
Q
HSA -What’s it stand for and who owns it?
A
Health Savings Account - Employee owns it
12
Q
FSA - what’s it stand for and who owns it?
A
Flexible Spending Account - employer owns it
13
Q
DEA
A
Drug Enforcement Agency
14
Q
CSA
A
Controlled Substances Act
15
Q
FDA
A
Food and Drug Administration
16
Q
OSHA
A
Occupations Safety and Health Administration
17
Q
OSHA Form 300
A
Log of work related injuries and illnesses
18
Q
OSHA Form 301
A
Injury or Illness report - fill out within 7 days
19
Q
OSHA Form 300A
A
Summary report of all illnesses and injuries from prior year, post Feb 1-April 30 of following year
20
Q
What is the formula for calculating the cost of a service?
A
Cost of Service = ((Fixed costs/minute + Staff costs/minute) X (Length of procedure in staff minutes)) + ((DVM costs/minute) X (length of procedure in DVM minutes)) + (direct costs X 2) + Profit
21
Q
What do you multiply by the sum of fixed costs and staff costs to calculate first part of the cost of service?
A
Length of procedure in staff minutes
22
Q
What costs are included in the calculation of service costs?
A
- Fixed costs
- Staff costs
- DVM costs
- Direct costs
- Profit
23
Q
In the cost of service formula, what does ‘DVM costs/minute’ refer to?
A
Costs associated with the DVM for each minute of the procedure
24
Q
What is the purpose of multiplying direct costs by 2 in the cost of service formula?
A
To account for hidden inventory or additional expenses or mark-up
25
Formula short cut
(Fixed+ Staff X minutes) + (DVM X minutes) + (direct costs x 2+ profit)
26
True or False: The cost of service formula includes profit as a separate component.
True
27
What are fixed costs per minute?
Fixed costs per minute are determined from the P&L along with the number of billable minutes the hospital is open.
## Footnote
Fixed costs include administrative, facility, and DVM when paid on salary.
28
How many minutes is a practice open in a day if it is open 10 hours?
600 minutes per day
## Footnote
This is calculated as 10 hours multiplied by 60 minutes.
29
Calculate the total number of minutes a practice is open in a week if it operates 5 days.
3000 minutes per week
## Footnote
This is calculated as 600 minutes per day multiplied by 5 days a week.
30
What is the total number of minutes a practice is open in a month if 8-6 M-F?
12,000 minutes per month
## Footnote
This figure is derived by multiplying 3000 minutes per week by 4 weeks per month.
31
How do you calculate the fixed costs per minute?
Fixed costs- facility, admin and DVM if salary, divided by minutes open per month
This calculation provides the fixed cost per minute based on total fixed costs and total billable minutes.
32
How are staff costs per minute calculated?
All non DVM staff costs divided by the billable minutes the practice is open, multiplied by the number of non DVM staff members to complete the procedure, along with the number of minutes it takes to complete the task.
33
How are DVM costs per minute calculated?
Pull DVM wages from P&L, divide by number of minutes open. If you want costs per treatment, multiply by number of minutes on procedure
34
Which of the following statements are true about staff meetings: multiple choice
a. Appointing staff members to present topics during the staff meeting helps to develop leadership skills and a sense of pride among the staff?
B. A skilled facilitator can turn a gripe session into a positive, problem solving meeting
C. Meetings that begin with praise for accomplishments of team members or successful hospital initiatives will always end on a positive note
D. It’s not necessary to share the agenda ahead of time as how as notes from the meeting are shared after the meeting
A & B
35
True or False - Raises should always be tied to performance reviews to protect the practice against unemployment claims
False
36
What are the three most common types of performance reviews? Multiple Choice
A Behaviorally Anchored Ratings Scales
B. 360 Peer Review
C. Management by Objectives
D. Self Review
E. Job Satisfaction Survey
B, D, E
37
What is the best time frame for addressing conflict in the practice?
A. Immediately
B. within 24 hours
C. Within 2-3 days
D. No later than 7 days after discovering conflict
A
38
Which of these is not an example of grounds for immediate termination?
A. Insubordination
B. Time card Violation
C. Improper use of PPE
D. An employee performing poorly due to a death in the family
D
39
What is the ideal ratio if staff to veterinarians that allows the hospital to leverage veterinarians to perform tasks it takes a DVM degree to perform?
A. 4.2 to 1
B. 3 to 1
C. 3.4 to 1
D. 4 to 1
A
40
Which of these interviewing mistakes refers to allowing a candidate’s good qualities to overshadow the challenges they present as a candidate?
A. Prejudice and Stereotypes
B. Leading Questions
C. Halo Effect
D. Armchair Psychology
C
41
When must OSHA Safety Training be completed for each new hire?
A. Within the first 72 hours of employment
B. By the end of the first day of employment
C. Before the new employee is released from onboarding to train with the team
D. Annually
C
42
Which question is permissible to ask during pre-employment screening:
A. In the past 7. Years, have you ever knowingly used any narcotics, amphetamines, or barbiturates, other than those prescribed to you by a physician?
B. Within the past 5 years, have you ever been convicted of a felony, or a misdemeanor in the last 2 years, or are you presently charged?
C. Within the past 3 years, have you ever been convicted of a felony or misdemeanor or are you presently charged?
B.
43
When it comes to scheduled drugs, drugs with the highest potential for abuse and the lowest potential for accepted medical use fall under schedule __”
A. I
B. II
C. III
D. IV
E. V
A. I
44
Which agencies have a role in the rescheduling of a drug, in bringing in an unscheduled drug to control, or removing controls on a drug? (Multiple choice)
A. USDA
B. OSHA
C. DEA
D. CSA
E. Attorney General
C & E
45
Drugs that contain unsanitary components, lack adequate control in manufacturing, differ in strength from official compendium, or that are mixed with another substance are known as _________.”
A. Adulterated Drugs
B. Controlled Drugs
C. Misbranded Drugs
D. Legend Drugs
E. Compounded Drugs
A. Adulterated
46
Which of these is not a requirement for prescription drug labels:
A. The inclusion of the statement “Caution: Federal law restricts this drug to use by or on the order of a licensed veterinarian”
B. The inclusion of the statement “For sale only to licensed veterinarians”
C. The label must include the recommended dose and route of administration.
D. The quantities or proportion of each active ingredient
E. The names of all inactive ingredients if drug is for non-oral use
F. And the identifying lot or control number from which it is possible to determine the complete manufacturing history of the drug
B.
47
______ occurs when you know the ethically appropriate action to take but you are unable to do so, or you act in a manner that does not agree with your own personal and professional values:
A. Ethics Exhaustion
B. Moral Distress
C. Compassion Fatigue
D. Emotional Distress
B. Moral Distress
48
If a driver hits a loose dog with their car and brings the dog into your practice, does your veterinarian have a legal responsibility to stabilize that patient or euthanize to relieve suffering since the owner is unknown and a veterinary client patient relationship has not been established?
Yes or No?
No (But an ethically responsibility can be argued)
49
Having a client sign off on a surgical consent form is adequate proof of informed consent in a court of law? True or False?
False
50
Which of the following are among the most common complaints to the board of veterinary medicine? (multiple choice)
A. Cost of treatment
B. Unsatisfactory experience
C. Lack of communication
D. Unexpected death
E. Record keeping
F. Termination of VCPR by the veterinarian
B, C, D and E
51
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 and a lawsuit what supports this theory?
A duty negligence
B contributory, negligence
C negligent forbearance
B
52
Section _____ is the part of the IRS code that allows employees to pay some health care premiums as a pre-tax basis, which reduces the employee’s total taxable income.
A. 125
B. 401
C. 300
D. 529
A. 125
53
Which of the following health care plans operate with a “use it or lose it” rule at the end of the years?
A HSA
B FSA
C. IRA
D. COBRA
B. FSA
54
The Employment Retirement Income Security Act (ERISA) of 1974 is enforced by:
A. The Dept of Treasury
B. The EEOC
C. The Dept of Labor
D. The Dept of Health and Human Services
C. The Dept of Labor
55
How much should a practice budget for CE on an annual basis?
A. 1%
B. 2%
C. 3%
D. 5%
D. 5%
56
The ____ form should be stored separately from the employee’s other files:
A. W2
B. W4
C. I9
D. 1099
C I9
57
How long should records of job related injuries be kept?
A. 7 years
B. 3 years
C. 5 years
D. 30 years
C 5 years
58
According to the AVMA, what is the average net profit of a general practice in a given year?
A. 20%
B. 10-12%
C. 12-15%
D. 15-20%
B. 10-12%
59
Doctors on salary, utilities, medical insurance and rent are all examples of what kind of expense?
A. Fixed
B. Variable
C. Average
A. Fixed
60
Financial reports should be generated and analyzed within ____ business days after the end of the month.
A. 30
B. 1-5
C. 5-10
D. 20
C. 5-10
61
Which payroll schedule offers 24 pay periods per year?
A. Bimonthly
B. Biweekly
C. Biannual
A. Bimonthly
62
More than ___ % of gross revenue is lost to embezzlement in small business annually
A. 7%
B. 3%
C. 5%
D. 9%
C. 5%
63
In the budgeting process, normalizing the hospital expenses refers to: Multiple choice:
A. Looking back at the past 3 years of revenue and expenses
B. Projecting the next 3 years of revenue and expenses
C. Removing any large one off expenses from a year’s expenses
D. Averaging the last 3 years expenses
B & C
64
Which of these is the correct formula for measuring profit?
A. Profit divided by revenue
B. (Expense divided by gross revenue) x 100
C. Revenue minus expenses
C
65
When budgeting for a start up practice, it is recommended to use the ___ percentile of industry benchmarks
A. 25th
B. 20th
C. 15th
D. 30th
A. 25th
66
When comparing revenue and expenses, is it more valuable to determine the % change or the dollar amount change year over year?
A. % change
B. Dollar amount
A. % change
67
When it comes to marketing, the A in SMART
Goals stands for
A. Agreed
B. Attainable
C. Agreeable
D. Achievable
D
68
How many visit per year per client is a good metric to compare your practice’s performance with?
A. 2
B. 4
C. 10
D. 12
C. 10
69
What is the target budget to allocate for advertising retail products?
A. 4-5%
B. 2%
C. 1-3%
D. 3-4%
C. 1-3%
70
Which is not one of the 6 Cs of Client Relationship Management?
a. Consistency
B. Compassion
C. Care
D. Customer Service
E. Cost
F. Competence
C. Care
71
1) Veterinary Staff Ratio, Veterinary Production, Team
Member Production, and Staff Payroll Percentages are 4
of the Key Factors involved in considering when to hire,
what is the 5th Key Factor?
a. Percent of gross profit increase per quarter.
b. Liabilities as a percent of gross.
c. Square footage of building per DVM.
d. Hospital work flow.
D . Hospital work flow
72
_refers to the degree to which
the test actually measures what it claims to measure.
a. Validity
b. Tenability
c. Reliability
A. Validity
73
When should a pre-adverse action letter be used?
a. When considering not hiring a candidate due to details revealed in a pre-employment background check.
b. To advise a candidate they will not be hired due to details revealed in the pre-employment background check.
c. To request further detail/clarification on the candidate from the background investigation company when considering not hiring a candidate due to details on the initial background check.
A
74
When it comes to enhancing employee productivity, which of the below answers is NOT one of the suggestions?
a. Engage and Empower.
b. Personal Focus.
c. Accountability and Acceptance
d. Performance Standards
C.
75
When it comes to Individual Development Plans; what are the three main details that should be addressed?
a. Coaching, Training, Accountability.
b. Coaching, Training, Career Development
c. Development, Training, Career Management.
C.
76
On-board with EASE stands for Encouragement, Align, Solve, and
a. Elevate
b. End
c. Endorse
d. Embrace
B. End
77
A doctor is using 2 exam rooms simultaneously for appointments, what type of scheduling is this considered?
a. Ten Minute Flex
b. High Density
c. Concurrent
B. High Density
78
Regarding the practice client schedule; what is the definition of an emergency?
a. Where no doctor is immediately available, and one must be pulled from another client.
b. When the patient is triaged and determined to take priority over other patients.
c. Where the client arrives without an appointment for a legitimate patient concern.
A. Where no doctor is immediately available and one must be pulled from another client
79
Your practice has decided that they want clients to bond with the entire practice, what are the risks associated with that Bonding Philosophy (multiple Choice)?
a. The clients may not like all the doctors
b. Lack of continuity of patient care.
c. Doctors find it an unrewarding way to practice.
A & B
80
When empowering a team member, it is important to define the task/tasks with clarity. Which part of the SMART System will do that?
a. Specific
b. Agreed
c. Realistic
A. Specific
81
When it comes to management of daily work assignments
and
are the keys to a
successful veterinary practice.
a. Delegation and Instruction.
b. Delegation and Empowerment.
c. Delegation and Responsibility.
B. Delegation & Empowerment
82
The Benefits of Cross-Training include (Multiple choice);
a. Employee knowledge of the practice as a whole, and the roles of others in the practice, grows.
b. When team members are ill or absent, client service and wait times do not have to decline.
c. Places another level of employee accountability into the system, helping to reduce the occurrence of fraud and theft.
All of the above
83
True or False - Staff meetings are a good way to create team bonding and introduce new policies or products, but they rarely show a financial return on investment.
a. True
b. False
False
84
What are some ways to engage team members at a staff meeting? (Multiple choice)
a. Publicly praise work well done and celebrate successes
b. Do not allow meetings to turn into gripe sessions
c. Share important information, changes and progress towards goals so that people want to be at the meeting and not miss out on the announcements
d. Learning games or ice breaker exercises
All of the above
85
Training meetings should be 20 - 40 minutes long for attendees to remain engaged.
a. True
b. False
B. False (should be less than 20 mins max)
86
Employee Performance Reviews should include (multiple choice);
a. Conversations about wage and compensation structure.
b. Clarity about goals and direction
c. Addressing team member accomplishments
d. Address concerns over policy and procedures
B, C, D
87
One potential employee performance review pitfall is
a. Managements pre-conceived ideas or expectations.
b. Measuring the trivial.
c. Not giving the employee all the time they need to discuss their concerns.
B
88
Which element below is NOT included in the A B C D E F Formula?
a. Accountability
b. Decision Confirmed
c. Consequences
A. Accountability
89
Avoidance of the other person(s), personal attacks, hurtful gossip, barbed humor and lack of cooperation are all potential symptoms of what dynamic within your practice?
a. Vague guidelines/policies regarding conflict resolution.
b. Symptoms of conflict within the practice.
c. Lack of accountability and leadership.
B. Symptoms of conflict within the practice
90
What are the top 3 that cause conflict in the workplace environment?
a. Gossip, lack of training, lack of communication.
b. Lack of diversity, lack of training, lack of accountability.
c. Lack of communication, lack of training, lack of accountability.
A. Gossip, lack of training, lack of communication
91
After meeting with two team members who are experiencing conflict and you have told them that you have confidence in them to find a solution, how much time do you give them before you meet again to hear their solution ?
a. One week.
b. One or two days.
c. By the end of the day.
B. One or two days
92
In what type of employment relationship can an employee only be disciplined or terminated for a sufficient reason (some examples are misconduct, negligence or theft)?
a. Justified action.
b. Just grounds.
c. Just cause.
C. Just cause
93
Do not misrepresent the qualifications or character of a former employee if you have knowledge of that employee's propensity for violence, or illegal behavior in order to avoid liability claims of
a.Negligent referral.
b. Derelict referral.
c. Adverse referral.
A Negligent referral
94
An employment contract that details a specific length of employment is an exception to At Will employment. True or False?
True
95
Which plans are a blend of Fee For Service and HMO medical plans? They do not require a visit to a primary care provider prior to visiting a specialist, although they do have a network of preferred providers and it is more costly to go outside that network.
a. Point of service plan.
b. Managed care plan.
c. Preferred provider organization plan.
C. Preferred Provider Organization PPO
96
Which addition to medical insurance is owned by the employer?
a. Health Savings Account
b. Flexible Spending Account
B. Flex Spend
97
The Patient Protection and Affordable Care Act requires employers with
or more employees to provide group medical insurance or receive
a penalty.
a. 20 full time employees.
b. 50 full time employees
c. 50 total (part time/full time) employees.
B. 50 full time employees
98
Why are employee medical documents stored separately from their main personnel file?
a. While it is sometimes appropriate or necessary for a direct supervisor to see some personnel records, there is rarely a reason for them to see medical records.
b. The ADA and FMLA require that medical records be stored separately.
c. Both A & B
d. Neither A or B
Both A & B
99
Employee Wage Garnishment Orders and Credit Reports are to be filed
a. With the payroll records.
b. With the main employment records.
c. Either location is acceptable.
d. Neither location is acceptable
D. Neither location is acceptable
100
Which entity or entities require employers to keep detailed payroll and benefits data? Access should be limited and ideally stored separately (Multiple Choice).
a. The Internal Revenue Code
b. Fair Labor Standards Act
c. Equal Employment Opportunity Commission.
d. All the above.
A & B
101
At the core of any safety plan or manual is the
a. OSHA Act
b. Workplace Safety and Health
c. Right to Know
C. Right to Know
102
A section on Chemotherapy should be included in every veterinary Health Safety Manual regardless of whether that practice performs chemotherapy. True or False?
a. True
b. False
True
103
One way to begin to create an Operations and Procedure Manual is to refer to the
of the practice.
a. Job descriptions.
b. Tasks check lists.
c. Health safety manual.
A. Job Descriptions
104
When lending a controlled drug to another practitioner, what step is unnecessary for schedule Ill, IV and V drugs, that is necessary for schedule lI drugs?
a. Using the DEA 222 form. Copy 3 of the form stays with the veterinarian who received the drug. Copy 1 stays with the registered practitioner supplying the drug. Copy 2 is sent to the DEA.
b. It is illegal to lend a schedule Il drug
c. Using the DEA 222 form, although both the receiving DVM and supplying DVM should log copies, no copy needs to be sent to the DEA.
A.
105
True or False: Veterinarians who work at one or more location may administer, dispense, and prescribe controlled drugs provided they have a current DEA registration at a central place of business.
False False. A veterinarian may prescribe controlled drugs if they are registered at some principal place of business. To administer or dispense they must be classified as an employee of a registrant, or they must register at each facility where they are employed
106
Under what circumstances can a DVM dispense an adulterated drug?
a. When all ingredients are FDA/CVM approved.
b. Under no circumstances.
c. As long as there are no more than two drugs combined and both are FDA/CVM approved.
B
107
Regarding a DEA inspection, what can the inspector copy without the consent of the practice owner or representative?
a. All records and reports involving controlled drugs.
b. All records, reports, and financial information regarding controlled drugs.
c. They cannot copy any documents without consent.
A
108
The AVMA Principles of Veterinary Medical Ethics is an example of what branch of ethics?
a. Descriptive
b. Official
c. Administrative
d. Normative
B Official
109
What is the process for making changes to Veterinary Practice Act laws?
a. Only a unanimous vote of the state's veterinary medical associations board members.
b. Proposed changes must be submitted to the House and Senate and ultimate signed into law by the Governor.
c. Through a lengthy process that includes introduction of the proposed changes, membership time for rebuttal, and eventually voting opportunities for all members.
B.
110
(Multiple Choice) In regards to Unjust Enrichment - the legal system will look for which of the following elements before considering applying the law to a situation:
a. The more emergent the animal's needs are the more leeway exists to provide the emergency medical care.
b. The veterinarian attempted to reach the owner prior to medical care.
c. The extent of the emergency care required to stabilize the patient was reasonable.
All of the above
111
What is the first A - in the 4 As to Rise above Moral Distress?
a. Analyze
b. Assess
C. Ask
d. Appraise
C. Ask
112
A clear statement of agreement to the terms offered is called a what?
a. Express Acceptance
b. Implied Acceptance
A. Express Acceptance
113
In a Covenant not to Compete the scope of activity is generally restricted and includes a time limitation and geographic restraint.
a. True
b. False
True
114
What laws involve a person who has been authorized to act on behalf of another?
a. Law of Authority
b. Law of Agency
c. Law of Power of Attorney
B. Law of Agency
115
What is the sneaky 4th element of a contract?
a. Contract final agreement.
b. Intent to contract
c. Agreement to complete
B. Intent to contract
116
Regarding financial statements which is more detailed and provides the greatest
level of assurance?
a. Compiled
b. Audited
c. Reviewed
B. Audited
117
As it relates to tax planning, what is Safe Harbor?
a. A system of calculating this year's projected tax based off of last year's tax.
b. A system created by the IRS that will hold businesses harmless for low level tax miscalculation.
c. Safe Harbor refers to retirement vesting schedules and income tax deferral.
A
118
A liaison is a broad term that refers to the person who maintains communications with any other entity involved with the business of running the practice.
a. True
b. False
True
119
How many diseases are currently known to be zoonotic?
a. 780.
b. 1,400
с. 4,200
d. Over 5,000
B. 1400
120
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
C. Risk Assessment
121
In 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
B. Contributory negligence
122
According to the Fair Labor Standards Act if a relief veterinarian has a set schedule with your practice but also continues to provide random relief shifts
for other practices, are they considered an independent contractor?
a. Yes
b. No, they are not because of the set schedule.
B. No they are not because of the set schedule
123
When it comes to the employment of minors, which age group can only work
3 hours per day during school days and 8 hours a day on non-school days?
They also cannot begin work prior to 7 am.
a. 14 - 15-year-olds.
b. 14 - 16-year-olds.
c. Any employee under 17 years of age.
A. 14-15
124
_______ occurs when submission to or rejection of unwelcome
sexual conduct is used as the basis of employment decisions affecting the
individual (applies to protected classes as much as it does gender)
a. Equal Exchange Burden
b. Quid Pro Quo
c. Tit for Tat
B. Quid Pro Quo
125
Who enforces the federal laws prohibiting employment discrimination?
a. The Fair Labor Standards Act.
b. The Civil Rights Act
c. The Equal Employment Opportunity Commission.
C. EEOC
126
In most states The Principles of Veterinary Medical Ethics of the AVMA can actually be enforced by law.
a. True
b. False
False
127
Client confidentiality is a critical part of our profession, with that in mind, when is it considered acceptable for a member of the practice to take client lists and information with them when departing?
a. Never.
b. When they maintain "relief DVM" relationship with the practice.
c. It depends on what the agreement was with the practice.
C.
128
Does the VHMA have a Code of Ethics?
a. Yes.
b. No.
Yes
129
Which of the following are NOT acceptable contacts for employees to discuss client or patient confidences?
a. The client's agent.
b. A concerned co-worker.
c. Co-workers involved in that patient's care.
B. A concerned worker
130
What is considered more accurate, cash-based accounting or accrual-based accounting?
a. Cash Based.
b. Accrual Based.
B. Accrual
131
Which financial statement is considered the most important for small business?
a. Cash Flow Statement
b. Balance Sheet
c. Profit and Loss Statement
C. Profit and Loss Statement
132
Is staff payroll considered a fixed or variable expense?
a. Variable
b. Fixed
A . Variable
133
The Federal Insurance Contribution Act — or FICA is a payroll tax that is paid by the employer or employee?
a. Both employer and employee
b. Employer
c. Employee
A. Both Employer and employee
134
Which payroll tax is paid by employers only and only on the first $7,000 of an employee's earnings?
a. State Unemployment Tax Act (SUTA)
b. Federal Unemployment Tax Act (FUTA)
c. Workers Compensation Tax.
B. FUTA
135
What is an Employer Identification Number (EIN)?
a. It is a number assigned by the Federal Trade Commission in order for the IRS to track revenue earned and taxes paid on that revenue.
b. It is a business identification number assigned by the IRS to identify tax accounts of employers.
c. It is a federally required identification number assigned by the IRS for purposes of tracking the federal taxes on business earnings.
②
图
VHMA
B
136
AR that are over % need intervention to get the entire team to follow an AR policy.
a. 2%
b. 3%
с. 4%
d. 5%
B. 3%
137
Which Act prohibits placing "delinquent account" stickers on the outside of an envelope when mailing statements to clients?
a. The Fair Debt Collections Practices Act
b. The Consumer Protection Act
c. The Consumer Confidentiality Act
A. The Fair Debt Collections Practices Act
138
What does the accounts receivable turnover calculation tell us (Multiple Choice)?
a. The fiscal health of the practice as it relates to accounts receivable as a percentage of gross revenue.
b. How many times the accounts receivable balance is converted into cash.
c. The ratio shows how efficient a company is at collecting its credit sales from
customers.
B & C
139
Expansion, prosperity, contraction, and recession are the four stages of
a. The budget process.
b. The business cycle.
c. Exit strategy awareness.
d. Business valuation timing.
B. The business cycle
140
What are two ways of normalizing revenue and expenses when creating a budget (Multiple Choice)?
a) Remove any non-recurring items from the previous year.
b) Combine the last 3 years as an average.
c) Combine annual budget totals and divide by 12 to normalize anticipated
monthly expenses.
A & B
141
Which metrics below are important considerations when creating a budget
(Multiple choice)?
a. Last three years Profit and Loss and Productivity Statements.
b. All lease and loan documents.
c. Fee schedule.
d. List of operational changes expected in the next few years and their potential effect on revenue and/or expenses (new services, expansion, etc.).
e. List of major capital
All of the above
142
In regard to creating a Credit Policy, what are the two sub policies that you should begin with (Multiple Choice)?
a. Client Credit Policy
b. Client Charge Policy
c. Charge Account Policy
A & C
143
What elements should be included in the Charge Account Policy for the practice (Multiple Choice)?
a. The pre-qualification procedures for a client of unknown standing.
b. The process for flagging a pre-qualified client in your practice management system.
c. Acceptable forms of payment as well as storage of credit card numbers to be used as a backup guarantee the client agrees to at signing.
d. Total invoice amount a client can charge without additional approval of management/ ownership.
A, B & D
144
A list of procedures to use when considering ways of extending credit to clients includes creating ranges of available credit amounts based on the client's longevity with the practice.
a. True
b. False
False
145
What is the Consumer Price Index?
a. A list or index of prices used to measure the change in the cost of basic goods and services.
b. An index report of goods and services used to track consumer spending trends for purposes of determining price points in business.
c. An index of consumable goods created by the Bureau of Labor Statistics that helps establish economic trends in business.
A
146
2) The Consumer Price Index can be instrumental in determining the cost of living increase for a variety of expenses associated with running a veterinary practice.
a. True
b. False.
A. True
147
In relation to Fee Analysis; which of the following elements should be included in the calculation (Multiple Choice)?
a. Variable cost per minute.
b. Staff cost per minute.
c. Veterinary cost per minute.
d. Fixed cost per minute
B, C, D
148
Marsha Heinke DVM states ____ % of practices have been victims of fraud or embezzlement.
a. 80%
b. 67.8%
с. 49.8%
B
149
It is recommended that practices do not prosecute confirmed cases of embezzlement unless the loss is determined to be greater than $2,000.
a. True
b. False
False
150
What entity may be a good resource for the practice in the event embezzlement is suspected?
a. The Federal Trade Commission
b. Your Insurance Carrier
c. Business Protection Agency
d. All the above
B. Your insurance carrier
151
What are the Four Ps of Marketing?
a. Product, profit, promotion, place.
b. Product, price, promotion, place.
c. Product, preparation, price, place.
B. Product, Price, Promotion & Place
152
What is a reasonable beginning goal for number of transactions per
year per doctor?
a. 5000
b. 5500
с. 7000
A . 5000
153
What Net to New Clients ratio indicates healthy growth of the practice?
a. 6:1
b. 8:1
c. 10:1
A. 6:1
154
_____ is a proactive process of gathering
data about client preferences and activities to better target their
services and products to client needs.
a. Customer Experience Management
b. Customer Relation Management
c. Customer Preservation
B. Customer Relation Management
155
The goal should be to retain ___ % -___%of clients over a 3 year
a. 85% - 90%
b. 65% - 75%
с. 70% - 75%
C. 70-75%
156
Each client who presents to the practice should be scheduled for at least one of the 3 follow-up events so that the practice automatically contacts each client In the future.
a. Recall, reappointment, reminder
b. Recall, reminder, recheck
c. Reminder, reappointment, referral
A. Recall, reappointment, reminder
157
Clients retain only ____% of what they hear:
A. 20%
B. 25%
C. 15%
A. 20%
158
The average person needs to hear about a product or service around
_times before they purchase it.
a. 10
b. 5
c. 7
B. 5
159
Client reference and education materials should always be branded with the mission of the practice.
a. True
b. False
False
160
According to Practice Made Perfect; applying Pareto's 80/20 rule to inventory helps in
a. Making organizational decisions about inventory.
b. Prioritizing inventory time investment.
c. Creating a marketing strategy regarding inventory.
d. Making budget decisions regarding inventory.
B.
161
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. Monthly
162
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 & C
163
The Tax Act of 2003 provided what increased benefits to small business owners
(Multiple Choice);
a) Significantly increased the amount of eligible property that can be written off
in the first year.
b) Gave an additional deduction of 50% of the remaining balance of the equipment purchased that is above the $139,000.
The remainder of the purchases can also be depreciated on a straight-line depreciation schedule.
A, B, & C - all of the above
164
Practices should plan to reinvest around _% of gross revenue for replacing or acquiring equipment annually.
a. 5%
b. 3%
c. 1%
1%
165
Is the digital radiography unit in your practice considered Capital Inventory?
a. If it is valued at $1,500 or higher.
b. If it is valued at $15,000 or higher.
c. Yes, if it is in useable condition.
C. Yes if it is in useable condition
166
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.
All of the above
167
2. The state Veterinary Practice Act defines minimum medical record documentation for each state. What other entity(s) define minimal requirements of veterinary medical records?
a. The AVMA Principles 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 (American
Animal Hospital Association)
C.
168
The most common medical record format is;
a. Problem Oriented Medical Record (POMR)
b. Source Oriented Medical Records (SOMR)
B. Problem Oriented Medical Record-POMR
169
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.
a. True
b. False
True
170
Hardware and software are both examples of Information Systems.
a. True
b. False
True
171
Ideally no less than ___ of an on-site training should accompany any major software conversion.
a. 2 days
b. 1 day
c. ½ day
C. 1/2 day
172
Which of the four phases of Strategic Planning is focused on how the practice will get from point A (now) to point B (the future)?
a. Formulation.
b. Development.
c. Implementation.
d. Evaluation.
B. Development
173
Leadership Fatigue can be experienced by both owners and managers and usually results from a 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 this dynamic?
a. Organizational Development.
b. Organizational Design.
c. Organizational Learning.
B. Organizational Design
174
How long can it take to prepare a team member for a leadership position?
a. 6 - 12 months.
b. 12 - 24 months.
c. 12 - 36 months.
d. 24 - 36 months.
C. 12-36 months
175
What are the 5 Key Factors involved in considering when to hire veterinary staff?
Veterinary Staff Ratio, Veterinary Production, Team Member Production, and Staff Payroll Percentages, Hospital Work Flow
176
When it comes to the decision to offer retail goods as a revenue center, the decision will depend entirely on three key characteristics of the practice. Those characteristics are Image, Space and what else?
A. Budget
B. Vision
C. Brand
D. Market Segmentation
B. Vision
177
There are four basic groups for tracking expenses including personnel, variable/COGS, and Fixed/Administration. What is the fourth group?
A. Occupancy/Facility
B. Short term/long term liabilities
C. DVM Commission
D. Interest expense
A. Occupancy/Facility
178
Which management training technique yields a high success rate?
A. Role playing method
B. The showing method
C. The discussion technique
D. The telling method
A. The role playing method
179
Which statement is true regarding the marketing benefits of a practice participating in community service and community activities?
A. it accounts for all of the goodwill necessary in a marketing plan
B. It meets all of the practice’s external marketing needs
C. It provides a blend of external marketing, client education and advertising
D. It meets 50% of the marketing budget for advertising
C - provides a bled of external marketing, client education and advertising
180
In relation to the Federal Unemployment Tax Act, why should a practice manager maintain excellent employee records for employees who quit?
A. Because high number of claims will only trigger an audit of the records
B. Because it is often the managers responsibility to refute unjustified unemployment claims
C. Because the law requires that the records be kept for five years from the last date of employment
D. Because it is part of a manager’s job duties
B
181
What is an internal control system?
A. The system designed to oversee the income ad accounts receivable of the business
B. A system designed for safeguarding the assets within the business
C. The system designed to oversee the expenses paid out of the business
D. A system designed to keep track of fall equipment within the business
B
182
When expenses are stated as a percentage of gross revenue it is called what?
A. Relative Expense
B. Common Sizing
C. Normative Sizing
D. Normative expense
B. Common Sizing
183
Which Act was passed by Congress regarding extra-label drug use that was aimed to alleviate some of the barriers veterinarians faced when they must prescribe human drugs for patients and when they must use a drug that was not approved for a particular species of patient?
A. The Animal Medical Drug Clarification Act
B. The Medical and Therapeutic Dispensing Act
C. The Animal Medicinal Dispensation Act
D. The Pharmaceutical Adaptation Act
A
184
When a doctor delegates laboratory test to a skilled technician, what is being increased?
A. The Doctor’s productivity
B. Confidence and teamwork in the doctor
C. Repetition and Skill in the technician
D. The use of trained technicians
A. The doctor’s productivity
185
The key in business continuity for veterinary practices is having a well-conceived, fully communicated business contingency plan that addresses which four areas?
A. Insurance processing, disaster relief accommodations, staff preparedness, and financing options
B. Insurance reporting, claims, replacement, and documentation
C. Mitigation, preparation, response and recovery
D. Mitigation, preparation, execution and documentation
C
186
Which of the elements below are NOT one of the six steps in budgeting?
A. Combining budgeted revenue and expenses and making adjustments
B. Comparison of the last three years expense as a percent of gross
C. Determining the desired results
D. Normalizing the revenue and expense
B
187
Sending a copy of a pet’s lab results to the owner provides which benefit?
A. Documentation beyond the patient record
B. Thorough treatment protocols
C. External marketing
D. Internal marketing
D.
188
What is another name for the Hazard Chemical Standard (HCS)?
A. Material Data Safety Standard
B. Right to know law
C. Chemical Safety Standard
D. Hazardous Chemical Safety Plan
B. Right to Know law
189
What is customer experience management (CEM)?
A. A plan for reputation management in marketing strategy
B. A process of gathering data about client preferences
C. A planned survey process for client satisfaction
D. A process of creating an experience that is positive and memorable
D
190
When team members suspect that a co-worker has problems with drugs or alcohol and choose to become involved in encouraging a lifestyle change, an intervention is the first step. What are the four steps of drug intervention?
A. Thorough planning, private setting, pre-planned boundaries, specific timeframe
B. Involve an addition professional, be specific, create a goal and a results documented timeline, maintain professional boundaries
C. Time the interview for when the addict is not impaired, be specific, state the consequences, listen
D. Have more than one supervisor/manager present, have pre-determined scripts to avoid personal tangents, hold the intervention in a confidential manner and location, have management seated closest to the doorway
C
191
What metric does the following formula calculate? Practice profit/practice revenue?
A. Net Profit Margin
B. Gross Profit Margin
A. Net Profit Margin
192
Individual Development Plans are documents created by
A. The employee with input of their managers
B. The employees direct supervisor and the practice manager
C. The employee for use as a goal setting agreement with management
D. The employee’s direct supervisor or the practice manager when the employee’s performance is unacceptable and performance goals must be clarified and timelines for improvement must be agreed upon
A.
