Section 9 Poll Questions

Question 1

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

Answer 1

b. The business cycle

Question 2

What are two ways of normalizing revenue and expenses when creating a budget (multiple choice):
a. Removing any non-recurring items from the previous year
b. Combining the last 3 years as an average
c. Combine annual budget totals and divide by 12 to normalize anticipated monthly expenses

Answer 2

a. Remove any non-recurring items from the previous year
b. Combine the last 3 years as an average

Question 3

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

Answer 3

All of the above

Question 4

In regards 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

Answer 4

a. Client Credit Policy
c. Charge Account Policy

Question 5

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.

Answer 5

A , B & D

Question 6

A list of procedures to use when considering ways of extending credit to clients included creating ranges of available credit amounts based on the clients longevity with the practice. True or False?

Answer 6

False

Question 7

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.

Answer 7

a. A list or index of prices used to measure the change in the cost of basic goods and services.

Question 8

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. True or False?

Answer 8

True

Question 9

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

Answer 9

b. Staff cost per minute
c. Veterinary cost per minute
d. Fixed cost per minute

Question 10

Marsh Heinke DVM states _____% of practices have been victims of fraud or embezzlement.
a. 80%
b. 67.8%
d. 49.8%

Answer 10

b. 67.8%

Question 11

It is recommended that practices do not prosecute confirmed cases of embezzlement unless the lost is determined to be greater than $2,000. True or False?

Answer 11

False

Question 12

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

Answer 12

b. Your Insurance Carrier