Session 11 Poll Questions Flashcards
(15 cards)
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. Since 20% of our products bring in 80% of our product revenue, we should concentrate the lion’s share of our efforts on that top 20%.
c. Creating a marketing strategy regarding inventory.
d. Making budget decisions regarding inventory.
b. Prioritizing inventory time investment. Since 20% of our products bring in 80% of our product revenue, we should concentrate the lion’s share of our efforts on that top 20%.
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
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. The Inventory Receiver
c. The Inventory Documenter and Tracker
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.
c. The remainder of the purchases can also be depreciated on a straight line depreciation schedule.
All of the above
Practices should plan to reinvest around ____% of gross revenue for replacing or acquiring equipment annually.
a. 5%
b. 3%
c. 1%
c. 1%
Is the digital radiography unit in your practice considers 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.
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
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 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
a. The AVMA Principles of Veterinary Medical Ethics
The most common medical record format is:
a. Problem Oriented Medical Record (POMR)
B. Source Oriented Medical Records (SOMR)
a. Problem Oriented Medical Record (POMR)
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. True or False?
True
Hardware and software are both examples of Information Systems. True or False?
True
Ideally no less than _____ of on-site training should accompany any major software conversion.
a. 2 days
b. 1 day
c. 1/2 day
c. 1/2 day
Which of the four phases of Strategic Planning is focused on how the practice will get from point A (now) to point B (future)?
a. Formulation
b. Development
c. Implemenation
d. Evaluation
b. Development
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
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
