Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

19 FALL- Financial Management > Test 1 > Flashcards

Test 1 Flashcards

(82 cards)

Start Studying
1
Q

factors affecting the delivery of pharmacy goods and services

A
  1. patient demographics
  2. patient attitudes and belief systems
  3. third-party payers and coverage issues
  4. competitive markets
  5. technology
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

patient demographics

A

age, ethnic composition, education, economic status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

patient attitudes and belief

A

beliefs about disease, sick role, and taking meds, trust or lack of trust in the healthcare delivery system, direct-to-consumer advertising of prescription drugs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

third-party payers and coverage issues

A

complexity and differences among payers’ policies and formularies, limited access for some patients, patients’ lack of knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

competitive markets

A

diminished margins (lessening profits), increased diversity in the types of providers offering products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

technology

A

software, use of automated dispensing technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

accounting

A

recording financial transactions, preparing financial statements, analysis of profitability, determination of business strengths and weaknesses, computation of tax liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

finance

A

determine financial needs, identify sources of capital, develop operating budgets, invest profits, manage assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

economics

A

determine the optimal mix of labor and capital, determine optimal output, determine optimal hours business operation, determine levels of investment into risk management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

human resources management

A

conduct job analyses, hire personnel, orient and train personnel, appraise personnel performance, terminate employment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

marketing

A

identify and implement competitive advantages, identify target markets, implement and evaluate promotional strategies, select proper mix of merchandise, properly arrange and display merchandise and products, price goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

operations management

A

design workflow, control purchasing and inventory, perform continuous quality improvement initiatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

management

A

process which brings together resources and unites them in such a way that, collectively they achieve goals or objectives in the most efficient manner possible, organization and efficient utilization of resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

leader

A

ability to inspire and direct others. leader does not have to be a manager and a manager does not require acting as a leader

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

fayol’s five management functions

A

forcast and plan, organize, command, coordinate, control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

resources managers manage

A

money, people, time, materials, information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

levels of manager impact

A

individual (self), interpersonal (one person), organizational (groups of people)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

planning

A

predetermining a course of action based upon an organization’s goals and objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

organizing

A

arranging activities and resources necessary for the effective accomplishment of goals and/or objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

leading/directing

A

bringing about purposeful action to achieve the desired goals/objectives or outcomes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

controlling/evaluating

A

reviewing the progress that has been made toward the objectives that were set out in the plan, then making appropriate changes or effectively seeking remedy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

innovation

A

change where new ideas lead to radical breakthroughs that transform practice enivroments or incremental improvements in existing products, processes or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

entrepreneurship

A

practice of organizing, managing, and assuming the risk of business, creating a focused change in an organization’s social or economic potential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

key characteristics of entrepreneurship

A

creates its own corporate hierarchy, build own support network, locate and obtain resources for the new venture, faces personal financial risk, image and reputation must be created over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
intrapreneurship
works within an existing corporate hierarchy, has an existing support network, relies on existing organizational funds/resources, faces career risk, organization lends its name and reputation to venture
26
micro view of entrepreneuriship
focuses on internal characteristics associated with success (those within the actual control or direction of the entrepreneur)
27
Entrepreneurial traits:
achievement, creativity, determination, technical knowledge
28
Venture opportunity
seeking resources to obtain, develop, and implement products, processes, or services that are entirely novel or improvements of existing innovations
29
Strategic formulation:
planning for entrepreneurial effectiveness, involving leveraging specific resources to be used explicitly for entrepreneurial functions
30
Macro view of entrepreneurship
focuses on external components associated with entrepreneurial effectiveness (those beyond the immediate control or direction of the entrepreneur)
31
Environmental:
aspects of institutions including values and norms that create infrastructure from which the entrepreneur operates
32
Financial/capital:
analyzing and acquiring external monetary sources to fund entrepreneurial activity
33
Displacement:
an event or circumstance that is related to being prevented, redirected, or displaced from conducting activities may be a factor in the choice to be an entrepreneur
34
Four distinct events associated with effective entrepreneurial activities:
innovation, triggering events, implementation, and growth
35
Four distinct events associated with effective entrepreneurial activities influenced by
personal, sociological, organizational, and environmental factors.
36
Entrepreneurial Assessment Approach
Emphasizes the importance of making several assessments such as qualitative, quantitative, strategic, and ethical that inform the selection or implementation of entrepreneurial activities
37
methods to stimulate innovation within organizations
Feedback that motivates and promotes those who behave in an innovative manner, Continuous learning, studying, and facilitating open dialogue promotes skills development and identification of shortcomings in existing products, processes, and services within an organization, Candidness on the part of the leader or manager about actual issues, goals, and strategies
38
four categories of risk incurred by entrepreneurs
financial, career, social, physiological
39
financial entrepreneur risk
loss of personal funds or accumulation of debt that may be difficult to repay if the venture fails
40
career entrepreneur risk
venture failure may change standing within the industry or organization or make it harder to pursue future ventures, find other work, or return to previous work
41
Social entrepreneur risk
increased commitments required to innovate might take away from family, friendships, or social experiences
42
Psychological entrepreneur risk
stress, anxiety, and depression are possible when navigating a venture or the failure of a venture
43
A strategic plan involves
where the organization wants to go how it can get there what it needs to watch out for what it is likely to cost
44
Steps of Strategic Planning
1. Organizing team, including key stakeholders 2. Identifying organization’s strategic direction 3. Conducting a strategic analysis 4. Defining major goals 5. Developing an action plan 6. Developing a monitoring and evaluation system 7. Communicating the plan to others
45
mission statement
concise explanation of the organization’s reason for existence
46
vision statement
inspirational and aspiration statement that creates a mental image of the ideal state that the organization wishes to achieve
47
SWOT analysis
valuable tool in the early strategic planning process used to critically assess and analyze the internal and external factors that may affect the organization, the strategic plan, and the plan’s target market
48
Internal SWOT factors
Strengths: positive tangible and intangible attributes internal to an organization Weaknesses: factors within an organization’s control that detract from its ability to attain the core goal
49
External SWOT factors
Opportunities: attractive factors that represent the reason for an organization to exist and develop Threats: factors beyond an organization’s control that could place the organization mission or operation at risk
50
Determine the elements of a monitoring and evaluation plan
(1) Determining monitoring strategies, (2) establishing measures or metrics, (3) setting a schedule for evaluations
51
Make recommendations to improve communication of a strategic plan.
Use simple, straightforward language with a clear, concrete description of the actions to be taken, a timeline to complete the plan, the outcomes expected, and the resources available. Be prepared. Tell the truth Make sure the person receiving the communication understands the message. Be consistent. Be brief
52
benefits of strategic planning
Promotes employee morale, motivation, and commitment Enhances organizational processes and financial performance Facilitates better comprehension of organizational goals
53
Criticisms of strategic planning
Practiced too rigidly Hinders creativity and innovation in response to a changing environment Fails to influence the overall direction of the organization
54
business plan
formal document that contains background information about the intended opportunity and key participating members and describes and details supporting information concerning attaining goals.
55
business plan Executive Summary
brief summary of the highlights of the plan
56
business plan business profile
define and describe the intended business and explain how goals will be achieved
57
business plan products/services
define which products and/or services will be offered by the business
58
business plan operations and management
describe the intended organizational structure and operations (functioning business), including assigned responsibilities and tasks, workflow, and required resources and expenses (including technology); also address staffing/personnel plans, gaps, or needs
59
business plan financials/economic
complete assessment of the economic environment in which the business will operate including a one-year cash flow assessment, what could go wrong, and how you will address problems
60
business plan summary and conclusion
highlight critical points of the proposal
61
business plan appendices
supporting documents
62
sources of funding for a business
SBA (Small Business Administration) loans [does not loan directly but helps a business receive a loan from a bank or lender] Angel Investors and Venture Capitalists Credit Cards Bank Loans Home Equity Loans
63
List the five C's, or characteristics, of credit
Character, capacity, capital, collateral, and conditions
64
Proprietorship
One owner o Liability: unlimited, personal liability o Taxes: owner pays tax on personal returns o Can deduct losses on personal returns o Ownership: totally transferable
65
Partnership
Two or more owners o Liability: unlimited, all partner jointly liable for actions of the other partners o Taxes: profits divided among partners and each must individually pay tax on personal returns o Can deduct losses on personal returns o Ownership: may need consent of other partners to transfer
66
Corporation (3 types)
“C” Corporation, “S” Corporation, Limited Liability Corporation (LLC)
67
“C” Corporation
Unlimited owners § Liability: personal liability limited to the amount invested to the limit of assets of the company § Taxes: corporation pays taxes on profit and shareholders pay tax on dividends on personal returns § CANNOT deduct losses on personal returns § Ownership: totally transferable
68
“S” Corporation
§ No more than 75 shareholders § Liability: personal liability limited to the amount invested to the limit of assets of the company § Taxes: profits flow to shareholders and each must individually pay tax on personal returns § Can deduct losses on personal returns § Ownership: transfers may be limited in order to preserve S status
69
Limited Liability Corporation (LLC)
Unlimited owners; single owner permitted in most states § Liability: personal liability limited to the amount invested § Taxes: flexible; profits flow to members and individuals pay tax on personal returns § Can deduct losses on personal returns § Ownership: generally need consent of all owners to transfer
70
job analysis
process used to collect information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular job.
71
skills inventory
tool utilized by job seekers and employers to determine necessary attributes to fulfill expectations developed in the job analysis.
72
Professional competence components include
``` Pharmaceutical, pharmacotherapy, and pharmacy-specific knowledge and skills o Cognitive aspects o Technical skills o Integration of reasoning, judgement, and knowledge o Understanding of context o Management of relationships o Emotional intelligence o Cultural competence ```
73
Cultural competence
``` Awareness (of one’s own cultural view) o Attitude (toward cultural differences) o Knowledge (of different cultural practices) o Skills (cross-cultural) ```
74
Internal stakeholders
directly involved in day-to-day operations such as managers and employees. They have a strong grasp of what may or may not be needed.
75
External stakeholders
include patients, vendors, lenders, and community/government leaders. They tend to contribute unique perspectives and valuable input due to their position outside the organization
76
SMARTER goals
Specific, Measurable, Acceptable, Realistic, Time-based, Extending, and Rewarding
77
What are the four P’s of marketing
Product, price, promotion, and place
78
key actions to ensure successful communication of a strategic plan
Communicate both verbally and in writing Use simple, straightforward language to describe the actions to be taken, the timeline to complete the plan, outcomes expected, and available resources. Be prepared Tell the truth Make sure the person receiving the communication understands the message Be consistent Be brief
79
four requirements for effective strategic plan execution
Realistic expectations of outcomes Sound judgement of those executing the plan Implementing the monitoring and evaluation plan Promoting high employee performance
80
Donabedian’s structure-process-outcome framework used when constructing an action plan
``` Structure = physical setting Process = the service that will be provided Outcome = the result of the service ```
81
value of an organizational SWOT analysis
It may serve as a complement to a market analysis.
82
Porter’s five forces framework used to conduct a market analysis
1. Threat of entry or new competition 2. Threat of substitute products/services 3. Bargaining power of consumers 4. Bargaining power of suppliers 5. Intensity of competitive rivalry

19 FALL- Financial Management (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions