HFMA CHFP Exam Practice Test Instant Access

Question 1

An accounting method that tracks when cash was received and when cash was expended, regardless of when services were provided or resources were used is called:

ACash recording accounting

BAccounting cash flows

CCash statement of operations

DCash basis of accounting

Answer : D

Question 2

The break-even equation modified to include desired profit is:

APrice + Volume = Fixed cost + (variable cost per unit + volume) * Desired profit

BPrice * Volume = Fixed cost + (variable cost per unit * volume) + Desired profit

CPrice * Volume = variable cost + (variable cost per unit / volume) + Desired profit

DPrice - Volume = Fixed cost + (variable cost per unit + volume) * Desired profit

Answer : B

Question 3

The formula to calculate basic break-even equation is:

APrice * Volume = Fixed cost + (variable cost per unit * volume)

BPrice + Volume = Fixed cost + (variable cost per unit + volume)

CPrice * Volume = variable cost + (variable cost per unit / volume)

DPrice - Volume = Fixed cost + (variable cost per unit + volume)

Answer : A

Question 4

Question-Type: FILL IN THE BLANKS

Question-Title: The difference between revenues forecast in the flexible budget and those actually earned is

called ___________.

Answer :

Question 5

The difference between the revenues forecast in the original budget and those in the flexible budget is known as:

AExpense variance

BCost variance

CBudget variance

DRevenue volume variance

Answer : D

Question 6

Organizational units responsible for earning a profit by providing health care services and their revenues are earned either on a free-for-service or a flat fee basis refers to:

AOrganizational earnings centers

BTraditional profits centers

CProfit earning centers

DFlat fee profit centers

Answer : B

Question 7

Profit centers are the organizational units responsible for controlling costs and earning

revenues.

ATrue

BFalse