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8 Cards in this Set
- Front
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business expenses classification of direct or indirect costs.
reagents: testing staff salary: proficiency testing: utilities: rent: chemistry analyzer: management staff salary: |
reagents:direct
testing staff salary: direct proficiency testing:indirect utilities:indirect rent:indirect; fixed chemistry analyzer:indirect management staff salary:indirect Direct costs are expenses that can easily be traced directly to an end product. In the laboratory setting, the end product is a billable test. Examples are reagents, consumables, and hands-on technologist time. In contrast, indirect costs are not directly related to a billable test, but are necessary for its production. Indirect costs are often referred to as overhead. Examples are proficiency testing and utility expenses. |
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12000 test per month performed, reagent cost $.80, rent $6000/month
what is fixed cost per activity? |
12000 x $.80 per test= $9600 for reagents
$9600 + $6000= $15600 Therefore $15600/12000= $1.30 per test This is the fixed cost per activity. If you increase the number of tests then you will decrease the fixed cost per activity |
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% of the laboratory budget do salary costs constitute?
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50-70% of the budget
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depreciation
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the annual loss of capital item's value; a capital item would be a hematology analyzer or computer system
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1500 members in the HMO and you receive $1.65 PMPM, in the recent fiscal year the operating costs were $26,800. Profit or loss?
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amount laboratory received from HMO 1500 x $1.65 x 12 months=$29,700.....good, profit $2900
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two health screening tests covered by Medicare?
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PAP test and PSA
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the length of time required for an investment's net revenue to cover the cost of the initial investment is?
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payback
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when the volume of sales is such that the total revenue equals total cost, both fixed and variable, and profit is zero...this is termed?
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breakeven point
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