Term
| What should be included in a business plan? |
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Definition
| executive summary, marketing plan, management team, market research and analysis, the economics of the business, operations plan, industry and company description, critical risks, financial plan |
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Term
| Your legal business structure should: |
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Definition
| protect you from liability and minimize taxes |
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Term
| You should budget this much for marketing annually: |
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Definition
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Term
| What you pay for products and what you sell those products for determines your: |
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Definition
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Term
Return rate will have no financial impact on a business
T/F |
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Definition
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Term
Small business produce 80% of sales in the US
T/F |
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Definition
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Term
| What determines ethical behavior for a profession? |
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Definition
| the professional, colleagues of the professional, patients, referral sources |
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Term
| The area of business that directs the flow of goods and services from producer to consumer to satisfy buyers and to achieve company objectives would be considered a definition of: |
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Definition
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Term
| Market research suggests current pts should have contact with your office times per year |
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Definition
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Term
As a participating provider for Medicare, Medicare reimburses the pt 80% of the billed Audiology fee
T/F |
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Definition
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Term
A profit and loss statement should include personnel expenses
T/F |
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Definition
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Term
C-corporation, S-corporation and LLC offer the best liability protection for an Audiology business owner
T/F |
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Definition
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Term
| Assets created by selling goods on credit is a definition of: |
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Definition
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Term
Usual and customary fees are not considered an operational variable
T/F |
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Definition
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Term
| The limiting charge under Medicare is: |
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Definition
| the maximum amount a nonparticipating provider can charge a Medicare patient |
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Term
| Before starting a business, it is a good idea to identify: |
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Definition
| your personal, financial, security and quality of life goals |
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Term
| What character traits would describe the Reactor? |
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Definition
| compassionate, sensitive, warm |
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Term
| Gross revenue minus returns minus adjustments equals: |
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Definition
| net revenue or net income |
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Term
If you join a buying group and your invoices reflect what you pay for hearing aids, this would not violate the AAA COE and does not violate the anti-kickback statute
T/F |
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Definition
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Term
| An objective way to document an audiologist's value to a dispensing practice include tracking and documenting: |
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Definition
| gross income, binaural percent and return rate for the audiologist |
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Term
| Identifying personality characteristics can be an effective tool to: |
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Definition
| improve sales, identify patient needs and increase company harmony |
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Term
| A banker will be most concerned about: |
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Definition
| profit and your ability to service your debt |
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Term
| What would be considered fraudulent behaviors for audiologists |
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Definition
1) falsification of signatures on authorizations, required paperwork
2) practicing outside one's scope of practice
3) completion of and billing Medicare for a hearing evaluation for Medicare beneficiaries without physician referral |
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Term
Those 65 years and over are projected to reach 50 million by 2050
T/F |
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Definition
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Term
| Managed care is a type of healthcare delivery that includes all except: |
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Definition
| An open and unlimited panel of providers |
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Term
The NPI is specific to individual health care providers, identifying them professionally and personally
T/F |
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Definition
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Term
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Definition
| a naming and numbering system for all transactions and balances |
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Term
Human resource management includes negotiating third party payor provider contracts
T/F |
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Definition
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Term
| Whether or not one should consider a career in private practice depends most upon: |
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Definition
| personality, clinical skills and ability to tolerate risk |
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Term
When interviewing an attorney, you should be sure to ask what is the best business structure
T/F |
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Definition
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Term
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Definition
| Should be tracked and represents what we charge for services and products |
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Term
Cutting back on your marketing budget during slow times will contribute to more effective advertising
T/F |
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Definition
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Term
| The Small Business Association offers: |
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Definition
1) Information on starting a business,
2) information on state and federal regulations including licenses, insurance, employer identification numbers and sales tax numbers
3) Assistance with entrepreneurial development, government contracting, minority business development and financing a business |
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Term
It is easier to secure financing for a start-up practice than it is to secure financing for the purchase of an existing business
T/F |
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Definition
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Term
The executive summary is a concise summary of the business plan, put in final form after the business plan is written and is placed at the beginning of the business plan
T/F |
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Definition
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Term
FICO scores are only used to determine credit worthiness or ability to pay back a loan
T/F |
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Definition
| False - also used by employers, insurance companies, etc |
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Term
Purchasing office space is always the best option
T/F |
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Definition
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Term
| Health care administrators for 3rd party payors typically rank as one of the most important contracting requirements |
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Definition
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Term
Success is a universal concept with specific boundaries that requires both education and experience
T/F |
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Definition
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