NAB RCAL Exam Study Guide 2023 Questions and Answers (Verified Answers), Exams of Study of Commodities

Download NAB RCAL Exam Study Guide 2023 Questions and Answers (Verified Answers) and more Exams Study of Commodities in PDF only on Docsity! NAB RCAL Exam Study Guide 2023 Questions and Answers (Verified Answers) Breakeven Point? - ✅✅total cost = total revenue Working capital ratio - ✅✅current assets / current liabilities Acid-test (quick) ratio - ✅✅(cash + AR + short-term investments) / current liabilities debt to assets ratio - ✅✅total liabilities/total assets FTE (full time equivalent) - ✅✅total number of hours per employee in a week / 40 (i.e. 12+14+40+30 div. by 40) Profit margin - ✅✅NOI/Tot. Revenue. Defined as "income to sales. 2 types, gross prof margin and net prof margin) Net Operating Income (NOI) - ✅✅Total (gross) Revenue - operating expenses Occupancy rate - ✅✅(# of resident days/facility beds) x 365 HCS - ✅✅Hazard Communication Standard. OSHA standard requiring employers to inform workers of potentially hazardous chemicals. Balance sheet formula - ✅✅Assets = Liabilities + Shareholders Equity EBITDA - ✅✅Earnings before interest, taxes, depreciation, and amortization Amortization - ✅✅the reduction of a loan balance through payments made over a period of time revenue cycle management - ✅✅resident needs->service planning->staffing- >billing/collections-> FICA SS Tax and Medicare Tax - ✅✅6.2% and 1.45% 4 elements of a valid contract - ✅✅agreement, consideration, contractual capacity, legality (in writing) "ACCL" Liability insurance usually covers.. - ✅✅Bodily injury and property damage Lock out tag out - ✅✅For all electrical equipment safe electrical practices - ✅✅National Electrical Code or NEC Following NFPA Life Safety Code - ✅✅fire plan, regular fire drills, detectors, training on procedure, non combustable furnishing/draperies Extinguisher class A - ✅✅ordinary combustibles such as wood/paper Extinguisher Class B - ✅✅For flammable liquids and gas fires (grease, paint) Vision statement - ✅✅Usually private internal documents, expresses what the organization should become using the mission, where it wants to go strategically. Organizational Values - ✅✅accompany mission statement, describes key behaviors that are expected of staff Cash Flow - ✅✅Cash receipts less cash disbursements from a given operation or set of operations from a period of time Balance sheet - ✅✅Snapshot/point in time of what a company owns and owes. Summarizes assets, liabilities and shareholder equity at a specific point in time. Income statement (or statement of financial position) - ✅✅How much revenue and profit generated over a certain period of time Interest coverage - ✅✅What portion of debt interest is covered by a company cash flow situation (EBITDA/Interest expense) Capital - ✅✅typically $500 or more, 1 year or more life. Money invested in company. chart of accounts - ✅✅A list of every account (5 groups: ass, Lia, capital, Rev, expenses) Variable cost - ✅✅Fluctuate directly with changes in census (i.e. food, salary) Fixed cost - ✅✅Do not relate to changes in census. Direct cost - ✅✅Cost that are directly attributable to providing resident care (i.e. salaries, payroll, pay taxes, benefits, supplies) Indirect cost - ✅✅i.e. administrative salary, depreciation 5 steps of budgeting - ✅✅Assessing environment, Programming, Developing operating budget, Building cash budget, Determing capital budget How often should goals and objectives be evaluated? - ✅✅Annual basis, at least Patient Self-Determination Act of 1990 - ✅✅protects patient rights including the right to agree to or refuse medical treatment (gives patients right to choose health care decisions when entering hospital) DPOA vs POA - ✅✅DPOA just includes language that means the documents covers individual when they become incapacitated Quality Assurance - ✅✅looks at actions to ensure services conform to standards Team building is a key component of which management style? - ✅✅Participatory (encourages managers to share knowledge, work together) advance directives - ✅✅A legal document designed to indicate a person's wishes regarding care in case of a terminal illness or during the dying process living will - ✅✅A document that indicates what medical intervention an individual wants if he or she becomes incapable of expressing those wishes. advisory board - ✅✅used by board of directors/governing body to provide guidance regarding policy and procedure Board of Directors/Governing body - ✅✅hires admin, delegates management, develops mission and vision, fiduciary responsibility 4 components of leadership (influencing) - ✅✅Process, Influence others, occurs in groups, attain goals and direct group provides sweeping new legal protection for employees who report corporate misconduct. Protects whistleblowers - ✅✅Sarbanes-Oxley Act of 2002 Applies to employers of 15 or more. Race, color, religion, gender, pregnancy, or national origin. - ✅✅Civil Rights Act (1964) Title VII Sexual harassment - unwelcome sexual advances, does not have to be the harassed to report. Must be unwelcome, implicitly or explicitly affects an individuals employment, work performance - ✅✅Civil Rights Act 1991 Bans age discrimination for jobs unless age is related to job performance. 40 yrs or older. - ✅✅Age Discrimination in Employment Act of 1967 By-laws - ✅✅Rules determined by internal management of a board or organization. Adopted at time of charter and define the rights and responsibilities of the board Consensus Building - ✅✅Conversation style of decision making where issues and opinions are discussed- reach a shared opinion Directing - ✅✅Mangement function- admin uses their position to point out the direction the company is to go to achieve goals. Uses leadership roles such as guiding, training, etc. Goals or objectives should be.. - ✅✅realistic, verifiable, attainable Governing boards - ✅✅-responsible for appointing top management -policy making -ensuring that policies are administered in a manner in which they were written Management - ✅✅Ability to achieve common goals through the organization and productivity. Create environment to work with no friction Ombudsman - ✅✅Advocate, nationally funded by the Admin on Aging and administered by state agencies Shewart Cycle- continuous quality improvement model - ✅✅Plan, Do, Check, Act (PDCA) Organizing - ✅✅Management function involving grouping of people and activities, assigning roles, delegation of authority Planning - ✅✅management function that involves setting goals, assigning roles, establishing guidelines Quality Improvement - ✅✅Ongoing, relates to quality of care/life/safety of residents Strategic Planning - ✅✅Re-evaluate mission, identify short and long-term goals, select strategies and policies for achieving those goals Empoyee's "Right to know" - ✅✅OSHA guidelines. What chemicals they work with and hazards of working with those substances Family and Medical Leave Act (FMLA) - ✅✅Federal law requiring organizations with 50 or more employees to provide up to 12 weeks of unpaid leave (12 months employed by the company with 1250hrs) Hiring records should be kept for - ✅✅1 year- keep equal employment info separate Basic Employee Information (example: I-9) should be kept for - ✅✅3 years after hire or 1 year after fire, whichever is later Payroll and tax records should be kept for - ✅✅4 years Employment actions (hires, promotions, layoffs, test results, etc.) should be kept for - ✅✅1 year from date of action Job-related illnesses and injuries paperwork should be kept for - ✅✅5 years Disability accommodations paperwork should be kept for - ✅✅1 year Medical exam paperwork, toxic substance exposure records and BB pathogen records should be kept for - ✅✅30 years FMLA paperwork should be kept for - ✅✅3 years ADA hallway, doorway, and T-space inches requirements? - ✅✅36, 32, 60