MAT 543 WEEK 4 EXAM 1 Question 1 Which is an example of how people in management can best operate according to science? developing skills and tools in quantitative analysis developing qualitative analysis skills for less pertinent situations developing systematic approaches to eliminate the need for questioning variances developing a system of operations driven by and focusing on numerical data Question 2 How is efficiency measured? through formulaic cost analyses as a ratio of output over input by the number of healthcare patients served over a period of time through financial expenditures Question 3 According to a core managerial competency viewpoint, how is analyzing defined? the ability to formulate new ideas the ability to assess new outcomes the ability to evaluate current situations the ability to discover what is Question 4 Which management theory are general managers and health administrators most likely to use? Classical Management Theory Human Relations Theory Neo-Human Relations Theory General Systems Theory Question 5 According to a core managerial competency viewpoint, how is implementing defined? the ability to defend current policies the ability to construct organizational plans the ability to change organizations the ability to critique organizational changes Question 6 Why would a healthcare organization shift its definition of a desired or needed management competency? Because of resulting shifts in characteristics in their environment. Because of a managers personal opinions altered in the face of stress. Because of technology setbacks that cause company repositioning. Because of anticipated economic change. Question 7 What is the correct test to use to examine the relationship between two continuous but different variables? T-test Chi-Square Correlation Mean Question 8 The appropriate graph for time series data is: line graph bar chart column chart pie chart Question 9 Calculate the mean of the following data set: [34, 45, 55, 43, 21, 55, 19, 60, 62]. What is the answer rounded to the nearest whole number? 55 21 44 40 Question 10 Which number represents the mode in the following data set: [22, 18, 17, 22, 18, 22, 18, 54, 97, 18, 7]? 18 22 28 30 Question 11 Derive the median from the following data set: [32, 38, 39, 50]. What is the exact number? 38 38.5 39 39.75 Question 12 A Chi-square test is used to relate differences between which of the following? two proportions two means two data sets two correlations Question 13 What does a general systems flow chart permit one to do? showcase a systems efficiency quantitatively communicate system changes analyze and redesign a system resolve conflict using images Question 14 Which general systems flow chart symbol represents a decision? rectangle sideways diamond upside-down triangle
elongated oval Question 15 How might a health care manager introduce simplicity to a general systems flow chart? by adding levels to the flow chart by splitting the flow chart into two different charts by providing written descriptions to a flow chart by drawing a diagonal line to the flow chart for processes that need clarity Question 16 Which type of answer to a decision is an indicator that a general systems flow chart has been created incorrectly? an answer of yes an answer of no an answer of maybe an answer of never Question 17 What are two primary methods an analyst uses to gather the needed information to construct a general system flow-chart? interviewing and observation directing and production delegating and observation interviewing and participation Question 18 In what way could a health care manager wrongly interpret a general systems flow chart? by reading the flow chart from the bottom upward by reading the flow chart from the top downward by reading the flow chart from the left to right sides by reading the flow chart based on preset conventions Question 19 An initial deposit of $2,570 is made into a money market bank account that promises to pay 2% interest annually. At the end of 12 months, how much interest on the initial deposit is earned? $2,621.40 $3,084.00 $3,186.80 $9,458.00 Question 20 What nominal rate is equivalent to an effective annual rate (EAR) of 7.77% assuming quarterly compounding? 7.5% 8% 8.5% 9% Question 21 What effective annual rate (EAR) is equivalent to a nominal rate of 14% assuming monthly compounding? 10.98% 13.93% 14.93% 17.98% Question 22 As the number of compounding periods increases, all else being equal, what happens to the future value (FV) of any given sum of money? The FV maintains its current dollar value. The FV can either increase or decrease in value given market fluctuations. The FV decreases in value. The FV increases in value. Question 23 Issues related to the time value of money become more critical as the period of time in question does what? fluctuates stands still decreases increases Question 24 How much up-front money must you provide to a program that will in turn guarantee to pay you $750 every six months for 12 years, with the first payment scheduled for 6 months from now? Assume investments such as this earn returns of 3.5%. $12,043.78 $11, 984.89 $11, 034.23 $10, 966.71 Question 25 Your investment has grown from an initial deposit of $400 to $1500. The investment pays a nominal rate of 9.5%, but interest is compounded semi-annually. Approximately how many years have you had your money in the account? 12.2 years 13.2 years 14.2 years 15.2 years NOTE; I INCLUDED ANSWER TO OTHER VERSIONS DONE AS A BONUS JUST SEARCH FOR THE QUESTION YOU LOOKING FOR. MORE THAN 100 DIFFERENT QUESTION ANSWERS INCLUDED