Deck 10: Financial Responsibilities

Question 1

Which of the following is known as an income tax deduction that allows the taxpayer to recover the costs of owned property or other assets placed in service over time that have a determinable useful life?

A) Deductible
B) Depreciation
C) Deficit reduction
D) De-amortization

Answer 1

Depreciation

Question 2

The actual space that a physical therapy practice occupies is considered a real property asset when:

A) It is owned
B) It is leased
C) It is mortgaged

Answer 2

It is owned

Question 3

For physical therapy practices, how are costs usually determined?

A) Costs per fiscal year
B) Costs per month
C) Costs per patient visit
D) Costs per patient

Answer 3

Costs per patient visit

Question 4

Labor costs in physical therapy practices are typically what kind of costs?

A) Fixed
B) Semi-fixed
C) Variable
D) Semi-variable

Question 5

Assets minus liabilities equals?

A) Net worth
B) Net debts
C) Net profits
D) Net deficits

Question 6

What is the key consideration for locating an outpatient physical therapy practice?

A) Access
B) Safety
C) Rental costs
D) Public transportation

Question 7

Which of the following best describes the financial responsibility of a typical mid-level manager in healthcare settings?

A) Total responsibility
B) No responsibility
C) Limited to controlling costs
D) Budget implementation