Question 1

What does SOAP stand for?

Accepted Answer

SOAP stands for Subjective, Objective, Assessment, and Plan. It is used when by veterinarians when recording the results of a physical examination on a patient, and ensures that no information is missed.

Question 2

According to the American Animal Hospital Association (AAHA) standards, which of the following is the correct abbreviation for a fracture?

Accepted Answer

Fx is the correct abbreviation for a fracture, according to the American Animal Hospital Association (AAHA) standards.

Question 3

Personal income tax payments made by the veterinary hospital on behalf of the practice owner (sole proprietor) would be recorded in which of the following accounts, according to The American Animal Hospital Association's (AAHA) chart of accounts?

Accepted Answer

Personal income tax payments made by the veterinary hospital on behalf of the practice owner would be recorded in "withdrawals", according to The American Animal Hospital Association's (AAHA) chart of accounts.

Question 4

If a patient chart indicates that they were diagnosed with GDV, what is the correct medical term for this condition?

Accepted Answer

Gastric dilatation and volvulus is the correct medical term for GDV.

Question 5

If a vaccine is said to be MLV, what does this mean?

Accepted Answer

If a vaccine is said to be MLV, it is a Modified Live Virus, as opposed to a killed virus vaccine.

Question 6

In the American Animal Hospital Association's (AAHA) chart of accounts, what is the "cost of goods and services" account used for?

Accepted Answer

In the American Animal Hospital Association's (AAHA) chart of accounts, the "cost of goods and services" account is used for separating the expense that is incurred directly as a result of providing goods and services. Examples include laboratory expense, and imaging expense.

Question 7

Inventory is defined as goods that are held for the resale or use in the regular course of business. Which of the following is NOT an example of inventory in a veterinary practice?

Accepted Answer

None of the above. Drugs, supplies, office supplies, computer equipment, janitorial, and cleaning supplies are all examples of inventory in a veterinary hospital.

Question 8

How is the unit cost of an inventory item calculated?

Accepted Answer

The unit cost of an inventory item is calculated by amount paid to vendor + sales tax + shipping, divided by the quantity ordered

Question 9

If you receive an inventory shipment for 12 bottles of Catron spray, and the invoice lists the price at $12.00, with $1.20 in sales tax and $8.00 shipping charges, what would the unit cost of this item be (rounded up the nearest whole cent)?

Accepted Answer

$1.77. The price of $12.00 is added to the sales tax and shipping, and the total ($21.20) is divided by the quantity of items (12). $12.00 + $1.20 + $8.00 = $21.20. Divided by 12 = $1.77.

Question 10

Besides unit cost, what are two other broad categories of inventory expense are computed in order to determine the actual cost of an inventory item?

Accepted Answer

Besides unit cost, ordering cost and holding cost are two other broad categories of inventory expense are computed in order to determine the actual cost of an inventory item.

Question 11

When factoring in the final cost of an inventory item, tasks (that you must pay employees for) such as price shopping, meeting with vendors, and unpacking shipments are costs that fall into which category of inventory expense?

Accepted Answer

Tasks (that you must pay employees for) such as price shopping, meeting with vendors, and unpacking shipments fall into the category of ordering costs.

Question 12

Inventory ordering costs accounts for what percentage of the total unit cost?

Accepted Answer

Inventory ordering costs account for 15% - 20% of the total unit cost.

Question 13

The cost of owning and keeping inventory on the premises in anticipation of use is considered to be a part of what type of inventory expense?

Accepted Answer

The cost of owning and keeping inventory on the premises in anticipation of use is considered to be a part of holding costs.

Question 14

Dysfunctional conflict occurs when which of the following happens?

Accepted Answer

Dysfunctional conflict occurs when opposition or disagreement prevents the achievement of organizational goals.

Question 15

Which of the following statement represents a central goal of inventory control and management in veterinary medicine?

Accepted Answer

Quantities of drugs and professional supplies are controlled in order to minimize expenditure represents a central goal of inventory control and management in veterinary medicine. Large stocks that tie up cash are avoided unless the discount savings can be shown to offset the dollars spent in idle inventory.

Question 16

An effective inventory system will signal a manager when an item needs to be reordered. This is in order to avoid which of the following situations?

Accepted Answer

A stock out can be avoided by having an effective inventory system will signal a manager when an item needs to be reordered.

Question 17

Which of the following choices is a key feature of a perpetual inventory system?

Accepted Answer

A key feature of a perpetual inventory system is that when an item is received, it is immediately added to inventory and automatically subtracted when it is sold. This allows for a fairly accurate idea of inventory quantity and value at any given time

Question 18

What types of study is commonly used by professional associations in order to provide veterinary hospitals with a standard in which to measure performance against that of other hospitals?

Accepted Answer

Benchmarks are commonly used by professional associations in order to provide veterinary hospitals with a standard in which to measure performance against that of other hospitals.

Question 19

A periodic inventory system uses records that rely on which of the following at the end of each accounting period?

Accepted Answer

A periodic inventory system uses records that rely on a physical count at the end of each accounting period.

Question 20

What is the term for inventory loss that is unexplained or difficult to isolate?

Accepted Answer

Shrinkage is the term for inventory loss that is unexplained or difficult to isolate. Shrinkage occurs when physical counts are less than documented (sales records and purchase invoices) counts.

Quiz 8: CVPM