Mat 543 week 4 exam 1 all

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 manager’s 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 system’s 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

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