ATR-445
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Short term budgets | Is the annual budget lasting 1 year, covers day to day expenses (operational/eqiupment/supply), possibly travel expenses and continuing education funds
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| What type of budget includes building projects or expensive items? | Long term Budget
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| Whats unique about a Limited Budget? | money is managed through the year, any extra is put into other parts of the organization
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| what type of budget rolls over left over money from the previous year? | Roll over budget
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| What budget fractions the budget to specific sub areas? | Program ex: 1/4 to ortho, 1/4 to supplies etc
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| What type of budget is ideal for opening clinics and why? | the Variable budget allows for adjustments to monthly expenses based on monthly revenue
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| Describe zero based budget type: | all budget items must be fully justified, provides comprehensive financial monitoring
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| Whats a fixed budget? | the budget is set for a period of time (monthly or quarterly) and is adjusted as needed
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| Whats known as the flexible budget? | the Variable budget allows for adjustments to monthly expenses based on monthly revenue
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| What is included in the operatinal budget? | Salaries, Administrative costs, phone, supplies, office supplies
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| Equipment/Supplies budget is divided into what two catgories? | Expendable and non expendable, annual services (calibration, recert, maintenance of machines)
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| Items that are reusable with a limited shelf life are known as? | non expendable
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| Items that connot be reused are known as? | expedable
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| Capital expenses are: | large item or piece of equipment that exceeds the annual budget (machine, gator, whirl pool) ex. 5 year plan
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| 7 Steps of budgeting process: | planning, gathering data, analyzing feedback, present final plan, getting approval, implement the plan, evaluate the plan
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| During the planning phase what needs to be taken into consideration? | past history, determining needs or what needs to be changes, and look at other sucessful programs for ideas
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| What stage of the budgeting process should your 'wish list' be made? | gathering data, at this point review current inventory and anticipate future changes
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| When do you develop a justification for the request in your bugdet? | Step 3: analyzing feed back, you develop a greater negotiation power
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| Things to know when Presenting the final budget: | be prepared, know the audience, research current budget restrictions, graphs/charts/number projections
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| To get approval what must take place? | tiered lecel approach for approval, final is approved by upper level administrators
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| When implementing the budget what do you need to know? | develop proper inventory and purchasing procedure, avoid spending beyond budget, develop contingency plas for mid-cycle changes or needs
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| when does monthly,/quarterly/annual review of inventory become important? | evaluating the budget
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