Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
CHAPTE 8
HSC 1000
| Question | Answer |
|---|---|
| Business | The activity of providing goods and/or services to customers for profits. (PG 135 TBL 8.1) |
| For-Profit | Making a profit is #1 reason Biz exits |
| Not-for-Profit | Primary reason Biz exists is not $ but alt. Reason |
| Profit | (net proceeds after costs)--amount left after a biz subtracts it's expenses from it's revenues (neg=loss; pos=profit) |
| Main types of businesses (3) | Sole Proprietorship; Partnership; Corporation |
| Sole Proprietorship | Single owner, simple formation, taxed on biz profits on individual form, entity pass- thru, PERSONALLY LIABLE |
| Partnership | 2+ Partners, slightly complex formation, taxed on biz profits on individual form, entity pass- thru, PERSONALLY LIABLE |
| Corporation | infinite # partners, complex formation, taxes filed corporately-pay tx on dividends (% of ownership/shares), loss lmtd. to initial investment—NO Personal Liability (safest-can do s- corp for small biz) |
| Business Functions: | Mgmt; Marketing; Accounting; Production; IT(info tech)(PG 136 TBL 8.2) |
| Mgmt—broadest function;crosses all levels | broadest function;crosses all levels (PG 136 TBL 8.2) A. Planning—strategies/achieve objectives B. Organizing—efficiency/responsibility-delegation C. Directing—human resources/motivation D. Controlling—Feedback-monitor/adjust |
| Marketing | focuses on the actual process between the biz & it's customers |
| Accounting | tracks the money flow in & out of the biz |
| Production | designs & manages the processes that manufacture the biz's products |
| IT(info tech) | manages all technology used to run biz & collects info for decision making |
| -HEALTH INS. PORT. & ACCT. ACT '96—fed law | Mandates Ins. Portability & sets up procedures for data exchange (protects data-release forms) |
| NAICS-N.AMER. INDUSTRY CLASSIF. SYST. CODE 62 | Tracks the activities of the economic sector of Health & Social Asst. Measured by: # of Empl Payroll size Revenues-->broken down by TYPES of products sold |
| Market Economy | Free enterprise (competitive market) |
| Oligopoly | only a few sellers of same product (2 hosp in region, etc.) |
| Monopoly | only ONE seller of said goods—can set whatever price chooses (RX-patent, etc.) |
| Demand | amount of goods buyer's willing to purch. @ given price (PG 138 TBL 8.3) |
| Supply | amt. of goods manufacturer is willing to produce @ given price |
| Economic Indicators | Key measurements provide info @ health of economy (help plan for future) |
| Interest | amount paid to borrow $ (%) |
| Inflation | Increase in price level |
| Unemployment | lack of jobs in an economy for willing/able bodies |
| Biz Cycle | Regular cycles of growth & decline in economy over time period |
| Prosperity | GDP++, Interest--, Inflation--, & Unempl.-- (PG 139 TBL 8.4) |
| Recession | Inflation & Interest rising, spending slows, jobs decline |
| Depression | Economic Activity=near standstill |
| Recovery | sometimes needs jumpstarted by Govt.=cutting taxes & lowering int. rates to stim. Spending |
| JC (JCAHO) Joint Comm Acred of HC Org's | Eval's & Accredits H/C org's (Hosp's, etc)-appx 17k org's Industries OWN reg. Group (not FED's) |
| Govt's. Role in H/C | Provider of H/C; Payer of H/C; Regulator of H/C |
| Fair Competition | Anti-Trust (mergers/monopolies) 4 Laws (PG 141 TBL 8.2) |
| Anti-Trust | Area of Fed Law prohibits monopoly & activities that lessen competition in marketplace (price fixing, etc.) (lessens competitors) www.usdoj.gov/atr/ |
| Public Protection | FDA, Disabilites, Medicare/caid, etc 11 Laws (PG 141/2 TBL 8.3/4) |
| What does HIPAA cover? | Insurance Portability; 2. a. Fraud/Abuse=liability reform; 2. b. Privacy/Security=Elec. Data Interchange; Taxes; Revenue offsets Group Health Plan Req's; |
| SWOT ANALYSIS | Strengths, Weaknesses, Opportunities, Threats (PG 143 TBL 8.5) |
Created by:
RadGirl13
Popular Health & Social Care sets