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5 Written questions

5 Matching questions

  1. internal benchmarking
  2. noncurrent liabilities
  3. Net income/net profit
  4. revenues
  5. Income statement
  1. a profit-loss statement which provides PAST performance of the business
  2. b comparison of the present year's ratios with those fo rpast years identifies trends, it indicates whether the pharmacy's financial performance is improving or deteriorating
  3. c difference between gross margin, and expenses for a specific period of time
  4. d sales of merchandise normally sold by the business
  5. e debts that will come due after the current operating cycle of the business (5 year car loans)

5 Multiple choice questions

  1. total annual drug expense/annual patient days
  2. arise from payments made for a good or service in an accounting period PRIOR to the one during which the good/service is actually used
  3. What's the biggest expense in a pharmacy?
  4. debts evidenced by formal, signed agreements called promissory notes
  5. 2 commonly used standards for interpreting financial ratios

5 True/False questions

  1. owners equityhow much is left over of assets/liabilities, aka net worth, stockholders equity or capital


  2. Accounts recievable collection periodavg number of days it takes the pharmacy to collect an account receivable: accounts receivable/net credit sales per day, no greater than 1.5 times the firm's credit terms, ncpa digest is 16.6 days


  3. Current ratiocurrent assets/current liablilities: it measures the ability to pay bankers/wholesalers back on time, ideal number between 2-4 and NCPA digest is 2.89, above 4 =too much invested in current assets, and lower than=pharmacy has probs paying current debts on time


  4. operating expensesthose that will be sold, consumed, or converted to cash within the current operating cycle of business (1 year)


  5. current liabilitiesdebts that will come due after the current operating cycle of the business (5 year car loans)