HLST 3250 Midterm: TEST 1 REVIEW

• School: York University
• Department: Health Studies
• Course: HLST 3250
• Professor: Natalie Guriel

Document Summary

Chapter 1 financial management: field of finance that provides, theory, concepts, tools for health managers to make better financial decisions. Primary role of finance: plan/budget for, acquire, utilize resources to maximize the efficiency and value of the enterprise, report, invest, manage, risk. 4 cs: -cost minimization cash sufficiency -capital access -control of financial resources. Finance department: chief financial officer, comptroller, treasurer, larger companies=specific managers, small businesses have only business manager. Business: profit oriented, provides a product/service, separate legal entity, key stakeholders=owners. Types: proprietorship, partnership, corp. (*investor owned/fp), hybrid: limited liability partnership, limited liability corp. , pro. corp. , pro. association. Healthcare sector: health services, health insurance, medical equip. /supplies, pharmaceuticals & biotech, other; education, government, agencies. Stockholders/shareholders: can buy common stock @ stock price, have right of control and gain earnings from the firm (excess revenues, dividends, stock repurchases) stakeholders: person or org. that has interest in the org. *io pays property, income, sales taxes and must satisfy stockholders only.