Financial Concepts Worksheet
You work for a financial consulting firm, and one of your clients, Lauren Johnson, is exploring the possibility of opening a health care facility. She is unsure of the financial aspects associated with health care, though. You must provide her with relevant information and answer any questions she may have.
Lauren has sent you a document that contains ten financial concepts. She would like you to explain each in your own words, and to also include a brief explanation of how each is used in health care. Include a title page with the worksheet.
Complete the Financial Concepts Worksheet in 700 to 1,050 words.
Explain each financial concept in your own words.
In the table below, explain each financial concept in your own words. Also include a brief explanation of how each is used in health care.
|
Financial Concept
|
Explanation
|
How it is Used in Health Care
|
|
Quarterly Reporting
|
|
|
|
Revenue
|
|
|
|
Income Statement
|
|
|
|
Financial Planning
|
|
|
|
Financial Ratios
|
|
|
|
Balance Sheet
|
|
|
|
Chart of accounts
|
|
|
|
Expenses
|
|
|
|
General ledger
|
|
|
|
Nonprofit Organization
|
|
|