Regardless of where your health care career takes you, finance is an important part of the health care system. Finance might not be your professional calling, though it is important you have a working knowledge of the terminology and tools of finance and the stakeholders in the health care industry.
Preparation
Access the Week 1 Learning Activities folder, locate the following activities, and watch the indicated LinkedIn Learning sections about financial terminology and calculations in Microsoft Excel. These videos will be helpful for understanding this assignment.
- Determining Values and Rates of Return, Selected Videos
- Project Selection in Excel, Selected Videos
- Calculate a Company’s Breakeven Point
- Financial Ratios and Determining the Unpaid Inventory of Walmart
- Financial Statements: Balance Sheet for Walmart
Assignment Deliverable
Access and complete the Financial Terminology Worksheet using the prompts provided in it.
Note: Because this worksheet introduces you to terminology used throughout the course, consider saving it for future reference.
HCS/385 v7
Financial Resources Worksheet
HCS/385 v7
Page 2 of 2
Financial Terminology Worksheet
Complete Parts 1 and 2 using the provided instructions.
Cite sources to support your answers.
Format citations and references according to APA guidelines.
Part 1: Financial Terms Definitions and Reflection
Complete the Financial Terms Definitions and Reflection Table by doing the following:
· In the space provided in the Financial Term Definition column, define the financial term presented in the Financial Term column.
· Reflect on how you can apply each financial term at work or in your personal life in the space provided in the Financial Term Reflection column.
Financial Terms Definitions and Reflection Table
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Financial Term |
Financial Term Definition |
Financial Term Reflection |
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Present value (PV) |
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Future value (FV) |
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Net present value (NPV) |
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Internal rate of return (IRR) |
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Time value of money (TVM) |
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Breakeven point (BEP) |
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Financial ratios |
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Financial statements |
Part 2: Questions and Answers
Answer the following 2 questions in the space provided after each question.
1. What is the difference between NPV and IRR?
2. In 50 words or less, reflect on whether the work you completed in this worksheet was useful to you or not. Explain why or why not.
References
Copyright 2023 by University of Phoenix. All rights reserved.
Copyright 2023 by University of Phoenix. All rights reserved.
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