BizQuiz: Test your financial IQ

1.     Which fiscal responsibilities fall within the purview of a practice manager?

a.     Prepare budgets and long range fiscal plans

b.     Establish and enforce client credit policies

c.     Manage payroll

d.     Maintain charts of accounts

e.     Oversee daily and monthly banking procedures

f.      All of the above

Correct answer: f. All of the above

2.     True or False: Managers must understand components of a balance sheet, profit/loss account and financial ratios.

True

False

Correct answer: True

3.     True or False: Managers do not need to understand current taxation laws.

True

False

Correct answer: False

4.     True or False: Managers should have a basic understanding of financial accounting and forecasting.

True

False

Correct answer: True

5.     To be a proficient at financial management, managers must demonstrate:

a.     Analytical skills

b.     Decision making skills

c.     Writing skills

d.     Verbal skills

e.     Integrity

f.      Critical strategic thinking

g.     Resilience

h.     All of the above

Correct answer: h. All of the above. 

So how did you do? Did you know managers can tackle all of these financial duties? Do you open the books to your team (or do you work at a practice that does)? Are you struggling to get your boss to open the books? Tell us about it. Write to firstline@advanstar.com.