When Developing a Zero-Based Budget, Nurse Managers Understand

question 1

Multiple Choice

When developing a zero-based budget, nurse managers understand

• A)the previous year's monies are applied to the current one.
• B)all budget needs are justified annually.
• C)no changes to patient care delivery can occur.
• D)it does not reflect actual changes of the unit.

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Definitions:

Income

The monetary payment received by an individual or household for work or through investments.

Wealth

The abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions.

Comparative Advantage

An economic principle that suggests countries or entities should specialize in producing goods in which they have a lower opportunity cost, leading to more efficient global production and trade.

International Trade

The exchange of goods, services, and capital across international borders, influenced by agreements, tariffs, and global market dynamics.