Matching -Health Maintenance Organization (HMO)

question 8

Multiple Choice

Matching
-Health maintenance organization (HMO)

• A)Type of managed care in which consumers are encouraged to stay within an approved network of providers but have more choices.
• B)A type of managed care that lets HMO consumers see a broader list of providers for an additional fee.
• C)A type of managed care in which most health care is funneled through and must be approved by the primary care doctor.
• D)A type of health insurance in which the insurer contracts with a defined group of health providers,which the consumer must use or face higher out-of-pocket costs.
• E)A type of managed care plan,sold individually to younger people,which carries lower costs but does not cover many services.

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Definitions:

Cost Of Goods Manufactured

The total production cost of goods that were completed during a specific accounting period, including labor, material, and overhead costs.

Finished Goods

Products that have completed the manufacturing process but have not yet been sold or distributed to the end customer.

FIFO

"First-In, First-Out," an inventory valuation method where goods first purchased or produced are the first to be sold, affecting the cost of goods sold and ending inventory.

LIFO

An inventory valuation method called "Last In, First Out" where the most recently produced or purchased items are the first to be expensed as cost of goods sold.