A laboratory director wants to confirm that the totals on the balance sheet remain in balance after a transaction. Which relationship must always hold true?

A laboratory manager needs to determine whether the department earned a surplus or operated at a loss during the last quarter. Which financial statement provides this information?

As a laboratory’s daily test volume rises and falls, which of the following costs rises and falls along with it?

While preparing a SWOT analysis for the laboratory, the manager lists the department’s nationally certified, specialty-trained staff. This item belongs in which SWOT category?

A laboratory lists the following monthly costs: reagents $11,000, disposable supplies $4,500, specimen collection materials $2,500, facility rent $8,000, and supervisor salary $15,000. What is the laboratory’s total VARIABLE cost?

A laboratory wants to implement a new immunoassay test to generate $[w] in annual profit. The test’s annual fixed costs are $[x], reimbursement is $[z] per test, and the variable cost is $[y] per test. How many tests must be performed to reach that goal? (Round up to the next whole test. Enter the number only — no commas or units.)Formula: Number of Tests = (Fixed Costs + Target Profit) ÷ (Revenue per Test − Variable Cost per Test).

A reference laboratory prices a send-out assay at $55 per test; the variable cost to run it is $22 per test. How much does each test contribute toward fixed costs and profit? Formula: Contribution Margin per Test = Selling Price per Test – Variable Cost per Test.

A laboratory is weighing whether to buy or lease a new chemistry analyzer. Which of the following is an advantage specific to purchasing the instrument?

At month-end, a laboratory’s technologists have worked hours that will not be paid until the next pay cycle. How should the laboratory classify the wages owed?

In a clinical laboratory, the reagents used for a specific assay can be traced directly to that test, whereas the cost of the building’s electricity cannot. This distinction describes the difference between: