Most laboratories have two types of budgets - Operating Budget and Capital Budget. All the following are true for an OPERATING budget EXCEPT:There is typically one for each laboratory department in a larger health system.This budget monitors monthly income and expenses.This budget tracks major equipment purchases and other one time expenditures.Actual dollars minus budgeted dollars is called variance.A negative variance between actual and budgeted performance must be reviewed for any further action

A typical Laboratory operating budget includes the following elements associated with it's operations:Inpatient Testing income (revenue)Outpatient Testing income (revenue)Salary expensesSupply expensesAll the above

When the original budget amount for variable cost items based on planned activity is adjusted (flexing the budget), a budget (allowance/variance) is calculated. It is based on actual activity for the period, to compare actual costs incurred with costs expected to be incurred at the actual level of activity that was achieved.

Spending variances are computed by taking actual results minus the Blank______ budget.

A budget that is based on one predicted amount of sales or other activity measure is a:Multiple ChoiceVariable budget.Sales budget.Fixed budget.Flexible budget.Standard budget.

When compared to the budgeted amount, if the actual cost or revenue contributes to a lower income, then the variance is considered