A nurse manager plans the fiscal budget to include salaries for two RNs for two 12-hour shifts with a patient census of 6 in the short-stay observation room
The nurse manager reviews the budget report 3 months later and notes that the salary expenses are higher than was budgeted because of higher-than-planned RN staff salaries. This additional RN staff is necessary to meet patient care needs because the census has remained constant at 10 patients rather than the 6 projected when the budget was developed. The difference between the planned budget and the actual cost is known as:
a. revenue.
b. variance.
c. monitoring.
d. capital expenditures.
ANS: B
Correct: Variance is the difference between the planned budget and actual results; it can be a positive or a negative discrepancy.
Incorrect:
a. Revenue is the income, but it is not analyzed to detect variations between predicted and actual expenses.
c. Monitoring is the process by which variances are identified.
d. Capital expenditures, which are long-term investments such as bedside computers, are part of the budget but are included in comparison with projected results.
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