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Free CHFP Practice Questions

10 free, exam-style Certified Healthcare Financial Professional (CHFP) (CHFP) practice questions with answers and explanations. No signup required. Work through them below, then take the full free CHFP practice test to study every exam domain.

Question 1

Healthcare spending in the United States currently represents approximately what percentage of the nation's gross domestic product (GDP)?

  1. 20%
  2. 25%
  3. 10%
  4. 15%
Show answer & explanation

Correct answer: A - 20%

Question 2

Which of the following is the LARGEST category of healthcare spending in the United States?

  1. Prescription drugs
  2. Nursing care facilities
  3. Hospital care
  4. Physician and clinical services
Show answer & explanation

Correct answer: C - Hospital care

Question 3

A hospital lists a procedure at $15,000 on its chargemaster, the actual cost to deliver the service is $8,000, and the insurance company pays $11,000. The $11,000 figure represents the:

  1. Price (payment)
  2. Contractual allowance
  3. Charge
  4. Cost
Show answer & explanation

Correct answer: A - Price (payment)

Question 4

All of the following are commonly cited reasons for rising healthcare costs in the United States EXCEPT:

  1. Aging population with chronic disease
  2. Advances in medical technology
  3. Decreasing administrative complexity
  4. Defensive medicine practices
Show answer & explanation

Correct answer: C - Decreasing administrative complexity

Question 5

Defensive medicine refers to the practice of:

  1. Hospitals refusing to treat uninsured patients
  2. Physicians ordering additional tests primarily to reduce malpractice liability
  3. Government agencies auditing provider billing practices
  4. Insurance companies denying claims to protect profits
Show answer & explanation

Correct answer: B - Physicians ordering additional tests primarily to reduce malpractice liability

Question 6

A person who has insurance coverage but faces deductibles and cost-sharing amounts so high that they effectively cannot afford necessary care is considered:

  1. Dual eligible
  2. Underinsured
  3. Self-funded
  4. Uninsured
Show answer & explanation

Correct answer: B - Underinsured

Question 7

The distinction between a healthcare 'cost' and a 'charge' is BEST described as:

  1. Costs are what providers bill; charges are what payers reimburse
  2. Costs are the resources consumed to deliver care; charges are the listed prices set by the provider
  3. Costs and charges are interchangeable terms in healthcare
  4. Costs apply only to for-profit entities; charges apply only to not-for-profits
Show answer & explanation

Correct answer: B - Costs are the resources consumed to deliver care; charges are the listed prices set by the provider

Question 8

Under the Affordable Care Act (ACA), the individual mandate requires:

  1. All hospitals to accept Medicaid patients
  2. All insurers to cover pre-existing conditions without a mandate on individuals
  3. All citizens to obtain health insurance or face a penalty
  4. All employers to provide health insurance
Show answer & explanation

Correct answer: C - All citizens to obtain health insurance or face a penalty

Question 9

The ACA employer mandate applies to employers with how many or more full-time equivalent (FTE) employees?

  1. 50
  2. 25
  3. 100
  4. 250
Show answer & explanation

Correct answer: A - 50

Question 10

Under the ACA, health insurance marketplaces (exchanges) are designed to:

  1. Serve as the sole source of Medicaid enrollment
  2. Replace employer-sponsored insurance entirely
  3. Provide a marketplace where individuals and small businesses can compare and purchase health plans
  4. Eliminate the need for private insurance companies
Show answer & explanation

Correct answer: C - Provide a marketplace where individuals and small businesses can compare and purchase health plans

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