Revenue Management Final Exam Latest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers by Expert)
9 views 0 purchase
Course
REVENUE MANAGEMENT
Institution
REVENUE MANAGEMENT
Revenue Management Final Exam Latest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers by Expert) What is the industry term used to describe the sum of prices paid by a business's
customers?
ANS Total Revenues
2. Historically, what concept have hospitality managers chiefly used t...
Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem
Revenue Management Final Exam Latest With
Complete Solutions
1. What is the industry term used to describe the sum of prices paid by a business's
customers?
ANS Total Revenues
2. Historically, what concept have hospitality managers chiefly used to calcu- late their
selling prices?
ANS Costs
3. What is an algebraic equivalent of the formula
Sales = Costs + Profit?
ANS Profit
= Sales – Costs
1 of 43 9/18/2024, 11:16
,Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem
4. What is the name for the net value achieved by both parties in a business transaction?
ANS Profit
5. What element is not present in a barter economy?
ANS Money
6. What is the formula used to calculate an owner's ROI?
ANS Owner's Investment Return / Owner's Original Investment = Owner's Return on
Investment
7. Sandy has 100 hotel rooms to sell. This Saturday night has enough cus- tomers to sell
125 rooms so she will be refusing 25 requests for rooms. What is this an example of?
ANS Constrained Supply
8. Which industry was the first to use Yield Management principles?
ANS Airline
9. What is the industry term used to describe the selling of rooms which are not actually
2 of 43 9/18/2024, 11:16
,Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem
available for sale?
ANS Overbooking
10. What is the formula used to calculate Average Daily Rate?
ANS Total Room's Revenue / Total Rooms Sold = Average Daily Rate
11. Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250
rooms. What was Tashia's occupancy % last night?
ANS 70%
12. Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250
rooms. What was Tashia's RevPAR last night?
ANS $140.00
13. What is the industry term for the average revenue generated by each occupied
guestroom during a defined period of time?
ANS RevPOR
3 of 43 9/18/2024, 11:16
,Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem
14. What is the formula used to calculate GOPPAR?
ANS (Total Revenue - Manage- ment Controllable Expenses) / Rooms Available to Sell =
GOPPAR
15. What is the industry term for a customer group which can be readily identified
by one or more common characteristics?
ANS Market Segment
16. What is rack rate?
ANS The price of rooms when no discounts of any type are offered
17. What is
Total period revenue
(Number of available seats) x (hours of seat availability)
ANS The formula for RevPASH
18. What is the term used to identify a management philosophy that places customer
gain ahead of short-term revenue maximization in revenue manage- ment decision
4 of 43 9/18/2024, 11:16
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseFerian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
