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2025 LATEST REVENUE MANAGEMENT FINAL EXAM PRACTICE WITH 250 EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS/ HOSPITALITY REVENUE MANAGEMENT FINAL EXAM PREP (NEW!) $28.99
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2025 LATEST REVENUE MANAGEMENT FINAL EXAM PRACTICE WITH 250 EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS/ HOSPITALITY REVENUE MANAGEMENT FINAL EXAM PREP (NEW!)
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Course
REVENUE MANAGEMENT
Institution
REVENUE MANAGEMENT
2025 LATEST REVENUE MANAGEMENT FINAL EXAM PRACTICE WITH 250 EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS/ HOSPITALITY REVENUE MANAGEMENT FINAL EXAM PREP (NEW!)
2025 LATEST REVENUE MANAGEMENT
FINAL EXAM PRACTICE WITH 250 EXAM
QUESTIONS AND CORRECT VERIFIED
ANSWERS/ HOSPITALITY REVENUE
MANAGEMENT FINAL EXAM PREP (NEW!)
Sandy has 100 hotel rooms to sell. This Saturday night has enough customers to
sell 125 rooms so she will be refusing 25 requests for rooms. What is this an
example of? - ANSWER-constrained supply
What must be true if a product producer is to continue creating and selling
products? - ANSWER-Revenues must exceed costs
What is the specialized branch of accounting that focuses on recording and
analyzing the expenses incurred by an organization? - ANSWER-cost accounting
What is the industry term for the point at which an organization's revenues exactly
equal its costs? - ANSWER-break-even point
In a hospitality industry break-even analysis graph the Total Revenues line starts at
0. Why does the Total Costs line always start farther up the y axis? - ANSWER-
Because fixed costs are incurred even if no guests are served or rooms are sold
Which of the following statements about unit costs in the hospitality industry is
true? - ANSWER-Unit costs will vary based upon how high or low an item is
priced
pg. 1
,Which of the following statements about the relationship between costs and pricing
is true? - ANSWER-An appropriate selling price for a product or service must
dictate its allowable costs
If a Revenue Manager implements an organization's strategic pricing plan what
personal characteristic of that Revenue Manager will be most important for
ensuring the plan's success? - ANSWER-an understanding of an organization's
customers
According to Alfred Marshall's work, if the price of a product is lower than the
natural, or equilibrium price, what will happen? - ANSWER-The demand for the
product would exceed its supply
According to the most recent Hospitality Sales & Marketing Association
International (HSMAI) survey, to whom do the largest percentage of hotel revenue
managers report? - ANSWER-their hotel's general manager
Donna is a hotel revenue manager preparing next year's rooms forecast. Donna
knows that in November of next year a new hotel is opening near her own. As a
result, she is considering reducing her rooms forecast for that month. If she does
so, what data type will she be primarily using to make her decision? - ANSWER-
future data
Donna is a hotel revenue manager. Donna knows that for tonight she has sold 175
of her 200 available rooms. As a result, is eliminating room discounts on her
remaining 25 rooms. In doing so, what data type is she primarily using to make her
decision? - ANSWER-current data
In a limited service hotel, what is the incremental expense incurred in selling one
guest room? - ANSWER-CPOR
pg. 2
,What is the lodging industry term for the situation that occurs when a hotel is
unable to accommodate a guest's reservation preference due to the unavailability of
the room or service at the price, or on the date, originally requested by the guest? -
ANSWER-denied
Ray sold 100 rooms on Monday at an ADR of $150.00. He sold 150 rooms on
Tuesday at an ADR of $200.00. What was his ADR for the combined days of
Monday and Tuesday? - ANSWER- $180
Peggy is the revenue manager at a 1500 room hotel. For next Friday Peggy's PMS
shows 300 check-outs, 900 stayovers, 250 transient arrivals and a 200-room group
block that begins a three-day stay on that day. What is Peggy's current rooms
available for sale for next Friday? - ANSWER-150
What is the lodging industry term for a revenue management strategy that instructs
reservationists to decline any room reservation request that does not equal or
exceed the pre-determined minimum number of nights allowed? - ANSWER-
MLOS
Amanda is the revenue manager of a hotel. When she opened her e-mail last Friday
she found a message from the Executive Director of the state dental association
asking Amanda for a formal price quote on rooms and meeting space needed by
the association for their annual conference. What would Amanda call this inquiry?
- ANSWER-RFP
Which formula represents a buyer's view of a sales transaction? - ANSWER-
Perceived Value - Selling Price = Personal Profit
Penny Larson is travelling to San Francisco for a personal vacation. Which of
economist Milton Friedman's buyer value formulas would apply to her purchase of
pg. 3
, the hotel rooms she will need during her trip? - ANSWER-spending her own
money on herself
Penny Larson is travelling to San Francisco on business. Her company will
reimburse 100% of her travel expense. Which of economist Milton Friedman's
buyer value formulas would apply to her purchase of the hotel rooms she will need
during her trip? - ANSWER-spending someone else's money on herself
Penny Larson is buying a $100.00 restaurant gift card as a present for her niece
who is graduating from hospitality management school. Which of economist
Milton Friedman's buyer value formulas would apply to her purchase? -
ANSWER-spending her own money on someone else
Penny Larson is a travel agent arranging a one-week San Francisco vacation for
Mr. and Mrs. Rafael Ochoa. Which of economist Milton Friedman's buyer value
formulas would apply to her purchase of the hotel rooms the Ochoa's will need
during their trip? - ANSWER-spending someone else's money on someone else
What special challenge do buyers of hospitality products such as hotel guestrooms
or restaurant meals face? - ANSWER-difficulty in quality evaluation prior to
purchase
If quantity and quality are held constant how will a reduction in price affect buyers'
perceptions of value? - ANSWER-perceived value will increase
What is the industry term used to describe the sum of prices paid by a business's
customers? - ANSWER-total revenues
Historically, what concept have hospitality managers chiefly used to calculate their
selling prices? - ANSWER-costs
pg. 4
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