Venue management final - Study guides, Class notes & Summaries
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HOSPITALITY REVENUE MANAGEMENT FINAL
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The primary purpose of accounting is to report on an organization's? - Answer- money and valuable property. 
 
When does accounting for a business begin? - Answer- Before the business opens 
 
The best definition of an accountant is a person who - Answer- is skilled in the recording and reporting of financial transactions. 
 
Which governmental entity establishes standards, and then awards qualified individuals the Certified Public Accountant (CPA) designation? - Answer- State 
 
Which branch o...
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Revenue Management Final Exam with Complete Solutions 100% Verified
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Revenue Management Final Exam with 
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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 
What is an algebraic equivalent of the formula: Sales = Costs + Profit? ANSWER-Profit = 
Sales - Costs 
What is the name for the net value achieved by both parties in a business transaction? ...
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Hospitality Revenue Management Final Exam with Complete Solutions
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Hospitality Revenue Management Final Exam 
with Complete Solutions 
Most of the entities below are classified as "Chains". Which one is a "Parent Company" 
consisting of multiple chains? ANSWER-Accor Hotels 
Which is a true statement about Parent Companies? ANSWER-Parent Companies and the 
related chains have changed over time 
What are the three different operation types? ANSWER-Chain Management, Franchise, 
Independent
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Revenue Management Final Exam with Complete Solutions 100% Verified
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Revenue Management Final Exam with 
Complete Solutions 100% Verified 
Revenue ANSWER-The total amount of sales achieved in a specified time period 
Revenue is calculate as: ANSWER-Number of Units Sold x Unit Price 
Effective managers of an organization's revenues MUST do three things ANSWER-1. 
Understand the importance of revenue management 
2. Understand the many complex factors that influence revenue management strategy and 
tactics 
3. Become better at making revenue management decisio...
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Venue Management FINAL UPDATED Exam Questions and CORRECT Answers
- Exam (elaborations) • 17 pages • 2024
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Venue Management FINAL UPDATED 
Exam Questions and CORRECT Answers 
The most important tool used to determine whether or not to build a public assembly venue - 
Correct Answer- feasibility study 
The _____ refers to the maximum number of people allowed by code in any given venue - 
Correct Answer- capacity rating 
T.I.F or ____, is assessed to local businesses that directly benefit from events in a venue - 
Correct Answer- Tax Increment Financing
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HOSPITALITY REVENUE MANAGEMENT FINAL EXAM REVIEW
- Exam (elaborations) • 17 pages • 2024
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HOSPITALITY REVENUE MANAGEMENT FINAL EXAM REVIEW
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Revenue Management Final Exam
- Exam (elaborations) • 15 pages • 2023
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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 
 
What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer- Profit = Sales - Costs 
 
What is the name for the net value achieved by both parties in a business transaction? - Answer- Profit 
 
What element is not present in a barter eco...
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Revenue Management Final Questions With Detailed Solutions
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Revenue Management Final Questions With Detailed Solutions
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Hospitality Revenue Management Final Exam Review 2024 Questions & Answers | 100% Correct | Verified
- Exam (elaborations) • 21 pages • 2024
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What is the industry term used to describe the sum of prices paid by a business's customers? - total 
revenues 
Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - 
costs 
What is an algebraic equivalent of the formula: Sales = Costs + Profit? - profit=sales-costs 
What is the name for the net value achieved by both parties in a business transaction? - profit 
What element is not present in a barter economy? - money 
What is the formula used to...
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Revenue Management Final Exam 2024 Questions & Answers | 100% Correct | Verified
- Exam (elaborations) • 19 pages • 2024
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Revenue Management Final Exam 2024 
Questions & Answers | 100% Correct | 
Verified
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