Venue management - Study guides, Class notes & Summaries

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? - AnswerProfit What element is not present in a barter economy? - Ans...

REVENUE MANAGEMENT FINAL EXAM

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 use...

Event and Venue Management Exam 1 UPDATED Exam Questions and CORRECT Answers Arena / Coliseum - Correct Answer- indoor facility with fixed seats and permanent or portable stage (court) Theaters - Correct Answer- permanent stage, permanent seats, and a sloped floor Auditoriums - Correct Answer- permanent stage, permanent and portable seats, and flat floors Convention Centers - Correct Answer- exhibit and meeting space and large flat spaces

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...

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

Revenue Management Final Exam with Complete Solutions 100% Verified 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? ...

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...

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...

HOSPITALITY REVENUE MANAGEMENT FINAL EXAM REVIEW