Finance Exam
How do banks make money on loans?
Interest
Which of the following is an example of a psychographic characteristic?
a) Age
b) Income level
c) Lifestyle
d) Gender
Lifestyle
What is the primary role of a concierge in a hotel?
Assist guests with reservations and local information
Why is it essential to establish a competitive advantage?
a) To lower production costs
b) To differentiate the business from competitors
c) To gain a monopoly
d) To improve employee morale
b) To differentiate the business from competitors
Which teachers are our chapter advisors?
J Diab and D Diab
If a company earns $2,500 in net income from $10,000 in total sales, what is its net profit margin?
25%
What does the term "four Ps" refer to in marketing?
Price, Product, Promotion, Place
Which of the following is an example of upselling in hospitality?
a) Offering a discount for a group booking
b) Recommending a suite instead of a standard room
c) Providing free breakfast for loyalty members
d) Advertising the hotel on social media
b) Recommending a suite instead of a standard room
What is a SWOT analysis
Strengths, Weaknesses, Opportunities, threats
What hotel do we stay at in Toronto?
Sheraton
What is the primary purpose of a balance sheet?
To assess a company’s financial position
What is the difference between advertising and public relations?
Advertising focuses on paid promotions; PR manages the company’s image.
Why is it essential to monitor guest feedback in the hospitality industry?
To identify areas for service improvement
Which of the following is an example of a fixed cost?
a) Raw material costs
b) Rent for a business location
c) Utilities
d) Wages for part-time employees
Rent for a business location
Orlando, Florida
Which financial ratio measures a company’s ability to pay off short-term liabilities with its liquid assets?
a) Debt-to-equity ratio
b) Current ratio
c) Quick ratio
d) Gross margin
c) Quick ratio
Which pricing strategy involves setting a high initial price and then lowering it over time?
Price Skimming
What is the primary objective of a loyalty program?
Retain existing customers by rewarding repeat visits
What is a key advantage of creating a business plan before launching a new venture?
Helps secure financing and clarify goals
How many people qualified for provs this year. +- 5
105
What is the role of the FDIC (Federal Deposit Insurance Corporation)
Protect depositors' funds in banks
What is the main advantage of market segmentation?
Allows companies to target specific consumer needs
What does ADR (Average Daily Rate) measure in hospitality management?
Average rate of booked rooms
What is the primary purpose of a mission statement in a business plan?
a) To outline specific financial goals
b) To describe the company’s core purpose and values
c) To define the target market
d) To summarize the competitive analysis
b) To describe the company’s core purpose and values
How many people attended ICDC from St. Marcellinus last year. +- 2.5
22