Intro to Sport Econ & Finance
People in the organization, such as players, represent this type of element that affects a sport organization's finances.
What are internal?
Budgets, especially changes in budgets, must be presented in this manner.
What is in-person?
Financial planning is always tied to this.
What is an organization's strategy?
The three main sources of controls.
What are the government, organization, or department?
Pacific's is from July 1-June 30.
What is a fiscal year?
The science and art of making sound financial decisions for a sport organization.
What is sport finance?
Your Alabama budget reflected this type of budget.
What is operational?
Cutting costs, altering prices, and tightening controls are all common actions for this kind of financial planning.
What is short-term?
The basis for many purchasing decisions in sport organizations.
What is inventory?
This type of accounting helps an organization demonstrate fiscal responsibility to external stakeholders.
What is financial accounting?
This morning, the Federal Reserve altered this external element affecting sport organization's finances.
What is the interest rate (economic policies)?
The changes in sports betting laws influence this step of the budgeting process.
What is considering legal, economic & social changes?
When financial planning for the long term, tanking, divesting or cutting programs focuses on...
What is reducing expenses?
The purchasing consideration that might lead to higher costs and more local purchases.
What is service?
When the Stockton Ports give their sponsors benefits before the sponsor has fully paid, the sponsor has been given ______.
What is credit?
This is often the financial goal for sport organizations.
What is stability?
This type of budget forces each department to justify its need for every dollar.
What is a zero-based budget?
This source of funding can yield large sums of money, but takes a long time and often requires partnering with some form of government.
What are bonds?
The process used to purchase expensive goods or services.
What are bid purchases?
When Forbes publishes the value of the top 10 professional franchises they are measuring this.
What is market value?
Intercollegiate athletics demonstrate this aspect of sport finance.
What is complexity?
This budget priority could involve coming up with a new slogan, getting a new spokesperson, and developing a new logo.
What is enhancing brand recognition?
This strategy would require a big increase on travel costs, hiring bilingual staff, and maybe new offices, but it could ultimately yield significant new revenues.
What is a global strategy?
This is a standard that other sport organizations use to help them determine what equipment to purchase or what facility upgrades to make.
What is a benchmark?
This is the reason a WNBA player wants most of her money in a signing bonus not in a salary.
What is the time value of money?