Finance
What is the main purpose of a budget?
A) To avoid paying taxes
B) To plan and control spending
C) To increase debt
D) To eliminate accounting records
B) To plan and control spending
Which of the following is part of the hospitality industry?
A) Airlines and hotels
B) Manufacturing plants
C) Accounting firms
D) Auto repair shops
A) Airlines and hotels
What is an entrepreneur?
A) Someone who works for a corporation
B) Someone who owns and manages a business risk
C) Someone who invests in government bonds
D) Someone who only sells products online
B) Someone who owns and manages a business risk
The 4 P’s of Marketing are:
A) People, Process, Profit, Product
B) Price, Product, Promotion, Place
C) Plan, Product, Price, Positioning
D) Promotion, People, Product, Payment
B) Price, Product, Promotion, Place
What is the process of assigning tasks to employees?
A) Planning
B) Delegation
C) Coordination
D) Motivation
B) Delegation
Which financial statement shows a company’s assets, liabilities, and equity at a specific point in time?
A) Income Statement
B) Cash Flow Statement
C) Balance Sheet
D) Statement of Retained Earnings
C) Balance Sheet
Guest loyalty programs (like hotel points) are designed to:
A) Reduce customer service
B) Retain repeat customers
C) Lower prices for competitors
D) Eliminate promotions
B) Retain repeat customers
What is a business plan primarily used for?
A) Attracting investors and guiding operations
B) Increasing employee wages
C) Setting government regulations
D) Avoiding taxes
A) Attracting investors and guiding operations
What is market segmentation?
A) Cutting product features to reduce cost
B) Combining all customers into one group
C) Selling products only online
D) Dividing a market into groups with similar needs
D) Dividing a market into groups with similar needs
Which leadership style involves making decisions without input from employees?
A) Democratic
B) Servant leadership
C) Laissez-faire
D) Autocratic
D) Autocratic
An investor who wants low risk and steady income is most likely to invest in:
A) Penny stocks
B) Corporate bonds
C) Venture capital
D) Cryptocurrency
B) Corporate bonds
Which department is responsible for housekeeping and guest rooms in a hotel?
A) Food & Beverage
B) Human Resources
C) Marketing
D) Rooms Division
D) Rooms Division
A unique feature that sets a product apart from competitors is called:
A) SWOT Analysis
B) Value Proposition
C) Opportunity Cost
D) Business Cycle
B) Value Proposition
A brand logo is an example of:
A) Intellectual property
B) Price strategy
C) Distribution channel
D) Public relations
A) Intellectual property
Which management function focuses on measuring performance and making corrections?
A) Planning
B) Organizing
C) Controlling
D) Directing
C) Controlling
A credit score is primarily used to measure:
A) A person’s level of education
B) A person’s job history
C) A person’s creditworthiness
D) A person’s age
C) A person’s creditworthiness
Which of the following is an example of upselling in hospitality?
A) Offering free Wi-Fi
B) Suggesting a suite upgrade at check-in
C) Giving a discount on a regular room
D) Providing basic housekeeping service
B) Suggesting a suite upgrade at check-in
Which is an example of bootstrapping in business?
A) Applying for a bank loan
B) Using personal savings to start a company
C) Selling shares to investors
D) Merging with a competitor
B) Using personal savings to start a company
Which promotion method involves direct interaction with customers (e.g., trade shows, personal selling)?
A) Advertising
B) Sales Promotion
C) Personal Selling
D) Public Relations
C) Personal Selling
A company’s mission statement describes:
A) Daily employee tasks
B) The company’s long-term debt
C) The purpose and direction of the organization
D) Market segmentation strategy
C) The purpose and direction of the organization
Which of the following is a liquid asset?
A) Real estate
B) Inventory
C) Cash
D) Machinery
C) Cash
In tourism, “seasonality” refers to:
A) Fluctuations in demand based on the time of year
B) Weather patterns affecting business hours
C) A government regulation on travel
D) Staff working in shifts
A) Fluctuations in demand based on the time of year
The percentage of ownership given to investors in exchange for funding is called:
A) Equity
B) Liability
C) Collateral
D) Dividend
A) Equity
The “break-even point” in marketing is when:
A) Revenue equals expenses
B) Expenses exceed sales
C) Price is reduced by half
D) Market share increases
A) Revenue equals expenses
In human resources, “onboarding” refers to:
A) Training new employees when they start
B) Promoting employees to management
C) Firing employees
D) Outsourcing tasks to other companies
A) Training new employees when they start