Entrepreneurship
What is the term for a business that is owned and operated by a single person?
Sole Proprietorship
What is the main goal of customer service in the hospitality industry?
Guest Satisfaction and Retention
To calculate total revenue, a business multiplies the number of units sold by
Average price per unit
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
What is the term for the difference between a company's revenue and expenses?
Profit
What type of funding is provided by investors in exchange for equity in a startup?
Venture Capital
What does the acronym ADR stand for in the hotel industry?
Average Daily Rate
What leadership style involves making decisions without input from employees?
Autocratic Leadership
What is the process of dividing a market into smaller groups based on shared characteristics?
Market Segmentation
What are statements about a present or desired strength called?
Affirmations
What is a communications channel used in sales promotion?
Discount Coupons
What type of tourism focuses on preserving the environment and benefiting local communities?
Ecotourism
What is the term for the process of assigning tasks and responsibilities to employees?
Delegation
What type of advertising involves paying for an ad to appear at the top of search engine results?
Search Engine Marketing or SEM
What financial statement shows a company’s assets, liabilities, and equity at a specific point in time?
Balance Sheet
What document outlines a company's goals, target market, and financial projections?
Business Plan
Which department in a hotel is responsible for managing room availability and pricing?
Revenue Management
What is the term for an employee’s ability to understand and manage their own emotions and the emotions of others?
Emotional Intelligence
What pricing strategy involves setting a high initial price before lowering it over time?
Price Skimming
What is the term for an investment strategy that reduces risk by allocating investments across various financial instruments?
Diversification
What business strategy involves launching a new product in an existing market?
Product Development
Countries record the flow of imports, exports, foreign aid, business investment, foreign investments, and money spent by tourists in order to determine ______.
Balance of Payments
What business structure limits owners' liability to their investment in the company?
Limited Liability Company or LLC
Which law protects consumers from false or misleading advertisements?
The Federal Trade Commission Act
Customer Relationship Management (CRM) processes should support the basic steps of the __________ cycle.
Customer Life