2.1 Key Terms
Define Mega events
major international events
Define seasonality
the way in which tourism demand fluctuates throughout a year
Define bibliography
a way of supporting an event by providing products/services or money in return for advertising
Define audit trail
a record for transactions and changes made
Define surplus
money left over
Define budget
an estimate of income and expenditure
Define perishability
The fact that some things cannot be stored or sold after a certain time, for example, an airline ticket that can only be used at a certain time and on a certain date
Define gnatt chart
an event management planning calendar, identifying tasks to be undertaken by whom and when
Define income
money that is received
Define deficit
a loss of money
Define agenda
a list of points to be discussed at a meeting
Define logo
a symbol or design used by an organization to identify itself
Define Phishing
the practice of trying to trick people into giving away their passwords and bank account details by sending them an email or text pretending to be from their bank or another well-known company
Define expenditure
money that is spent
Define forecast
a prediction of what might happen
Define minutes
a list of points to be discussed at a meeting
Define motto
a short sentence or phrase linked to an organization
Define contingency plan
a record for transactions and changes made
Define Break even
earn enough income to cover all costs
Define balance
the amount of money in an account at any one time
Define consensus
a situation in which everyone agrees with an idea or decision
Define sponsorhsip
a way of supporting an event by providing products/services or money in return for advertising
Define transparency
in a financial context, marketing information as clear and accessible as possible
Define profit
financial gain; the difference between the amount spent on an event and the amount earnt
Define quotation
a document from a supplier showing details of goods or services with expected costs, usually valid for a specified time period