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 is the process of analyzing a company's financial statements to assess its performance?
Financial Analysis
What is the term for a temporary business created to test a business model?
Startup
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
What is the hospitality term for offering guests personalized service and amenities based on past preferences or behaviors?
Customer relationship management (CRM) personalization
What business structure limits owners' liability to their investment in the company?
Limited Liability Company or LLC
What type of market structure is characterized by a few dominant firms that have significant market control but still face some competition?
Oligopoly
What is the term for a budget that adjusts based on a company’s actual revenue and expenses?
Flexible Budget