Event Management Final Quiz || Solved Correctly.
Right after an operational service mapping blueprint, the budget is the second most important
tool you will use to manage the success of your event. (true or false) correct answers False
Budgets are the monetary aspect of your event actions plan. (true or false) correct answers True
From the required reading of Chapter 6 in the textbook, we learned that the budget process is
linear (in a straight line) and moves from the first step of preparing the budget to the last step of
evaluations/audits. (true or false) correct answers False - circular process
A capital budget is focused on the amount of cash and other resources you have for operational
expenses. (true or false) correct answers False- major purchases such as cars and buildings
A generally accepted practice is to account for both revenues and expenses by using four
standard codes (i.e. 1000/2000/3000/4000) in each area to group your income streams or costs.
(true or false) correct answers False- for expenses, but unlimited for revenues
The number one reason event management businesses fail is because of poor financial
management. (true or false) correct answers True
The financial aspects of events have been well researched and there is a lot of information for
organizations to employ. (true or false) correct answers False
According to the required reading Financial Administration chapter 5, the best financial history
to base budget estimates on is over the past 10 years. (true or false) correct answers False
According to the required reading on Budget Swaps, instead of spending money on a 3-course
dinner you could spend one a picnic to save money.(true or false) correct answers True
, It is required that organizations have their budgets and financial information audited annually.
(true or false) correct answers False
Budgets are a challenge because.... correct answers They are based on assumptions
They are based on limited information
Budget factors to consider include which of the following... correct answers Marketing
projections
ROI
The economy
One budget factor to consider is your available resources that can include which of the
following... correct answers Your commitments
Non-cash commitments
Cash on hand
A key to cash flow management is your ability to forecast which of the following... correct
answers Both your revenues and expenses
Budgets are which of the following... correct answers challenging
Liquidity correct answers You can pay your bills
Insolvency correct answers You cannot pay your bills
Balance sheet correct answers Equity minus liabilities
Profit and Loss statements correct answers Revenues minus expenses
Right after an operational service mapping blueprint, the budget is the second most important
tool you will use to manage the success of your event. (true or false) correct answers False
Budgets are the monetary aspect of your event actions plan. (true or false) correct answers True
From the required reading of Chapter 6 in the textbook, we learned that the budget process is
linear (in a straight line) and moves from the first step of preparing the budget to the last step of
evaluations/audits. (true or false) correct answers False - circular process
A capital budget is focused on the amount of cash and other resources you have for operational
expenses. (true or false) correct answers False- major purchases such as cars and buildings
A generally accepted practice is to account for both revenues and expenses by using four
standard codes (i.e. 1000/2000/3000/4000) in each area to group your income streams or costs.
(true or false) correct answers False- for expenses, but unlimited for revenues
The number one reason event management businesses fail is because of poor financial
management. (true or false) correct answers True
The financial aspects of events have been well researched and there is a lot of information for
organizations to employ. (true or false) correct answers False
According to the required reading Financial Administration chapter 5, the best financial history
to base budget estimates on is over the past 10 years. (true or false) correct answers False
According to the required reading on Budget Swaps, instead of spending money on a 3-course
dinner you could spend one a picnic to save money.(true or false) correct answers True
, It is required that organizations have their budgets and financial information audited annually.
(true or false) correct answers False
Budgets are a challenge because.... correct answers They are based on assumptions
They are based on limited information
Budget factors to consider include which of the following... correct answers Marketing
projections
ROI
The economy
One budget factor to consider is your available resources that can include which of the
following... correct answers Your commitments
Non-cash commitments
Cash on hand
A key to cash flow management is your ability to forecast which of the following... correct
answers Both your revenues and expenses
Budgets are which of the following... correct answers challenging
Liquidity correct answers You can pay your bills
Insolvency correct answers You cannot pay your bills
Balance sheet correct answers Equity minus liabilities
Profit and Loss statements correct answers Revenues minus expenses
