Sports Management Chapter 15
What is an income statement? - answers-provides the financial
results of the organization's operations over a specific period. It is usually reported at
the end of the year. Very important document since it presents the net profit or net loss
Revenue (income) - answers-the inflow of value to the business. Revenue is recorded
when the good or service is delivered to a customer, not when the cash is received for
that transaction. "Other" revenue items appear at the bottom of the income statement
(e.g., interest income).
What are some careers found within financial management for sport organizations? -
answers-- Financial management jobs
- Positions in financial operations
- Financial consulting firms and professionals
What are some of the various expenses/revenues? - answers-geared towards sport
participation
seeking to make a profit
focused on sport spectators
T/F: Total assets are equal t liabilities - answers-True
What does the balance sheet include? - answers-assets, liabilities, owner's equity
Owners' Equity - answers-shares of the resources of the business (includes both
monies put in and their earnings)
Liabilities - answers-obligations to pay money or provide goods or services to another
entity (money, goods or services owed to others
What is one of the most diverse industries in the business world? - answers-The sports
industry
Since the sports industry one of the most diverse industries in the business world, the
difficulty of - answers-measuring the overall economic size of the industry increases
What is an income statement? - answers-provides the financial
results of the organization's operations over a specific period. It is usually reported at
the end of the year. Very important document since it presents the net profit or net loss
Revenue (income) - answers-the inflow of value to the business. Revenue is recorded
when the good or service is delivered to a customer, not when the cash is received for
that transaction. "Other" revenue items appear at the bottom of the income statement
(e.g., interest income).
What are some careers found within financial management for sport organizations? -
answers-- Financial management jobs
- Positions in financial operations
- Financial consulting firms and professionals
What are some of the various expenses/revenues? - answers-geared towards sport
participation
seeking to make a profit
focused on sport spectators
T/F: Total assets are equal t liabilities - answers-True
What does the balance sheet include? - answers-assets, liabilities, owner's equity
Owners' Equity - answers-shares of the resources of the business (includes both
monies put in and their earnings)
Liabilities - answers-obligations to pay money or provide goods or services to another
entity (money, goods or services owed to others
What is one of the most diverse industries in the business world? - answers-The sports
industry
Since the sports industry one of the most diverse industries in the business world, the
difficulty of - answers-measuring the overall economic size of the industry increases
