HFT- 3424 Exam 1 Questions and Answers
-Understand/use accounting concepts and methods of financial analysis in
conducting the daily operations of their departments. - ANS-Entry-level hospitality
managers need to be able to:
measuring a company's performance in meeting its goals/objectives - ANS-
Numbers are used in:
- Customer satisfaction
- Employee satisfaction
- Profitability - ANS-Most commonly used measurements of business success are:
CUSTOMER SATISFACTION
-By business performance:
-% of market share; revenue growth; sales of new products and services
Customer Satisfaction Surveys
"Are you willing to return?" - ANS-Step 1 of measuring business success
Customers who are willing to repurchase our products/services - ANS-Key Driver of
profitable growth
EMPLOYEE SATISFACTION
-Employee satisfaction index
-Numbers (relationship between scores and if performance is declining, stagnant,
improving) - ANS-Step 2 of measuring business success
-Lower Turnover
-Higher Productivity
-Increased Profits
-Loyalty - ANS-How important is employee satisfaction:
PROFITS
-is a company making or losing money?
-can be expressed in % - ANS-Step 3 of measuring business success
Profit=Revenue-Expenses
ex)$250,000/$1000000=25%
-business activities resulted in $250,000 in profit (cash) - ANS-Is a company
, making or losing money?
PERCENTAGES
-Profit dollars/Revenue
ex)$25000/1000000=25%
-Amount of every dollar that is left over as profit
-Measures relationship between revenue and profit - ANS-Profits can be expressed
in:
Profit - ANS-25 cents out of every sale $
Expense - ANS-75 cents out of every sale $
a tangible value to performance and results - ANS-Numbers assign:
study model - ANS-Slide 9 of chapter one
-working with others (managers/line employees)
-managing things
-leading people
-paid to get people to do job
-planning
-organizing
-controlling
-leadership
-allocating company resources (time, money, labor, ideas) - ANS-
Leadership/management skills
-Bookkeeping
-record financial transactions
-prepare financial statements - ANS-Leadership Management skills: Accounting
-Monetary affairs (how money circulates)
-Understand numbers
-Communicate/teach #s to improve the operations
-comfortable talking about to superiors
-formulas in financial anaylsis - ANS-Leadership Management skills: Finance
=Rate*Volume - ANS-Formulas in financial analysis:
*Revenue*
=Revenues-Expenses - ANS-Formulas in financial analysis:
*Profit=*
=Total room Revenue/Total Available rooms - ANS-Formulas in financial analysis:
-Understand/use accounting concepts and methods of financial analysis in
conducting the daily operations of their departments. - ANS-Entry-level hospitality
managers need to be able to:
measuring a company's performance in meeting its goals/objectives - ANS-
Numbers are used in:
- Customer satisfaction
- Employee satisfaction
- Profitability - ANS-Most commonly used measurements of business success are:
CUSTOMER SATISFACTION
-By business performance:
-% of market share; revenue growth; sales of new products and services
Customer Satisfaction Surveys
"Are you willing to return?" - ANS-Step 1 of measuring business success
Customers who are willing to repurchase our products/services - ANS-Key Driver of
profitable growth
EMPLOYEE SATISFACTION
-Employee satisfaction index
-Numbers (relationship between scores and if performance is declining, stagnant,
improving) - ANS-Step 2 of measuring business success
-Lower Turnover
-Higher Productivity
-Increased Profits
-Loyalty - ANS-How important is employee satisfaction:
PROFITS
-is a company making or losing money?
-can be expressed in % - ANS-Step 3 of measuring business success
Profit=Revenue-Expenses
ex)$250,000/$1000000=25%
-business activities resulted in $250,000 in profit (cash) - ANS-Is a company
, making or losing money?
PERCENTAGES
-Profit dollars/Revenue
ex)$25000/1000000=25%
-Amount of every dollar that is left over as profit
-Measures relationship between revenue and profit - ANS-Profits can be expressed
in:
Profit - ANS-25 cents out of every sale $
Expense - ANS-75 cents out of every sale $
a tangible value to performance and results - ANS-Numbers assign:
study model - ANS-Slide 9 of chapter one
-working with others (managers/line employees)
-managing things
-leading people
-paid to get people to do job
-planning
-organizing
-controlling
-leadership
-allocating company resources (time, money, labor, ideas) - ANS-
Leadership/management skills
-Bookkeeping
-record financial transactions
-prepare financial statements - ANS-Leadership Management skills: Accounting
-Monetary affairs (how money circulates)
-Understand numbers
-Communicate/teach #s to improve the operations
-comfortable talking about to superiors
-formulas in financial anaylsis - ANS-Leadership Management skills: Finance
=Rate*Volume - ANS-Formulas in financial analysis:
*Revenue*
=Revenues-Expenses - ANS-Formulas in financial analysis:
*Profit=*
=Total room Revenue/Total Available rooms - ANS-Formulas in financial analysis:
