CMP Exam Domain D- Financial Management exam 2022/2023 with 100% correct answers

3 critical skills for financial success - manage event funding and resources -manage the budget -manage monetary transactions Sponsorship meaningful exchange of value for marketing benefits donation less direct benefits such as acknowledgement or PR benefits to consider when developing value proposition for sponsors: buying habits of audience, your marketing reach, potential for expanding the visability of the sponsor through channels beyond meeting, and depth of exposure you're able to offer Tiered Model of Sponsorship most traditional - ie gold, silver, bronze with each having specific benefits Credit Model of Sponsorship sponsors and partners choose from a list of benefits that are assigned credit values Subvention common in international meetings market. financial support is provided by the host destination or government as an incentive to event organizers Application Service Providers for registration purposes they are on-line registration companies that offer customizable registration forms, secure sites, CC transaction processing, and automated confirmations. Cash Accounting counts all income and expenses as they are actually collected and spent Accrual accounting counts income and expenses as they are committed or incurred. Chart of accounts integrates your orgs accounting system with your budget balance sheet list of total assets, liabilities and total net worth at a particular point in time Income Statement allows user to compare financial transactions over a selected period of time Cash Flow Statement shows both your expected revenue and expense, and the meetings cash flow. It does not include the amount o future incoming or outgoing cash has been recorded on credit Incremental Budgeting refering to last years budget and basing this years off that