Chapter 9: Evaluation of Revenue Management Efforts in Lodging Exam Questions & Answers 100% Accurate

Statistic - ANSWER-A number or term used to summarize or to describe a larger collection of information. Examples include sums, averages, and ratios. Income statement - ANSWER-A detailed listing of an operation's revenue and expenses for a specific time period. Also know as the statement of income and expense, profit and loss statement, or P&L. Room-related occupation costs - ANSWER-Those rooms- related costs incurred directly as a result of selling a guest room. Examples include labor costs, room supplies, and room amenities. Also referred to as room-related occupancy cost, occupied room cost, or cost per occupied room (CPOR) Gross operating profit (GOP) - ANSWER-Total revenues less management-controllable operating expenses. GOP can be expressed in total dollars or as a percentage of total revenue.