Questions and Answers of Accounting Essentials For Hospitality Managers

List five examples of "moments of truth" in a hospitality setting.LO.1
What is one of the greatest challenges related to managing moments of truth?LO.1
What is the difference between marketing and selling?
What are the Four P’s of Marketing?
Which methods of pricing are commonly used in the hospitality industry? How do they differ from one another?
Promotional activities fall into which six categories?
What are the differences between marketing objectives, strategies, and tactics?
What characteristics do exceptional salespeople share?
What characteristics distinguish advertising from other forms of communication?
What three factors does an advertiser need in order to produce an effective advertising campaign?
What are some guidelines for creating print ads?
How can advertisers use broadcast media effectively?
What are the differences between public relations and publicity?
What is sales promotion?
How can a hotel owner who is not a hotelier ensure that the property is managed effectively?
What is an incentive fee?
What three provisions are common to almost every management contract?
What are the differences between a lease and a management contract?
What are some of the nao -wide changes responsible for the evolution of management contracts?
In negotiating a management contract, which party prefers a long-term contract and which party prefers a short-term contract? Why?
What are four types of fees owners pay to operators?
What do the “approval” and “termination” provisions of a management contract cover?
What are the advantages and disadvantages of management contracts, from both the owner's and operator’s points of view?
What is ethics?
What is the difference between social responsibility and business ethics?
What are the six techniques of moral reasoning?
Is business like poker?
Is honesty always the best policy?
What is the difference between deontology and utilitarianism?
What is ethical relativism or situational ethics?
What are some typical ethical dilemmas hospitality managers face?
Why should businesses have a code of ethics?
What three questions should managers ask themselves to test whether they are mak- ing an ethical decision?
What are two basic ways private clubs can be owned?
What types of meetings do associations typically hold?
Why is it important for large associations to select meeting sites years in advance?
What types of meetings do corporations typically hold?
How is planning an association meeting different from planning a corporate meeting?
What are the various types of trade shows?
What roles do civic and government organizations play in the meetings industry?
Where are association and corporate meetings typically held?
What are some factors a meeting planner must consider when choosing a facility?
What are some of the tasks meeting planners should be able to perform?
What are some of the travel and tourism careers associated with the meetings industry?
What were some of the early beginnings of the cruise industry?
What four major cruise lines were born in the mid-1960s to early 1970s?
What unique characteristics did Carnival introduce to the cruise industry?
What are some of the responsibilities of a cruise ship captain? a cruise ship’s hotel manager?
What are the purser’s responsibilities? the food and beverage manager's?
What important duties are overseen by the chief housekeeper? the cruise director?the physician?
How does the Seabourn case study illustrate the type of quality service cruise lines seek to provide to their guests?
What is the early history of gaming? How did gaming in the United States evolve?
How are casino hotels organized and managed differently from other types of hotels?
What are the two basic types of casino games?
What are some of the key terms used in casino management?
What are the job responsibilities of croupiers? floor people? pit bosses?6 What two broad groups of casino customers are vital to the long-term health of a gaming establishment, and what are their
What types of incentives do casinos give to high-end, middle-range, and low-end players?
How are casino operations controlled and regulated?
Managers must perform which five basic tasks?
Who are some of the primary figures within the classical school of management? the behavioral school of management? What were their contributions?
What were the Hawthorne studies?
What is the quantitative school of management?
How is the systems school different from the contingency school?
Who are some of the leaders within the quality focus school, and what did they con- tribute to this school of management thought?
What are the main ideas of the customer focus school? =
How does “reengineering” apply to businesses?
What are four basic strategies of successful leaders?
What is employee empowerment?
What key demographic trends will have a significant impact on U.S. businesses within the next decade?
What are some common reasons for the hospitality industry’s high turnover rates?
What are the differences between job lists, job breakdowns, and job descriptions?
What are some examples of productivity standards used within the hospitality industry?
What are some internal and external sources of employees?
What steps are involved in filling a vacant position?
Why is training important?
What are some techniques for motivating employees?
Why are performance reviews valuable to employees and managers?
What are the most important success factors for a restaurant?
Why is keeping up with customer preferences so important?
How does ambience contribute to a restaurant’s success?
What are some basic rules to keep in mind when creating menus?
How do fixed menus differ from cyclical menus?
What is a balance sheet? a statement of income?
What control points make up the food cost control cycle?
A purchase specification should include what kinds of information?
What is the food cost percentage and how is it calculated?
In what ways does beverage cost control differ from food cost control? In what ways is it similar?
How has the hotel industry changed in recent decades?
How can hotel guests be categorized?
What are some of the differences between a center-city hotel and a resort hotel?
What are some characteristics of suburban hotels? highway hotels? airport hotels?
What are some of the various ways hotels can be owned and operated?
How can hotels be categorized by price?
Seniors housing can consist of what types of units/facilities?
What is a feasibility study and what does it cover?
In terms of new hotel projects, what are hard costs? soft costs?
What are some characteristics of all-suite hotels? conference centers? timeshare properties?
What is the difference between a hotel revenue center and cost center?
Which division provides the largest source of revenue for most hotels?
What are some of the duties of a front desk agent?

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