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Revenue Management Final Exam Latest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers by Expert)
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Revenue Management Final Exam Latest 2024 Questions and Answers Latest (2024 / 2025) (Verified Answers by Expert) What is the industry term used to describe the sum of prices paid by a business's customers? ANS Total Revenues 2. Historically, what concept have hospitality managers chiefly used t...

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  • September 21, 2024
  • 43
  • 2024/2025
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  • REVENUE MANAGEMENT
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Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem




Revenue Management Final Exam Latest With

Complete Solutions



1. What is the industry term used to describe the sum of prices paid by a business's

customers?

ANS Total Revenues




2. Historically, what concept have hospitality managers chiefly used to calcu- late their

selling prices?

ANS Costs




3. What is an algebraic equivalent of the formula

Sales = Costs + Profit?

ANS Profit

= Sales – Costs







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,Revenue Management Final Exam Latest with complete solution.pdf file:///C:/Users/HP/Desktop/New%20Conver/Revenue%20Managem




4. What is the name for the net value achieved by both parties in a business transaction?

ANS Profit




5. What element is not present in a barter economy?

ANS Money




6. What is the formula used to calculate an owner's ROI?

ANS Owner's Investment Return / Owner's Original Investment = Owner's Return on

Investment




7. Sandy has 100 hotel rooms to sell. This Saturday night has enough cus- tomers to sell

125 rooms so she will be refusing 25 requests for rooms. What is this an example of?

ANS Constrained Supply




8. Which industry was the first to use Yield Management principles?

ANS Airline




9. What is the industry term used to describe the selling of rooms which are not actually





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available for sale?

ANS Overbooking




10. What is the formula used to calculate Average Daily Rate?

ANS Total Room's Revenue / Total Rooms Sold = Average Daily Rate




11. Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250

rooms. What was Tashia's occupancy % last night?

ANS 70%




12. Tashia's hotel sold 175 rooms last night at an ADR of $200.00. Her hotel has 250

rooms. What was Tashia's RevPAR last night?

ANS $140.00




13. What is the industry term for the average revenue generated by each occupied

guestroom during a defined period of time?

ANS RevPOR







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14. What is the formula used to calculate GOPPAR?

ANS (Total Revenue - Manage- ment Controllable Expenses) / Rooms Available to Sell =

GOPPAR




15. What is the industry term for a customer group which can be readily identified

by one or more common characteristics?

ANS Market Segment




16. What is rack rate?

ANS The price of rooms when no discounts of any type are offered




17. What is

Total period revenue

(Number of available seats) x (hours of seat availability)

ANS The formula for RevPASH




18. What is the term used to identify a management philosophy that places customer

gain ahead of short-term revenue maximization in revenue manage- ment decision





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