Revenue Management Final Exam Question & Answers 2022
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what is the industry term used to describe the sum of prices paid by a business's customers?
-daily receipts
-profit
-profits less expenses
-total revenues
-total revenues
historically, what concept have hospitality managers chiefly used to calculate their selling prices?
-in...
revenue management final exam question amp answers 2022
what is the industry term used to describe the sum of prices paid by a businesss customers
what concept have hospitality ma
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Revenue Management Final Exam Question & Answers 2022
what is the industry term used to describe the sum of prices paid by a business's customers?
-daily receipts
-profit
-profits less expenses
-total revenues - Answer -total revenues
historically, what concept have hospitality managers chiefly used to calculate their selling prices?
-income
-revenue
-costs
-profits - Answer -costs
what is an algebraic equivalent of the formula: sales=costs+profit?
-profit=sales-costs
-costs=sales+profits
-costs=profit-sales
-profit=costs-sales - Answer -profit=sales-costs
what is the name for the net value achieved by both parties in a business transactions?
-revenue
-profit
-income
-expense - Answer -profit
what element is not present in a barter economy? Revenue Management Final Exam Question & Answers 2022
-product exchange
-money
-profit
-sellers - Answer -money
what is the formula used to calculate an owner's ROI?
-owner's original investment/owner's investment return=owner's return on investment
-owner's investment return/owner's return=owner's return on investment
-owner's return on investment/owner's original investment=owner's return on investment
-owner's investment return/owner's original investment=owner's return on investment - Answer owner's investment return/owner's original investment=owner's return on investment
Sandy has 100 hotel rooms to sell. This Saturday night has enough customers to sell 125 rooms so she will be refusing 25 requests for rooms. What is this an example of?
-distribution channels
-differential pricing
-constrained supply
-yield management - Answer -constrained supply
which industry was the first to use yield management principles?
-lodging
-food service
-airline
-catering - Answer -airline
what is the industry term used to describe the selling of rooms which are not actually available to sale? Revenue Management Final Exam Question & Answers 2022
-overbooking
-yield management
-revenue management
-maximum ADR - Answer overbooking
what is the formula used to calculate average daily rate?
-owner's investment/occupancy rate=average daily rate
-rooms available for sale/occupancy rate=average daily rate
-total rooms sold/total room's revenue=average daily rate
-total room's revenue/total rooms sold=average daily rate - Answer total room's revenue/total rooms sold=average daily rate
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?
-87.5%
-70%
-114.3%
-80% - Answer 70%
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?
-$140.00
-$35.00
-$125.00
-$160.00 - Answer $140.00
what is the industry term for the average revenue generated by each occupied guestroom during a defined period of time? Revenue Management Final Exam Question & Answers 2022
-REVPOR
-REVPASH
-REVPAR
-REVAVE - Answer REVPOR
what is the formula used to calculate GOPPAR?
-(total revenue - management controllable expenses) / rooms sold
-rooms available to sell / (total revenue - management controllable expenses) -rooms available to sell / total management controllable expenses
-(total revenue - management controllable expenses) / rooms available to sell - Answer (total revenue - management controllable expenses) / rooms available to sell
what is the industry term for a customer group which can be readily identified by one or more common characteristics?
-comp set
-STR group
-market segment
-revenue group - Answer market segment
what is a rack rate?
-the price of rooms when nonrefundable advance purchases are made
-the price of rooms when no discounts of any type are offered
-the price of rooms when 0-10% discounts are offered
-the price for the most expensive room in a hotel - Answer the price of rooms when no discounts of any type are offered
what is: total period revenue/ (number of available seats x hours of seat availability)
-the formula for REVPASH
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