Question 1

Control systems ensure that:

Accepted Answer

A)  Fraud does not occur 
B)  Mistakes are monitored 
C)  Variance is monitored 
D)  All financial transactions are fully documented and reported 
A)  Fraud does not occur 
B)  Mistakes are monitored 
C)  Variance is monitored 
D)  All financial transactions are fully documented and reported D

Question 2

Which of the following is NOT a source of income?

Accepted Answer

A)  Rental for stalls 
B)  Parking fees 
C)  Commissions paid on ticket sales to a distributor 
D)  Merchandise sales 
A)  Rental for stalls 
B)  Parking fees 
C)  Commissions paid on ticket sales to a distributor 
D)  Merchandise sales C

Question 3

If you had 400 people attending an event paying $120 per head, the income would be:

Accepted Answer

A)  $48,000 
B)  $46,000 
C)  $200,000 
D)  $24,000 
A)  $48,000 
B)  $46,000 
C)  $200,000 
D)  $24,000 A

Question 4

The balance sheet:

Accepted Answer

A)  Shows monthly gross profit 
B)  Is a statement of financial position 
C)  Does not include invoices to be paid 
D)  Does not include cash flow 
A)  Shows monthly gross profit 
B)  Is a statement of financial position 
C)  Does not include invoices to be paid 
D)  Does not include cash flow

Question 5

Calculating the break-even point shows you:

Accepted Answer

A)  How many tickets you need to sell before making a profit 
B)  How your cash flow will impact on the bottom line 
C)  What would happen if you ran the event over a longer period 
D)  How much tax should be paid 
A)  How many tickets you need to sell before making a profit 
B)  How your cash flow will impact on the bottom line 
C)  What would happen if you ran the event over a longer period 
D)  How much tax should be paid

Question 6

Which of the following is an external factor that needs to be considered when preparing a budget?

Accepted Answer

A)  Supplier availability 
B)  The scope of the project 
C)  The type of client 
D)  Cost of training volunteers 
A)  Supplier availability 
B)  The scope of the project 
C)  The type of client 
D)  Cost of training volunteers

Question 7

Which of the following actions is recommended for monitoring and reviewing budgets for an event project?

Accepted Answer

A)  Prepare the budget in advance of giving the client a quote 
B)  Continually review and update the budget as planning progresses 
C)  Pay invoices promptly 
D)  Analyse economic conditions 
A)  Prepare the budget in advance of giving the client a quote 
B)  Continually review and update the budget as planning progresses 
C)  Pay invoices promptly 
D)  Analyse economic conditions

Question 8

Physical assets:

Accepted Answer

A)  Are liabilities 
B)  Are assets 
C)  Are items that have no value 
D)  Are fixtures and fittings (FF
E)  
A)  Are liabilities 
B)  Are assets 
C)  Are items that have no value 
D)  Are fixtures and fittings (FF
E)

Question 9

A budget is:

Accepted Answer

A)  An end-of-year report 
B)  A forecast 
C)  A way to solve business problems after they occur 
D)  The basis for managing inventory 
A)  An end-of-year report 
B)  A forecast 
C)  A way to solve business problems after they occur 
D)  The basis for managing inventory

Question 10

Gross profit is:

Accepted Answer

A)  The actual profit after total expenses have been paid 
B)  The profit before taxes 
C)  The profit excluding GST 
D)  The profit made after deducting costs associated with providing goods and services 
A)  The actual profit after total expenses have been paid 
B)  The profit before taxes 
C)  The profit excluding GST 
D)  The profit made after deducting costs associated with providing goods and services

Control systems ensure that:

Which of the following is NOT a source of income?

If you had 400 people attending an event paying $120 per head, the income would be:

The balance sheet:

Calculating the break-even point shows you:

Which of the following is an external factor that needs to be considered when preparing a budget?

Which of the following actions is recommended for monitoring and reviewing budgets for an event project?

Physical assets:

A budget is:

Gross profit is:

Source and Use Information on the Events Industry

Enhance Customer Service Experiences

Coordinate On-Site Event Registrations

Manage Projects

Develop Conference Programs

Manage Event Staging Components

Establish and Conduct Business Relationships

Manage Finances Within a Budget

Identify Hazards, Assess and Control Safety Risks

Monitor Work Operations

Lead and Manage People

Manage On-Site Event Operations

Plan In-House Events or Functions

Develop Event Concepts

Select Event Venues and Sites

Implement and Monitor Environmentally Sustainable Work Practices

Research and Comply With Regulatory Requirements

Manage Risk

Coordinate Marketing Activities

Obtain and Manage Sponsorship

Recruit, Select and Induct Staff

Manage Volunteers

Organise Event Infrastructure

Filters

Exam 21: Prepare and Monitor Budgets

Control systems ensure that:

Which of the following is NOT a source of income?

If you had 400 people attending an event paying $120 per head, the income would be:

The balance sheet:

Calculating the break-even point shows you:

Which of the following is an external factor that needs to be considered when preparing a budget?

Which of the following actions is recommended for monitoring and reviewing budgets for an event project?

Physical assets:

A budget is:

Gross profit is:

Source and Use Information on the Events Industry

Enhance Customer Service Experiences

Coordinate On-Site Event Registrations

Manage Projects

Develop Conference Programs

Manage Event Staging Components

Establish and Conduct Business Relationships

Manage Finances Within a Budget

Identify Hazards, Assess and Control Safety Risks

Monitor Work Operations

Lead and Manage People

Manage On-Site Event Operations

Plan In-House Events or Functions

Develop Event Concepts

Select Event Venues and Sites

Implement and Monitor Environmentally Sustainable Work Practices

Research and Comply With Regulatory Requirements

Manage Risk

Coordinate Marketing Activities

Obtain and Manage Sponsorship

Recruit, Select and Induct Staff

Manage Volunteers

Organise Event Infrastructure

Filters