Question 1

Variance analysis is:

Accepted Answer

A)  A means of staying on track in terms of timelines 
B)  One way to monitor the work of employees 
C)  A means of checking for budget deviations 
D)  A measure of effective service delivery 
A)  A means of staying on track in terms of timelines 
B)  One way to monitor the work of employees 
C)  A means of checking for budget deviations 
D)  A measure of effective service delivery C

Question 2

If your food and beverage to sales ratio was 50% and your sales were $850,000 what would you expect to spend on food and beverage?

Accepted Answer

A)  $546,000 
B)  $400,000 
C)  $425,000 
D)  $286,213 
A)  $546,000 
B)  $400,000 
C)  $425,000 
D)  $286,213 C

Question 3

In the context of event budgets, allocating resources includes:

Accepted Answer

A)  Wages expense 
B)  Sales 
C)  Income 
D)  Donations 
A)  Wages expense 
B)  Sales 
C)  Income 
D)  Donations A

Question 4

if you had 300 people attending an event, paying $120 per head, the income would be:

Accepted Answer

A)  $36,000 
B)  $46,000 
C)  $200,000 
D)  $24,000 
A)  $36,000 
B)  $46,000 
C)  $200,000 
D)  $24,000

Question 5

A budget is a means of:

Accepted Answer

A)  Control 
B)  Looking at value for money 
C)  Managing the workforce 
D)  Managing VIK 
A)  Control 
B)  Looking at value for money 
C)  Managing the workforce 
D)  Managing VIK

Question 6

Which of the following is the most useful budget for a wedding business looking at the profitability of each wedding?

Accepted Answer

A)  Cash flow budget 
B)  Purchasing budget 
C)  Wage budget 
D)  Project budget 
A)  Cash flow budget 
B)  Purchasing budget 
C)  Wage budget 
D)  Project budget

Question 7

If forecast revenue was $45,000 and actual was $39,000 what is the percentage of variance?

Accepted Answer

A)  13.30% 
B)  15.10% 
C)  No variance 
D)  18.00% 
A)  13.30% 
B)  15.10% 
C)  No variance 
D)  18.00%

Question 8

GST reporting for goods and services tax is a requirement of:

Accepted Answer

A)  Premiers Department 
B)  Australian Tax Office 
C)  State and Territory Tax Office 
D)  Local government 
A)  Premiers Department 
B)  Australian Tax Office 
C)  State and Territory Tax Office 
D)  Local government

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

Benchmarks for event management are more difficult than for hospitality because:

Accepted Answer

A)  They are so diverse in type and thus difficult to compare 
B)  Incomes are impossible to establish 
C)  Payments are generally overdue 
D)  All restaurants have similar ratios, such as food cost and labour 
A)  They are so diverse in type and thus difficult to compare 
B)  Incomes are impossible to establish 
C)  Payments are generally overdue 
D)  All restaurants have similar ratios, such as food cost and labour

Variance analysis is:

If your food and beverage to sales ratio was 50% and your sales were $850,000 what would you expect to spend on food and beverage?

In the context of event budgets, allocating resources includes:

if you had 300 people attending an event, paying $120 per head, the income would be:

A budget is a means of:

Which of the following is the most useful budget for a wedding business looking at the profitability of each wedding?

If forecast revenue was $45,000 and actual was $39,000 what is the percentage of variance?

GST reporting for goods and services tax is a requirement of:

A budget is:

Benchmarks for event management are more difficult than for hospitality because:

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

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

Prepare and Monitor Budgets

Recruit, Select and Induct Staff

Manage Volunteers

Organise Event Infrastructure

Filters

Exam 8: Manage Finances Within a Budget

Variance analysis is:

If your food and beverage to sales ratio was 50% and your sales were $850,000 what would you expect to spend on food and beverage?

In the context of event budgets, allocating resources includes:

if you had 300 people attending an event, paying $120 per head, the income would be:

A budget is a means of:

Which of the following is the most useful budget for a wedding business looking at the profitability of each wedding?

If forecast revenue was $45,000 and actual was $39,000 what is the percentage of variance?

GST reporting for goods and services tax is a requirement of:

A budget is:

Benchmarks for event management are more difficult than for hospitality because:

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

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

Prepare and Monitor Budgets

Recruit, Select and Induct Staff

Manage Volunteers

Organise Event Infrastructure

Filters