Deck 5: Financial Administration

Question 1

The financial philosophy for your event may be:

A) Profit oriented
B) Break-even
C) Loss leader or hosted
D) All of the above

Answer 1

All of the above

Question 2

When conducting research for your event, review the:

A) General economy
B) Local rumors
C) Reasonable projected income
D) A & C

Answer 2

A & C

Question 3

Typical income categories for your event may be:

A) Payments to sub contractors
B) Sponsorship
C) Registration fees
D) B & C

Answer 3

B & C

Question 4

All of the following are typical expenses for your event, except:

A) Merchandise sales income
B) Advertising
C) Audiovisual equipment and services
D) Entertainment

Question 5

Make certain that your accounting software is compatible with your:

A) Lawyer
B) Banker
C) Accountant
D) Caterer

Question 6

Fixed overhead expenses for your event include the following items, except:

A) Rent
B) Telephone
C) Catering for meal functions
D) Insurance

Question 7

Variable expenses include:

A) Catering
B) Audio visual
C) Registration materials
D) All of the above

Question 8

The difference between net and gross profit for your event is the:

A) Type of software you use
B) Percentage of fixed overhead expenses that was dedicated to producing a specific event
C) The staff salaries
D) The benefits

Question 9

The foreign exchange rate is the:

A) Price of one currency expressed in another currency
B) The Euro
C) The amount set by the Federal Reserve
D) None of the above

Question 10

The account codes for your event depict:

A) Categories
B) Line item income and expenditures
C) Generalizations
D) A & B

Question 11

When budgeting expenses, it is important to:

A) Over project so you may trim later
B) Under project so you may find money later
C) Neither A or B
D) Both A and B

Question 12

The budget for your event is based upon:

A) Historical data
B) Comparable data
C) Wild guesses
D) A & B

Question 13

When budgeting the income for your event, you should:

A) Over project potential revenue
B) Under project revenue because there are many exogenous variables
C) Get advice from your volunteers
D) Use your gut feelings

Question 14

It is important to identify all:

A) Expenses
B) Sources of income
C) Problems
D) A & B

Question 15

Expenses may be:

A) Fixed
B) Variable
C) Permanent
D) A & B

Question 16

A fixed expense would be:

A) Insurance
B) Delegate meals
C) Registration materials
D) Coach hire

Question 17

The variance in your budget is the difference between:

A) Men and women
B) Children and adults
C) Projected and actual
D) None of the above

Question 18

Many event organizations fail due to:

A) Lack of creativity
B) Lack of volunteers
C) Limited selection of floral center pieces
D) Poor financial planning and administration

Question 19

Your accountant should have:

A) Familiarity with event budgets
B) Familiarity with local accounting laws and practices
C) A degree in planned events
D) A & B

Question 20

You should try to identify more:

A) Expense streams
B) Income streams
C) Postage stamps
D) Coffee cups