Deck 3: Event Finance, and Managing the Event Human Resource

Question 1

Financial accounting is ...

A) The term used to describe the system for recording historical financial transactions and presenting this information in summary form
B) The term used to describe the system for accounting for movements of cash within an organisation and for recording this information electronically
C) The term used to describe the work done by financial administrators in the management of invoices and payments within an organisation

Answer 1

A

Question 2

What is the role of a financial plan in event planning?

A) It gives an indication of the viability of an event, by balancing running costs against existing funds and event income
B) It allows an event manager to assess whether the organisation has sufficient up-front funding to cover all the event costs
C) It provides a line by line breakdown of costs for every aspect of a prospective event

Answer 2

A

Question 3

An 'achievable' business objective (from the 'MASTER' mnemonic) is one that ...

A) Can be met with the minimum cost
B) Is within the capability of the organisation to achieve
C) Can be achieved before the end of an event
D) The organisation has achieved in the past and so is confident that it can be achieved again

Answer 3

B

Question 4

Continuation budgeting is used when ...

A) The profit from one event is used to finance the set up costs for the next event
B) The organisation continues to work within the same tax regime between events
C) The organisation's objectives do not significantly change from one budgeting period to the next
D) The same set of accounts is used for multiple events

Question 5

Recruitment is ...

A) Attracting sufficient numbers of competent applicants for a position
B) The process of advertising event vacancies
C) The selection of applicants to fill vacancies
D) The interview process

Question 6

Beliefs, values, norms and signs make up what aspect of an event organisation?

A) The implicit contract between staff and employers
B) Team personality
C) Organisational culture
D) Organisational branding

Question 7

What is the influence of increased team diversity on creative event design?

A) The process is quicker, but the final decision is often confusing
B) The process is not affected, but the final decision is more effective
C) The process is not affected, but the final decision is less effective
D) The process is longer, but the final decision is more effective

Question 8

Why is Kolb's (1984) model of reflective learning ideally suited to application in the events industry?

A) Because it involves reflecting on things that have already happened
B) Because it is based on problem-solving
C) Because it is theoretical
D) Because it only applies to practical situations

Question 9

What is the most important factor in generating repeat volunteering?

A) Favourable initial volunteering experiences
B) Payment of expenses for volunteers
C) Opportunities for permanent employment
D) A rigorous selection process