The Importance of Effective Communication in the Workplace, Exams of Advanced Education

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Hospitality Revenue Management Final Exam Review Questions With 100% Correct Answers Whatiisitheiindustryitermiuseditoidescribeitheisumiofipricesipaidibyiaibus iness'sicustomers?i-iCorrectiAnswer-totalirevenues Historically,iwhaticonceptihaveihospitalityimanagersichieflyiuseditoicalc ulateitheirisellingiprices?i-iCorrectiAnswer-costs Whatiisianialgebraiciequivalentiofitheiformula:iSalesi=iCostsi+iProfit?i- iCorrectiAnswer-profit=sales-costs Whatiisitheinameiforitheinetivalueiachievedibyibothipartiesiiniaibusinessi transaction?i-iCorrectiAnswer-profit Whatielementiisinotipresentiiniaibarterieconomy?i-iCorrectiAnswer- money Whatiisitheiformulaiuseditoicalculateianiowner'siROI?i-iCorrectiAnswer- Owner'siInvestmentiReturni/iOwner'siOriginaliInvestmenti=iOwner'siRe turnioniInvestment Sandyihasi100ihoteliroomsitoisell.iThisiSaturdayinightihasienoughicusto mersitoiselli125iroomsisoisheiwillibeirefusingi25irequestsiforirooms.iWha tiisithisianiexampleiof?i-iCorrectiAnswer-constrainedisupply 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Whatiisitheirelationshipibetweenidifferentialipricingiandiconsumerisurp lus?i-iCorrectiAnswer- Differentialipricingiisiaistrategyiusedibyisellersitoiminimizeiconsumerisur plus Whichicourseiofiactioniwouldibeimostibeneficialitoitheiprofitigeneratingi abilityiofiairevenueimanager'sibusiness?i-iCorrectiAnswer- Theimajorityiofianyiconsumerisurplusiisicapturedibyitheibusiness Hottickets.comiisiaiweb- basedibusinessithatibuysipopulariconcertiticketsiinibulk.iItibuysitheiticke tsiatiailowipriceibecauseiitiqualifiesiforigroupiticketidiscountsiofferedibyi concertipromoters.iHotticket.comithenimarksiupiandiimmediatelyiresell sitheiticketsiitihasipurchaseditoiinterestediindividualsiwhoivisititheiHotti cketiwebsite.iWhatiisitheinameiofitheiactivityiHottickets.comiisiengagin giin?i-iCorrectiAnswer-arbitrage Whatiisitheipurposeiofiaipriceifenceioribarrier?i-iCorrectiAnswer- Toiidentifyiwhoiisiandiwhoiisinotieligibleiforiaispecialipricingioffer 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WhatiisitheinameiofitheiUSilegislationithatioutlawediallicontractsiandico nspiraciesithatiunreasonablyirestrainiinterstateitrade?i- iCorrectiAnswer-shermaniantitrustiact WhatiisitheinameiofitheiUSilegislationithatiprohibitsicompetingihospitali tyimanagersifromimeetingitoiagreeiuponitheiroomipricesithatiwillibeicha rgediforiupcomingieventsiorichargeditoispecificigroupsioficustomers?i- iCorrectiAnswer-shermaniantitrustiact WhatiisitheinameiofitheiUSilegislationithatiprohibitsiillegalidiscriminatio niinipricing?i-iCorrectiAnswer-claytoniact WhichiUSilawiwouldibeiviolatediifiaihotelichargedidifferentiroomiratesib asediuponiairoomibuyer'sirace,ireligionioriethnicibackground?i- iCorrectiAnswer-civilirightsiact Whatiisitheinameiforitheipriceiperceivedibyiconsumersitoibeitheinormali oristandardipriceiforiaiproductioriaiservice?i-iCorrectiAnswer- referenceiprice Whatiisitrueiaboutitheiwayibuyersigenerallyiviewivarianceiiniaiseller'sipri ces?i-iCorrectiAnswer- Discountsiareiviewedimoreifavorablyithenisurcharges Initheirevenueimanagementifield,iwhatidoitheilettersi"STR"ireferito?i- iCorrectiAnswer- Aicompanyithatispecializesiinihelpingihospitalityimanagersievaluateithei rieffectiveness Whatiisitheinameiofitheihospitalityimanagementipositioniresponsibleifo ritheihousekeepingiandifrontiofficeiareasiofiaihotel?i-iCorrectiAnswer- roomsimanager Whatiisitheinameiofitheihospitalityimanagementipositioniresponsibleifo ritheiaccountingifunctionsiiniaihotel?i-iCorrectiAnswer-aicontroller ToiwhomiwouldiaiRevenueiManagerilikelyireportiificonsistencyiacrossim ultipleipropertiesiwasiofimostiimportance?i-iCorrectiAnswer- aicorporateileveliexecutive AccordingitoitheimostirecentiHospitalityiSalesi&iMarketingiAssociationiI nternationali(HSMAI)isurvey,itoiwhomidoitheilargestipercentageiofihote lirevenueimanagersireport?i-iCorrectiAnswer- theirihotel'sigeneralimanager Whichigroupiofiemployeesiisimostiresponsibleiforiimplementingitheirev 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Whenitheiguestichecksioutiofitheihoteliafterihisioriherioriginallyischedul edicheck-outidate Whenimightiairevenueimanageriatiailodgingifacilityibeipressureditoiesta blishiailong-termiforecastithatiisiunrealisticallyilow?i-iCorrectiAnswer- Wheniaisignificantifinancialiincentiveiexistsiforiexceedingitheiforecast Initheilodgingiindustryiwhatifactorsiwouldibeioverinflateditoiproduceiani unrealisticallyihighiRevPARiforecast?i-iCorrectiAnswer- ADRiand/orioccupancyi% Whatiisitheimosticustomer- centricistrategyiforirevenueimanagersitoiemployiifitheyiseekitoioptimizei ADRiandiRevPARiiniperiodsiofitemporarilyiheightenedidemand?i- iCorrectiAnswer-eliminateidiscounts Whatiisitheimostilikelyiresultiofiairevenueimanager'sidecisionitoireduceir ackiroomiratesiduringiperiodsiofireducedidemand?i-iCorrectiAnswer- competitor'siratesiwillialsoibeireduced Whatiisitheimostilikelyiresultiofiairevenueimanager'sidecisionitoiraiseiro omiratesiduringiperiodsiofiveryihighidemand?i-iCorrectiAnswer- RevPARiwillialsoibeiincreased Whatiisitheimostilikelyiresultiofiairevenueimanager'sidecisionitoiraiseiro omiratesiduringiperiodsiofimoderateitoilowidemand?i-iCorrectiAnswer- numberiofipotentialibuyersiwillidecline Whatiisioneiconsistenticharacteristiciofidesirableiroomsirevenue?i- iCorrectiAnswer-leadsitoihigheriGOPPARivalues Forirevenueimanagersiworkingiinitheilodgingisystemitheitermi"place"iini thei4psiofitheiMarketingiMixirefersitoitwoiitems.iOneiisitheiphysicaliloca tioniofitheihotel.iWhatiisitheisecond?i-iCorrectiAnswer- theipropertyidistributionichannels Whatiisitheiindustryitermiuseditoidescribeialliofiaihotelsiuniqueioridistin ctiformsiofiguestroomiproductsiavailableiforisale?i-iCorrectiAnswer- roomsiinventory Whatiisiairateicode?i-iCorrectiAnswer- Aipropertyispecificidescriptioniuseditoiidentifyiaiparticulariroomiproduc t Whichiofitheifollowingiisinotitypicallyiusedibyirevenueimanagersitoidesi gnateispecificiroomiproductsisoldiinitheirihotels?i-iCorrectiAnswer-price Whatiisitheilodgingitermiuseditoidescribeitwoiindependentidataimanage mentisystemsithatihaveibeenielectronicallyiconnected?i- iCorrectiAnswer-interface whatiwouldibeitheieffectiofianiupon- arrivaliinventoryimanagementitrainingiprogramithatiresultediiniaihotelis ignificantlyiupisellingiailargeipercentageiofiitsiarrivingiguests?i- iCorrectiAnswer- ADRiandiRevPariwouldiincreaseiandioccupancyi%iwouldibeiunchanged Whatiareitwoisynonymousilodgingiindustryitermsiuseditoiidentifyitheidi fferenceibetweenipurchasesiaigroupipledgesitoimakeianditheipurchasesi itiactuallyimakes?i-iCorrectiAnswer-attritioniandiwash TanikaiisitheirevenueimanageriatitheiHolidayiHouseiHotel.iSoutheastiair linesihasirequestedithatiTanikaiquoteithemiairateiforitheiuseiofi20irooms iperinightiforiaiperiodiofioneiyear.iIfiSoutheastiacceptsiTanika'siquoteifori bothipriceiandiavailability,iwhatitypeiofiroomirateiwillitheihoteliandiairli neiagreediupon?i-iCorrectiAnswer-contractirate Expedia.comiwantsiJesse,itheirevenueimanageriatitheiHilton,itoiagreeito icontractitermsithatiwouldirequireiJessie'sihotelitoiapplyitheiagreediupo niExpediairateitoianyiroomitypei(exceptisuites)iavailableiatitheitimeionei ofiExpedia'sicustomersiwantsitoimakeiaireservation.iWhatiisitheiindustr yitermiforiExpedia.com'sicontractirequest?i-iCorrectiAnswer- lastiroomiavailability Whichitraveliindustry- relatedibusinessigroupidevelopeditheiGlobaliDistributioniSystem?i- iCorrectiAnswer-airlineiindustry WhatiwasitheioriginalipurposeiofiTHISCO?i-iCorrectiAnswer- ToidevelopiaisingleiGDSiconnectioniforimajorihotelicompanies WhatiisitrueiaboutitheicalculationsirequireditoicalculateitheifollowingiN etiADRiYieldiformula? i NetiRoomiRate StandardiADRi=iNetiADRiYieldi-iCorrectiAnswer-StandardiADRi(- )iDistributioniChanneliCostsi(=)iNetiRoomiRate LaniiisitheirevenueimanageriatitheiAlohaiInn.iIniwhichisituationiwouldiLa niioptimizeitheiInn'sigrossiroomsirevenues?i-iCorrectiAnswer- HighiStandardiADR,ihighiNetiADRiYield Whatiisitheiindustryitermiforiailoweriroomirateithatiisiofferediwheniaipo tentialiroomsibuyeriexhibitsiinitialipriceiresistance?i-iCorrectiAnswer- fadeirate Harolditracksihisihoteliguesticheckioutsianditheinumberiofinewireservati onsimadeiaticheckiout.iLastiweekiaitotaliofi640iguestsicheckedioutiofihisi hotel.iInithatisameiperiod,ihisifrontideskistaffibookedireservationsifori32 ifutureiroomsinightsifromithisigroupioficheckioutiguests.iWhatiisitrueiati Harold'sihotel?i-iCorrectiAnswer- Theireservationinightsibookedipericheckioutiforilastiweekiwasi.05 Foriwhichidistributionichannelitypeidoihotelsitypicallyiemployiaishopper 'siservice?i-iCorrectiAnswer-Salesimadeiviaitheitelephone Whichiisimostioftenitrueiaboutiroomisalesimadeibyiaihotel'sigroupisalesi department?i-iCorrectiAnswer- ADRsiareilowerithaniaverageiandiNetiADRiYieldiisihigherithaniaverage HowiareimostiCVBsiinitheiUnitediStatesifunded?i-iCorrectiAnswer- Byiaicombinationiofihotelioccupancyitaxesiandimembershipidues Whichiofitheifollowingiroomsimarketingistrategiesiwouldicontributeitoit heicommoditizationiofihotelirooms?i-iCorrectiAnswer- Participationioniaiwebisiteithatilistsionlyiaihotel'sinameiandiaisingleiracki roomirate Intoiwhichihoteliindustryidistributionichannelicomponentiwouldiaibran d'sicallicenteriworkerienteriroomireservationsiheiorisheihasimade?i- iCorrectiAnswer-CRS Whichicomponentsiofitheihoteliindustry'sicurrentireservationisystemicu rrentlyioffersiitsiusersitheiabilityitoisimultaneouslyiseeicomparativeihot elirateiinformation?i-iCorrectiAnswer-TheiGDSiandiIDS Whereioniaihotel'sistatementiofiincomeiandiexpensei(incomeistatemen t)idoesithei10thiEditioniofitheiUniformiSystemiofiAccountsiforiLodgingiIn dustryi(USALI)irecommenditraveliagencyicommissionsibeirecorded?i- iCorrectiAnswer-theiroomsiexpenseiportion WhichicommoniIDSiroomisalesimodeliisimostidependentionisellingipricei foriitsirevenueigeneration?i-iCorrectiAnswer-opaqueimodel Whatiisitrueiaboutiproprietaryiwebisitesiadministeredibyiaihotel'sifranc hisor?i-iCorrectiAnswer- Contentichangesimustibeiimplementedibyitheibrand'simanagers Lara'sirackirateiisi$299.99.iSheihasibeeniaskeditoibidioni200iroomsinights ineededibyiaitraveliagentiseekingihousingiforiaigroupiofiseniorsitouringit heiareaibyibus.iTheitraveliagencyihasirequestediLaraiprovideiheriaineti(n on- commissionable)irate.iLara'sihotelitypicallyipaysiai10%itraveliagencyifee .iWhatiwouldibeiLara'siperiroominightinetinon- commissionableibidiforitheseiroomsiifisheidoesinotiloweriherirackirate?i- iCorrectiAnswer-269.99 Whatiisitrueiaboutiroomsithatiareisoldiatipricesibelowiaihotel'sivariablei operatingicosts?i-iCorrectiAnswer-theyiwillicauseianiincreaseiiniRevPAR Scottiisiairevenueimanageriwhoicalculatesitheifollowingiforihisihotel: LastimonthiCarl'sihotelihadiaiRevPARiindexiofi100.iHisioccupancyiindexi wasi132.5iandihisiADRiindexiwasi75.5.iWhatiisitrueiaboutihisihotel'siperf ormanceilastimonth?i-iCorrectiAnswer- HisiGOPPARiisinotioptimizedibecauseiitiisilowirelativeitoitheiRevPARiind ex LastimonthiCarl'sihotelihadianiADRiindexiofi80.0%iandianioccupancyiind exiofi120%.iWhatiwasiCarl'siRevPARiindexiforilastimonth?i- iCorrectiAnswer-96% LastimonthiCarl'sihotelihadiaiRevPARiindexiofi133.0%.iBasedionithatiinfo rmationialone;iwhatidoesiCarliknowiforisureiaboutihisihotel'siperforman ceilastimonth?i-iCorrectiAnswer- HisiADRiorioccupancyiindexiwilliexceedi100% LastimonthiCarl'si500- roomihotelihadiaicomp.isetithatiincludedifiveiadditionalihotelsiofferingia itotaliofi2000irooms.iWhatiwasiCarl'sisupplyisharei%ilastimonth?i- iCorrectiAnswer-20% LastimonthiCarl'sihotelisuppliedi10.8%iofitheiroomsiinihisicompiset.iItiatt ractedi11.6%iofiallitheiroomsisoldi(demand)iandigeneratedi9.1%iofitheit otalirevenueiachievedibyitheicompiset.iWhatiisitrueiaboutiCarl'sihotel?i- iCorrectiAnswer- Itsiratesiareilowirelativeitoitheicomp.iset'sianditheihotelihasianioccupanc yiindexiabovei100%. Whatimetricsiareibestiuseditoiassessitheirelativeimeritsiofiaispecificilodgi ngiindustryidistributionichannel'sicontributionitoiaisingleihotel?i- iCorrectiAnswer-RoomsisoldiandiNetiADRiYield ItiisinearitheiendiofitheimonthiandiTamrikaiisiairevenueimanagericonside ringitheiimpactiofisellingi200iroominights,iforiuseithisimonth,ibutiatiairoo mirateifaribelowiherihotel'siaverageiroomirate.iWhatiwouldibeitheiimpa ctioniherihotel'sioperatingistatisticsiifisheimakesithisisale?i- iCorrectiAnswer-IncreasediRevPARiandireducediflow-thrui% Aniincomeistatementiisialsoicommonlyireferreditoiasia(n)i- iCorrectiAnswer-P&L Anioperation'siyear- endiincomeistatementishowsibeforeitaxiprofitsiofi$210,000.iRevenuesif oritheiyeariwerei$1,850,000.iWhatiwereithisioperation'siexpensesiforith eiyear?i-iCorrectiAnswer-$1,640,000 Anioperation'siincomeistatementishowsitotaliexpensesiofi$45,500iforiais pecificimonth.iBeforeitaxi-iCorrectiAnswer-$48,750 Whyiareiaibusiness'sivendorsiinterestediiniinformationicontainediinithat ibusiness'siincomeistatement?i-iCorrectiAnswer- Soitheyicanimakeidecisionsiaboutipaymentitermsithatishouldibeioffered Aimanager'sitotalirevenueiforianiaccountingiperiodiisi$150,000.iRevenu eifromioneiofitheioperation'sithreeirevenueisourcesiisi$30,000.iWhatiwa sitheisalesipercentageiofithatirevenueisource?i-iCorrectiAnswer-20% Whatiisianiexampleiofiaicontrollableicost?i-iCorrectiAnswer-marketing Whatiisianiexampleiofiaifixedicost?i-iCorrectiAnswer- licensesiandipermits Whatiisitheiformulaiforiprimeicost?i-iCorrectiAnswer- Totalicostiofisalesi+iTotalilabori=iPrimeicost Aimanager'sioperationihadianiincomeibeforeiincomeitaxesiofi$2,000iiniai month.iTotaliexpensesiwerei$18,000iinithatimonth.iWhatiwasitheiopera tion'sitotalisalesiamountiinithatimonth?i-iCorrectiAnswer-$20,000 Aimanagericomparesitheirevenueiresultsiforiai28- dayiP&Liperioditoitheiresultsiofithei28- dayiP&Lireportifromitheipreviousi28- dayiperiod.iWhatisourceiofiinformationiisitheimanageriusingitoianalyzeit heirevenueiportioniofitheicurrentiP&Listatement?i-iCorrectiAnswer- historicaliperformance Whatibusinessisegmentibestidescribesiaicompanyithatiisiengagediprima rilyiinitheisaleiofiintangibleigoods?i-iCorrectiAnswer-service