Which one of the following forces is not included in the Five Forces introduced by Michael Porter?
a. Industry competitors
b. New entrants
c. Substitutes
d. Complements
e. Suppliers
f. Buyers
Which of the following best describes probability?
a. The number of times an outcome occurs relative to the number of times an experiment is conducted
b. The number of times an outcome does not occur relative to the number of times that same outcome occurs
c. The number of times a player wins
d. The number of times a player loses
e. The number of times an outcome occurs relative to the number of times that same outcome does not occur
Identify the three major types of financial information included in an income statement.
What will be an ideal response?
Partners Ma, Running-Buck, and McFarlane own a hotel. McFarlane decides that the business has far fewer linens than it needs, so he makes a major linen purchase on open account.
Which of the following terms refers to the fact that partners Ma and Running-Buck are just as liable for this purchase as McFarlane? a. synergy
b. liquidation
c. unlimited liability
d. mutual agency
Which of the following market segments is the least important in the U.S. lodging industry?
a. full-service, upscale, downtown hotels
b. limited service, suburban, convention hotels
c. limited service, moderate, highway hotels or motels
d. limited service, moderate, suburban hotels
In the 1960's, SWOT analysis was introduced by:
a. Kenneth Andrew.
b. Igor Ansoff.
c. BCG..
d. Michael Porter.
Which one of the following games involves an element of skill?
a. Blackjack
b. Craps
c. Slots
d. Baccarat
e. Wheel of Fortune
The Shiny Dirk Inn has a building worth 1,000,000, according to a recent valuation. If the tax rate for the inn's district is 50 mills, the inn owes property taxes of:
a. 50,000.
b. 500,000.
c. 99,500.
d. 500.
Explain the purpose of an income statement.
What will be an ideal response?
Lodging firms that do not use yield management follow the traditional approach of trying
a. to sell every room every night, even if some sales are at very low prices.
b. to keep the occupancy rate high while maintaining the average daily rate at a high level.
c. to charge every customer the rack rate.
d. to maintain strict controls over desk clerks to prevent customers from negotiating lower rates.
Quick Reply
