A person's perception about what is right and wrong is referred to as:
A) ethics. B) values. C) philosophy. D) morale.
In the general hospitality industry, advertising is usually utilized to:
A) Create awareness of a product or service, old or new
B) Position an individual property
C) Generate positive word of mouth
D) Make the product intangible to customers
Borrowing/Lending lines:
A) are unaffected by changes in the risk free rate
B) represent the risk/return combinations achieved by borrowing or lending to invest in a risky project
C) represent the level of a firm's debt
D) represent the riskiness of a project
Who of the following requires the most technical skills?
A) Supervisors
B) Top-level managers
C) Both supervisors and top-level managers require the same amount of technical skills.
D) It depends upon the specific hospitality organization.
Royalties are generally less variable than the cash flows from which they are paid.
Indicate whether the statement is true or false
Risk aversion results from:
A) declining marginal utility for money B) increasing marginal utility for money
C) standard deviation D) probability distributions
The lodging franchisor's advertising/marketing fee is generally a percentage of gross revenues.
Indicate whether the statement is true or false
Which of the following are competitors for casual-service restaurants?
A) Fast-casual restaurants B) Other casual-service restaurants
C) Quick-service restaurants D) All of the above
Advertising:
A) Utilizes about 5 percent of the property's marketing budget
B) Is separate from the communications mix
C) The most visible element of the communications strategy
D) Usually generates tremendous amounts of positive word of mouth
For someone who exhibits declining marginal utility for money:
A) the more money they have the happier they will be
B) the more money they have the less happy they will be
C) the less money they have the happier they will be
D) more money will not increase or decrease their happiness
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