Venue Management 1-3 TEST
________ refers to balances owed to others for goods, supplies, or services purchased by the venue
Accounts payable
Which of the following is a typical responsibility of a venue's managing authority or commission? Hiring and firing of the venue manager Annual operating and capital budget approval Setting booking and usage policies Approving tenant lease agreements All of the above.
All
Which of the following venues could host a musical concert? Amphitheater Arena Stadium Theater All of the above.
All
A ___________ is a public assembly venue with exhibit space, meeting rooms, and banquet areas.
Convention center
identifies and isolates every venue financial activity and determines associates costs
Cost Accounting
Is the assignment of costs to one or more expense categories
Cost Allocation
____ is the assignment of costs to one or more public assembly venue expense categories
Cost allocation
A venue's ancillary revenue sources are insignificant and should not require much attention by management.
F
Audits should always be scheduled and announced to make sure employees are not surprised.
F
Most public assembly venues are built with private money.
F
One of the primary characteristics of an arena is a sloping floor.
F
Promoters always make a profit on concert in large-capacity arenas
F
Promoters always make a profit on concerts in large-capacity arenas (18,000+ capacity).
F
Public perception is not an important factor when determining the level of success of a public assembly venue.
F
Venue ownership by non-profit organizations is more likely to occur in multi-purpose arenas.
F
Most public assembly venues are built with private money
F - taxes & state bonds
Most important tool to use to determine whether or not to build a public assembly venue is
Feasibility study
The most important tool used to determine whether or not to build a public assembly venue, as well as the type and size of venue to build, is a: Census Economic impact study Feasibility study Parking, traffic and transportation study
Feasibility study
The first domed stadium was the_____________, which opened in 1965. Georgia Dome Houston Astrodom Nissan Stadium Toronto Sky Dome
Houston Astrodom
___ on top of cost
Profit
______ reports the financial performance of a venue for a specific period of time
Profit and lost statement
The most common type of ownership/management structure for public assembly venues is: Private ownership/private sports team Public ownership/private management Public ownership/public management Private ownership/non-profit management
Public ownership/public management
RFP stands for:
Request for Proposal
The financial process a venue manager completes with the promoter or tenant to calculate and finalize the ticket revenue and event expenses after the event is referred to as the:
Settlement
A venue's two most important commodities are time and space.
T
An agreement for a private management company to manage a venue usually includes the potential for earning incentive income if the company exceeds pre-determined financial and operational benchmarks.
T
Auditoriums and theaters are considered similar types of public assembly venues with similar types of events.
T
For most venues, the largest expense category is personnel.
T
Funding for capital improvements may come from excess operation revenues, designated tax funding sources, and appropriations from governmental agencies.
T
It's common for pro sports teams to manage the posts teams they occupy
T
The accounting and auditing aspects of revenue-generating activities normally come under the direct supervision of the business office
T
There is no standard single form of organizational structure within venue management industry
T
t is unlikely that a public assembly venue can be financially successful if its manager is required to adhere to all typical governmental policies and procedures.
T
_______, is assessed to a local business that directly benefit from events in a venue
Tax Increment Financing
Governmental entities may decide to privatize the management of their venue for a number of reasons. Which of the following is NOT one of them? Remove bureaucratic controls Decrease financial losses Increase staff size The need for investment dollars
The need for investment dollars