What is the main purpose of budgeting in the hospitality industry?

Understanding Hospitality Budgeting Basics

Quiz
•
Business
•
1st Grade
•
Easy
Rakesh Kumar Julka
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To increase the number of guests
To plan and control financial resources
To decorate the hotel
To hire more staff
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a cost control technique used in the hospitality industry?
Increasing room rates
Monitoring inventory levels
Expanding the hotel
Offering free meals
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is revenue management primarily concerned with?
Reducing employee salaries
Maximising income by adjusting prices
Minimising guest complaints
Increasing the number of hotel rooms
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial reporting standard is commonly used in Canada?
Generally Accepted Accounting Principles (GAAP)
International Financial Reporting Standards (IFRS)
American Accounting Standards (AAS)
European Financial Standards (EFS)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of an internal audit in the hospitality industry?
To entertain guests
To ensure compliance with financial regulations
To design hotel interiors
To manage guest reservations
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a key aspect of cash flow management?
Increasing the number of employees
Ensuring there is enough cash to meet obligations
Reducing the number of hotel rooms
Offering discounts to guests
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a budget?
A plan for spending and saving money
A list of hotel guests
A menu for the hotel restaurant
A schedule for staff shifts
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