Venue Management UPDATED ACTUAL QUESTIONS AND
CORRECT Answers
For most venues, the largest expense category is True
personnel.
Audits should never be scheduled and announced to True
make sure employees are not surpirsed
Promoters usually make a profit on concerts in Large True
capacity arenas (18,000+)
Funding for capital improvements may come from True
excess operation revenues, designed tax funding
sources, and appropriations from governmental
agencies
, One of the fundamental elements of successful public True
assembly venue management, regardless of venue type
or size is the development and execution of the annual
operating budget
The Federal Labor Standards Act (FLSA) sets standards True
for basic wage and overtime pay?
Under the FLSA, an employee who is identified as a full- True
time exempt worker is not entitled to overtime pay.
Revenue remaining after expenses is referred to as net True
income.
Capital expenditures refer to the amounts spent for real True
estate, furniture, fixtures, equipment, and certain major
repairs or improvements.
What is the assignments of costs to one or more public Cost Allocation
assembly venue expense categories?
The primary purpose of Cost Allocation is to what? To identify the cost incurred by each cost center in the production of that
product or service
One of the financial systems used to track the Inventory Control
significant amount of supplies and equipment use in a
public assembly venue on a day-to-day event basis is
what?
A venue operating budget does not what? Ensure the financial success of the venue
What is the acronym used for the generally accepted GAAP
accounting standards accountants use in recording and
summarizing financial transactions and in preparing
financial statements.
What controls the money from ticket sales between the The Venue ticket office
time the tickets are sold and settlement the night of the
event?
What reports the financial performance of a venue for a A profit and loss statement
specific period of time?
What reports a venue's financial status at a particular A balance sheet
point in time and includes the venue assets, liabilities,
and any equity of the organization?
What is the venue revenue remaining after expenses Net income
have been deducted. It may contribute to funding
venue operating expenses, used for capital
expenditures, or places in reserve?
CORRECT Answers
For most venues, the largest expense category is True
personnel.
Audits should never be scheduled and announced to True
make sure employees are not surpirsed
Promoters usually make a profit on concerts in Large True
capacity arenas (18,000+)
Funding for capital improvements may come from True
excess operation revenues, designed tax funding
sources, and appropriations from governmental
agencies
, One of the fundamental elements of successful public True
assembly venue management, regardless of venue type
or size is the development and execution of the annual
operating budget
The Federal Labor Standards Act (FLSA) sets standards True
for basic wage and overtime pay?
Under the FLSA, an employee who is identified as a full- True
time exempt worker is not entitled to overtime pay.
Revenue remaining after expenses is referred to as net True
income.
Capital expenditures refer to the amounts spent for real True
estate, furniture, fixtures, equipment, and certain major
repairs or improvements.
What is the assignments of costs to one or more public Cost Allocation
assembly venue expense categories?
The primary purpose of Cost Allocation is to what? To identify the cost incurred by each cost center in the production of that
product or service
One of the financial systems used to track the Inventory Control
significant amount of supplies and equipment use in a
public assembly venue on a day-to-day event basis is
what?
A venue operating budget does not what? Ensure the financial success of the venue
What is the acronym used for the generally accepted GAAP
accounting standards accountants use in recording and
summarizing financial transactions and in preparing
financial statements.
What controls the money from ticket sales between the The Venue ticket office
time the tickets are sold and settlement the night of the
event?
What reports the financial performance of a venue for a A profit and loss statement
specific period of time?
What reports a venue's financial status at a particular A balance sheet
point in time and includes the venue assets, liabilities,
and any equity of the organization?
What is the venue revenue remaining after expenses Net income
have been deducted. It may contribute to funding
venue operating expenses, used for capital
expenditures, or places in reserve?
