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CMP > Financial Managment > Flashcards

Financial Managment Flashcards

1
Q

Accrual Accounting

A

1) An accounting method that enters income and expenses into the books at the time of contract versus when payment is received, or expenses incurred (cash accounting). 2) A system in which revenue and expenses are accounted for as soon as they are committed.

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2
Q

Ad Valorem Tax

A

Tax applied to an item according to the value of an item.

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3
Q

Advance Order

A

An order for goods and/or services placed before the move-in date for an exhibition. Usually less expensive than an order made on-site or a FLOOR ORDER.

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4
Q

Advance Rate

A

Fees associated with advance orders, which typically include discounts when paid in advance.

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5
Q

Application service provider(ASP)

A

A company that provides software to customers through the Internet using centralized servers owned and managed by the provider.

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6
Q

Balance sheet

A

indicates overall financial status by subtracting expenses from income

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7
Q

Bank Guarantee

A

A document issued by a bank per instructions from a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms. In North America, typically referred to as a LETTER OF CREDIT.

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8
Q

Base Currency

A

Currency in which all official business transactions will take place.

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9
Q

Break-Even Point

A

The point at which revenues are equal to expenses.

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10
Q

Budget

A

A statement of estimated revenues and expenditures for a specified period of time, event or project; divided into subject categories and arranged by principal areas of revenue and expense.

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11
Q

Budget Philosophy

A

Financial goal of the event (break even, profit or expense).

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12
Q

Cabana

A

Room adjacent to pool area, with or without sleeping facilities.

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13
Q

Cash Acconting

A

An accounting method that records income and expenses at the time when payment is received or expenses are paid. Compare with ACCRUAL ACCOUNTING.

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14
Q

Cash Flow Statement

A

does not include the amount of future incoming and outgoing cash that has been recorded on credit.

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15
Q

Chart of Accounts

A

A detailed list of the individual line items that make up the revenue and expense categories in a budget. A numbering system used to identify every line item in a budget, so that income and expenses are posted to the correct accounts.

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16
Q

Collateral

A

1) The promotional material used by the salespeople to support or corroborate the features and benefits of the item being sold. 2) Collective term for material distributed to attendees at registration, including badges, lanyards, tote bags, agenda and other materials. 3) Assets that can be pledged to guarantee a loan.

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17
Q

Confirmed letter of credit

A

A letter of credit, issued by a foreign bank, whose validity has been confirmed by a second bank. An exporter whose payment terms are a confirmed letter of credit is assured of payment even if the foreign buyer or the foreign bank defaults. RELATED TERMS: LETTER OF CREDIT.

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18
Q

exhibitor prospectus

A

Promotional materials sent to current and prospective exhibitors to encourage participation. It promotes the value of exhibiting in a specific show and contains information about technical points, cost of exhibition space, a floor plan of the exhibition and an application for participation.

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19
Q

Exhibitor Service Manual

A

Manual or kit, usually developed by the GENERAL SERVICE CONTRACTOR for an event, containing general event information, labor/service order forms, rules and regulations and other information pertinent to an exhibitor’s participation in an exhibition. Also called EXHIBITOR SERVICE KIT or EXHIBITOR KIT.

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20
Q

Fixed Assets

A

Usually non-liquid assets that are integral to the enterprise’s day-to-day business operations (e.g. factories, equipment, furniture and real estate).

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21
Q

Fixed Costs

A

The day-to-day cost of doing business that is pre-committed, such as salaries, insurance, lease expenses, utilities, etc.

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22
Q

Fixed Expenses

A

Expense incurred regardless of the number of event attendees.

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23
Q

Floor Order

A

Order for exhibitor services placed on-site after exhibit set up begins. Usually more expensive than an ADVANCE ORDER.

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24
Q

Foreign Exchange Currency Risk

A

Risk that an organization takes when dealing with foreign currency due to exchange rates fluctuating over time.

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25
Q

Good & Services Tax

A

Fee imposed on the sale of goods and services. Specific countries only

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26
Q

Gratuity

A

A payment that is given to service staff to signify good service. Depending on custom, local laws, and business practices, the payment may be added to the final bill automatically, based on a percentage of total charges.

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27
Q

Honorarium

A

Voluntary payment made for services where no fee is legally required.

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28
Q

Hosted Buyer Program

A

A program that offers complimentary travel, accommodation and registration for prequalified buyers to meet with suppliers during an event or exhibition.

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29
Q

Indirect Costs

A

Also called overhead or administrative costs, these are expenses not directly related to the event. They can include salaries, rent, and building and equipment maintenance.

30
Q

Income Statement

A

a statement of revenues and expenses (also known as profit and loss statement)

31
Q

Incremental budgeting

A

a budget created by using past budget data or actual performance as a foundation and making incremental changes as necessary for the new budget period.

32
Q

Individual Pays Own

A

The individual pays for a specific drink or service request, rather than the event host. Also referred to as PER OWN ACCOUNT. Primarily used in North America

33
Q

Letter of Credit

A

A document issued by a bank per instructions from a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms. Term is primarily used in North America, in other regions may also be referred to as a BANK GUARANTEE.

34
Q

Master Account

A

A record of transactions during an event where the resulting balance is paid directly by the group. May include room, tax, incidentals, food and beverage, audiovisual equipment, décor, etc. Also called MASTER BILL.

35
Q

Paid Out

A

In-house facility form authorizing a cash disbursement to be charged to master account or individual guest.

36
Q

Payment Order

A

Written authorization for payment to be made. RELATED TERMS: PURCHASE ORDER.

37
Q

Pending Registration

A

Incomplete registration where the fees, full payment or forms have not been received.

38
Q

Per diem per day

A

Daily allowance for food, lodging and, in some cases, incidentals and ground transportation expenses.

39
Q

Per own

A

Account Paid by the individual guest.

40
Q

Percentage of percentage Formula

A

Formula used to establish the variability in cost for future facility services.

41
Q

Plus-One

A

1) Any component of a package tour that is not included in the package price but may be purchased as an added feature or to extend the length of the package. Tour options are purchased at additional cost. 2) Unnamed guest accompanying a registered participant in an event.

42
Q

Pre-Sales

A

Items such as books, tapes, videos, etc. sold to a client in advance of an event versus items sold on-site.

43
Q

Priority Point System

A

System of assigning points to exhibiting companies to determine the order in which firms will be allowed to select booth/stand space first for the next event. Also called Priority Rating System. Primarily used in North America

44
Q

Pro Forma

A

Financial forms (invoices, profit and loss statements, balance sheets, etc.) based on future expectations; provided or made in advance to describe items or projections.

45
Q

Pro Forma Invoice describes what is being shipped including the quantity, the value, the weight, and dimensions.

A

1) An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.) 2) A packing list on which a shipper describes what is being shipped including the quantity, the value, the weight, and dimensions.

46
Q

Purchase Order

A

Written authorization for payment to be made. RELATED TERMS: PAYMENT ORDER.

47
Q

Rate of Exchange

A

The rate at which the unit of one currency may be exchanged for the unit of another currency.

48
Q

Receiving Fee

A

1) Fee charged by a venue for handling delivered packages. 2) Fee charged in some countries by a government to officially recognize an event.

49
Q

Refundable Deposit

A

A deposit made to a venue or supplier that may be returned under certain conditions agreed to by the venue/supplier.

50
Q

Rental Charges

A

Cost of hiring a piece of equipment or function space for a specified period of time.

51
Q

Rights Only

A

Selling only the rights to a sponsorship, with the buyer incurring expenses for production, installation and dismantle.

52
Q

Risk Monies

A

Funds that an agency would not recover should a tour not materialize, i.e., nonrefundable deposits to suppliers, promotional expenditures, printing expenses.

53
Q

Secure digital certificate

A

an encrypted file that authenticates the source of financial data, usually for on-line credit card transactions

54
Q

Show Rates

A

Rates established by event management, official service contractors and/or other official service providers and published in the EXHIBITOR MANUAL. RELATED TERMS: EXHIBITOR MANUAL.

55
Q

Show Rules

A

The requirements and procedures prepared by event management for exhibitors and contractors at a given event.

56
Q

Soft Currency

A

A currency that cannot be traded outside its native country.

57
Q

Space Assignment

A

Booth/stand space assigned to exhibiting companies or meeting rooms assigned to event groups.

58
Q

Space Draw/Selection

A

The process of assigning exhibit space for the next event based on the exhibitors’ active involvement in the process. Primarily used in North America

59
Q

Space Rate

A

Cost per square foot/metre for exhibit space.

60
Q

Space Requirements

A

1) Amount of space required in a venue for a meeting or event. 2) Amount of stand/booth space required by individual exhibitors.

61
Q

Sponsor

A

1) Organization(s) underwriting all or part of the costs of an event. 2) An individual who assumes all or part of the financial responsibility for an event. 3) A commercial entity that provides financial backing for an event, and in return, receives recognition, advertising, registrations, or other benefits. Sponsors may or may not participate in any of the profit from the event.

62
Q

Sponsor Prospectus

A

Promotional materials sent to current and prospective event sponsors to encourage participation. It promotes the value of sponsoring and contains information about attendee demographics, event programme and sponsor benefits.

63
Q

Sponsorship

A

1) Financial, material or in-kind support for an event, usually in exchange for recognition. 2) Paid opportunity for an entity or an exhibitor to increase its visibility at the event.

64
Q

Spot Exchange

A

The exchange rate for foreign currency for immediate purchase/delivery.

65
Q

Statement of Account

A

Statement of income and expenses following the end of an event.

66
Q

Subvention

A

Financial support provided by the host destination or government as an incentive to attract large congresses or events.

67
Q

Ticket Exchange

A

Banquet-control procedure whereby guests exchange an event coupon from their registration packet for an actual event ticket and seat assignment. Increases control. Also tends to reduce the number of no shows to provide more accurate guarantees.

68
Q

Transient Occupancy Tax (TOT)

A

Tax placed on hotel/motel room rentals. Generally, part of this revenue is used to market the destination and may be used for financing the operation of convention facilities.

69
Q

Turnke Exhibit

A

A system whereby the exhibit manager turns responsibility of the display over to an exhibit house. In essence, the exhibitor simply ‘turns the key’ upon arrival at the event and opens the booth/stand. Primarily used in North America

70
Q

Value Added Tax (VAT)

A

A tax that is added to a product at each step of the manufacturing and marketing process, reflecting value which has been added to the product by processing.

71
Q

Variable Costs or Expenses

A

Costs that vary according to the number of attendees, such as food and beverage or printed materials.

72
Q

Zero-Based Budgeting

A

The process of building a budget without benefit of a previous year’s budget.

CMP (7 decks)

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