Hospitality and tourism #2 Flashcards
Reimbursing
paying someone back for money they spent on something.
Column chart
Vertical bars
Histogram
bars that are usually placed next to each other without gaps
Pure risk
only the possibility of loss or no change exists, with no chance of gain.
Primary data
facts collected specifically for the problem or project at hand
Secondary data
figures that have already been collected for purposes other than the project at hand
Database
Store organizer and locate information
Serial numbers
For identification of a product
Model numbers
Identification of the version of the product
Payroll record
Employee pay
Legal records
Contacts agreements
Asset records
Furniture equipment
Collateral
If you don’t pay the money, the lender takes the car back
Petty cash fund
Minor expenses
Total expenses
Money spent on goods/services by the businesses
Revenue
The money business earns
Gross profit
The money the business makes after subtracting the cost of goods
Net income
The money the business makes after subtracting all expenses
Barter system
Exchanging goods without money (the reason it doesn’t happen anymore is because there are too many people)
Economic recession
Economy shrinks
Interpretive rules
To explain the meaning of existing laws or regulations
Cornell note taking system
Summary for each page of notes
Division of labor
Each person specializes in one task
Unity of command
Employees reporting to only 1 manager
Matrix structure
Employees reporting to more than one manager
Scalar principle
Authority flowing from top to bottom
Assurance
Promise/guarantee
Clientele
Group of regular customers
Code of conduct
How employees should behave at work
Commercialization
Turning idea into something that can be sold
Patronage promotion
Customer loyalty
Institutional promotion
Company’s image
Sales promotion
Short term deals to boost sales
Bottom line
Net income
Inventory
Goods businesses have in stock
Quality standards
To make sure products are good and safe
