Podcast
Questions and Answers
What can be inferred about the demand for Orlando's product based on the price change?
What can be inferred about the demand for Orlando's product based on the price change?
- Demand is competitive.
- Demand is constant.
- Demand is inelastic.
- Demand is elastic. (correct)
What might be a consequence of a major concert being held in an area perceived as unsafe?
What might be a consequence of a major concert being held in an area perceived as unsafe?
- Decreased attendance. (correct)
- Shortened concert hours.
- Limited marketing efforts.
- Increased ticket prices.
Why might Sunny Side Up Cafe refuse to accept credit cards?
Why might Sunny Side Up Cafe refuse to accept credit cards?
- The town has a ban on credit cards.
- The owners are against electronic payments.
- Credit cards have high processing fees. (correct)
- Local residents do not use credit cards.
How can a business address the shortage of qualified workers?
How can a business address the shortage of qualified workers?
Which characteristic is typical of the hospitality and tourism industry?
Which characteristic is typical of the hospitality and tourism industry?
What strategy can businesses use to combat risks like software piracy?
What strategy can businesses use to combat risks like software piracy?
Which aspect do customers often consider regarding products?
Which aspect do customers often consider regarding products?
What is the primary goal of a business?
What is the primary goal of a business?
Why is it important for companies to make inventories of their digital information?
Why is it important for companies to make inventories of their digital information?
Which of the following pieces of data would be most helpful to a restaurant that wants to increase sales?
Which of the following pieces of data would be most helpful to a restaurant that wants to increase sales?
Under what circumstances might it be impossible to honor a customer's request?
Under what circumstances might it be impossible to honor a customer's request?
The importance of customer service in the hospitality and tourism industry has grown due to:
The importance of customer service in the hospitality and tourism industry has grown due to:
Watching a travel show advertisement for a tropical resort is an example of:
Watching a travel show advertisement for a tropical resort is an example of:
What are the three techniques commonly used by good salespeople to determine customer needs?
What are the three techniques commonly used by good salespeople to determine customer needs?
In the context of event planning, if a guest speaker is running late but plans to arrive on time for their presentation, which action should you prioritize?
In the context of event planning, if a guest speaker is running late but plans to arrive on time for their presentation, which action should you prioritize?
What factor enhances the significance of customer service in the hospitality industry?
What factor enhances the significance of customer service in the hospitality industry?
What should event promoters consider when planning events?
What should event promoters consider when planning events?
Why might small businesses, like cafes, refuse to accept credit cards?
Why might small businesses, like cafes, refuse to accept credit cards?
What is a potential solution for businesses facing a shortage of qualified workers?
What is a potential solution for businesses facing a shortage of qualified workers?
What type of products are primarily offered by the hospitality and tourism industry?
What type of products are primarily offered by the hospitality and tourism industry?
Which of the following factors does not influence the choice of an event venue?
Which of the following factors does not influence the choice of an event venue?
What does automation in business typically aim to replace?
What does automation in business typically aim to replace?
What does the process of specialization focus on?
What does the process of specialization focus on?
What is a common reason for event planners to select a particular facility aside from cost?
What is a common reason for event planners to select a particular facility aside from cost?
What message does poor posture typically convey in communication?
What message does poor posture typically convey in communication?
Which of the following would be considered a nonverbal cue that implies a speaker may not be truthful?
Which of the following would be considered a nonverbal cue that implies a speaker may not be truthful?
What should you avoid when presenting your ideas to coworkers?
What should you avoid when presenting your ideas to coworkers?
Which industry is most likely to be heavily regulated by environmental protection agencies?
Which industry is most likely to be heavily regulated by environmental protection agencies?
After evaluating project results, what is a potential positive outcome?
After evaluating project results, what is a potential positive outcome?
What is a correct use of reward mechanisms in workplace settings?
What is a correct use of reward mechanisms in workplace settings?
How should you respond when facing disagreement regarding your ideas?
How should you respond when facing disagreement regarding your ideas?
What should you focus on during project evaluations?
What should you focus on during project evaluations?
What is the primary purpose of cash reconciliation in a business?
What is the primary purpose of cash reconciliation in a business?
When should a restaurant manager perform cash reconciliation?
When should a restaurant manager perform cash reconciliation?
Which of the following is NOT typically completed on a nightly basis?
Which of the following is NOT typically completed on a nightly basis?
What does sharing the power in a leadership context involve?
What does sharing the power in a leadership context involve?
What is an effective strategy for handling incomplete notes after a meeting?
What is an effective strategy for handling incomplete notes after a meeting?
What type of communication barrier is demonstrated when someone asks for a raise during a difficult time for their family?
What type of communication barrier is demonstrated when someone asks for a raise during a difficult time for their family?
Which statement is true regarding effective note-taking strategies?
Which statement is true regarding effective note-taking strategies?
What is NOT a typical outcome of inappropriate sharing of authority in leadership?
What is NOT a typical outcome of inappropriate sharing of authority in leadership?
Study Notes
Demand Elasticity
- Demand is elastic when a change in price leads to a significant change in the quantity demanded.
Event Promotion Risk
- Event promoters should consider the safety of the area when choosing a venue.
Credit Card Processing Fees
- High processing fees associated with credit cards can dissuade small businesses from accepting them.
Automation
- Businesses can compensate for a shortage of qualified workers by increasing automation.
Hospitality and Tourism Industry Characteristics
- The hospitality and tourism industry provides intangible and non-perishable services.
Software Piracy
- Encryption can be used to protect against software piracy.
Customer Interest in Products
- Customers are often interested in how products are made and where they come from.
Business Goals
- The main goal of a business is to make a profit; government goals include protecting individual and business rights.
Fixed Expenses
- Rent payments are a fixed expense on a personal budget.
External Risk Control
- Businesses can control risk from external factors with policies and compliance reviews.
Digital Information Inventories
- Inventories of digital information allow for easy access to important data when needed
Increasing Restaurant Sales
- A restaurant can increase sales by knowing the spending habits of customers with reservations.
Customer Service
- Technology has increased the importance of customer service in the hospitality and tourism industry.
Travel Show Advertisements
- Television advertisements for resorts are an example of geographic segmentation.
Sales Techniques
- Salespeople in the hospitality and tourism industry rely on observation, questioning, and listening to determine customer needs.
Hotel Event Planning
- If an event speaker is running late, the event planner should prioritize informing the attendees and minimizing disruption.
Cash Reconciliation
- Cash reconciliation is the process of verifying the amount of cash in a register at the end of the day.
Trusting Subordinates
- Leaders who share power recognize that goals can't be reached alone, and they trust their subordinates to do good work.
Incomplete Meeting Notes
- If meeting notes are incomplete, ask a coworker who was also in the meeting to help.
Project Evaluation Benefits
- Evaluating project success helps identify the need for future projects.
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Description
This quiz covers various essential concepts in business, including demand elasticity, the impact of credit card processing fees, and the significance of automation in addressing workforce shortages. You'll also explore aspects of event promotion, customer interests, and the hospitality industry characteristics.
