Podcast
Questions and Answers
What is one benefit of offering tiered ticket options for an event?
What is one benefit of offering tiered ticket options for an event?
- They provide special perks for those willing to pay more. (correct)
- They increase the pricing confusion among customers.
- They allow all attendees to purchase the same ticket type.
- They limit the audience to only high-income individuals.
What strategy can increase attendance and inclusivity for events?
What strategy can increase attendance and inclusivity for events?
- Setting a single price for all attendees.
- Limiting ticket sales to early buyers only.
- Offering special rates for group purchases. (correct)
- Implementing only regular ticket sales.
Which method is used in price anchoring for events?
Which method is used in price anchoring for events?
- Providing tickets at a fixed price with no discounts.
- Reducing ticket prices arbitrarily without a strategy.
- Offering free entry to all attendees to increase traffic.
- Introducing tiered ticketing along with time-sensitive pricing. (correct)
What example best illustrates the concept of price anchoring?
What example best illustrates the concept of price anchoring?
What types of groups might benefit from discounts as part of price anchoring strategies?
What types of groups might benefit from discounts as part of price anchoring strategies?
What is the total amount of expenses logged for Consulting from the data provided?
What is the total amount of expenses logged for Consulting from the data provided?
Which division incurred the highest single expense according to the provided data?
Which division incurred the highest single expense according to the provided data?
What is the total amount of expenses recorded as of 9/27/2024?
What is the total amount of expenses recorded as of 9/27/2024?
Which expense amount corresponds to the date 8/28/2024?
Which expense amount corresponds to the date 8/28/2024?
How many total entries or instances of expenses were logged before 9/27/2024?
How many total entries or instances of expenses were logged before 9/27/2024?
What common feelings are typically associated with budgeting?
What common feelings are typically associated with budgeting?
Which of the following best describes a 'budget'?
Which of the following best describes a 'budget'?
What is one key purpose of budgeting stated in the content?
What is one key purpose of budgeting stated in the content?
Which reserve type is specifically mentioned in budgeting?
Which reserve type is specifically mentioned in budgeting?
What aspect of budgeting is frequently considered negative by employees?
What aspect of budgeting is frequently considered negative by employees?
What might cause reluctance in employees when it comes to budgeting?
What might cause reluctance in employees when it comes to budgeting?
Which of the following is a budgeting component aimed at managing unexpected costs?
Which of the following is a budgeting component aimed at managing unexpected costs?
What is the typical implication of seeing budgeting as dread and drudgery?
What is the typical implication of seeing budgeting as dread and drudgery?
What must be completed regarding the fixed fee before the services are finished?
What must be completed regarding the fixed fee before the services are finished?
Which of the following categories is NOT typically included in a Chart of Accounts?
Which of the following categories is NOT typically included in a Chart of Accounts?
What is the significance of maintaining timely financial commitments between vendor and client?
What is the significance of maintaining timely financial commitments between vendor and client?
Which of the following represents a liability in the Chart of Accounts?
Which of the following represents a liability in the Chart of Accounts?
In which section of the Chart of Accounts would 'Wages Expense' be listed?
In which section of the Chart of Accounts would 'Wages Expense' be listed?
What is the purpose of categorizing financial transactions in a Chart of Accounts?
What is the purpose of categorizing financial transactions in a Chart of Accounts?
Which type of asset is classified as the most liquid according to the given information?
Which type of asset is classified as the most liquid according to the given information?
What is NOT a sub-account type listed under Expenses in the Chart of Accounts?
What is NOT a sub-account type listed under Expenses in the Chart of Accounts?
What is a primary factor influencing the choice of pricing strategy for event companies?
What is a primary factor influencing the choice of pricing strategy for event companies?
Which pricing strategy is designed to attract customers with a low price point initially?
Which pricing strategy is designed to attract customers with a low price point initially?
Which of the following is not mentioned as a method for pricing services in the event industry?
Which of the following is not mentioned as a method for pricing services in the event industry?
What are the components of 'Money Out' for a business?
What are the components of 'Money Out' for a business?
What is one of the first questions an event planner should ask to assess their revenue?
What is one of the first questions an event planner should ask to assess their revenue?
Which pricing strategy involves charging based on a pre-determined percentage of sales?
Which pricing strategy involves charging based on a pre-determined percentage of sales?
What initial invoice percentage is due before a service begins as per the payment terms outlined?
What initial invoice percentage is due before a service begins as per the payment terms outlined?
Which of the following is considered an asset of a business?
Which of the following is considered an asset of a business?
What is the impact of increasing the number of consulting projects handled by 180 Degrees Consulting ITS?
What is the impact of increasing the number of consulting projects handled by 180 Degrees Consulting ITS?
Which type of cost remains constant regardless of the level of activity?
Which type of cost remains constant regardless of the level of activity?
How does the average cost of training handouts change with an increasing number of training sessions?
How does the average cost of training handouts change with an increasing number of training sessions?
What is a key aspect of cost behavior that is important for decision-making?
What is a key aspect of cost behavior that is important for decision-making?
What happens to the subscription cost for SAS Analytic if presentation sessions to clients increase?
What happens to the subscription cost for SAS Analytic if presentation sessions to clients increase?
Which of the following correctly describes semi-variable costs?
Which of the following correctly describes semi-variable costs?
Why is cost structure considered the foundation of cost classifications?
Why is cost structure considered the foundation of cost classifications?
Increasing the frequency of client presentations has what effect on the SAS Analytic subscription?
Increasing the frequency of client presentations has what effect on the SAS Analytic subscription?
Flashcards
Budgeting
Budgeting
A detailed financial plan that predicts future resource use and acquisition.
Budget
Budget
Total amount of a financial plan
Management Reserve
Management Reserve
A portion of a budget to handle unexpected expenses.
Contingency Reserve
Contingency Reserve
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Project Budget
Project Budget
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Cost Baseline
Cost Baseline
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Control Accounts
Control Accounts
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Budgeting dread
Budgeting dread
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Cost Behaviour
Cost Behaviour
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Fixed Cost
Fixed Cost
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Variable Cost
Variable Cost
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Mixed Cost
Mixed Cost
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Cost Structure
Cost Structure
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Activity Levels
Activity Levels
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Predicting Cost Behavior
Predicting Cost Behavior
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Cost Classification
Cost Classification
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Tiered Ticketing
Tiered Ticketing
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Group Discounts
Group Discounts
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Price Anchoring
Price Anchoring
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Discount Strategies
Discount Strategies
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Time-Sensitive Pricing
Time-Sensitive Pricing
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Pricing Strategy
Pricing Strategy
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Pricing Matrix
Pricing Matrix
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Skimming Pricing
Skimming Pricing
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Penetration Pricing
Penetration Pricing
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Premium Pricing
Premium Pricing
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Economy Pricing
Economy Pricing
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Pricing by Percentage
Pricing by Percentage
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Pricing by Fee for Services
Pricing by Fee for Services
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Financial Statements
Financial Statements
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Expense
Expense
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Income
Income
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Financial Statement Types
Financial Statement Types
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Legal and Finance Expenses
Legal and Finance Expenses
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Chart of Accounts (COA)
Chart of Accounts (COA)
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Balance Sheet Accounts
Balance Sheet Accounts
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Assets
Assets
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Liabilities
Liabilities
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Equity
Equity
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Revenue
Revenue
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Fixed Fee
Fixed Fee
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Study Notes
Smart Money Moves Training
- Financial skills training for suitable organization
- Training and Upgrading "INI LHO ITS! 2025"
- Instructor: Regita Ahda Santi
Module Section: Planning and Budgeting
- Revenue and Expense
- Debt and Vendor Management
- Financial Reporting and Analysis
- Test your skills
Budgeting Basics and Beyond
- Budget preparation process can be seen as arduous and restrictive, eliciting reluctance from employees
- Budgeting is often associated with fear or anxiety (dread) and tedious tasks (drudgery)
- Budgeting is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources
- Budgets don't guarantee success, but can help avoid future problems
Budgeting in Organizations
- Strategic Planning, Long-term planning
- Program Planning, Mid-term planning
- Budgeting, Short-term planning
- Understanding organizational systems for budgeting
- Using accrual and cash basis for financial reporting
Know the Cost Behavior
- Cost behavior patterns are fundamental in planning, control, and decision-making as they provide insights into how costs react to changes in business activities
- Cost behavior analysis example: Number of projects, training sessions, presentation sessions impact total costs
- Types of cost behavior: Fixed, Variable, and Mixed.
Cost Classifications for Predicting Cost Behavior
- Fixed costs: Remain constant (e.g., rent, salaries)
- Variable costs: Vary directly with activity (e.g., materials, labor)
- Semi-variable costs: Have both fixed and variable components (e.g., utilities)
Fixed Costs vs Variable Costs
- Fixed Costs: Costs that do not vary with the level of activity within the relevant range (rent, insurance, fixed salaries etc.)
- Variable Costs: Costs that vary directly and proportionately with the level of activity within the relevant range (direct materials, variable labor, cost drivers etc.)
Event Pricing
- Pricing is determined by the estimated cost of holding an event and other factors
- Pricing Objectives: Survival, Product-quality leadership, Market skimming, Maximum current profits, Maximum market share
- Elements of Event Pricing: Cost of Holding an Event, Initial Mark-up, and Other elements
- Dynamic Pricing Model: Dynamically adjusting prices based on demand
- Sponsor-supported Discounts: Offering discounts to event sponsors
- Exclusive Value Additions: Enhanced amenities for premium event ticket buyers (meet-and-greets, VIP seating, special merchandise etc.)
- Family or group packages: Group discounts for attendees
Price Anchoring
- Price anchoring is a pricing strategy that sets a high price (anchor) to attract customers while offering a lower price, to make the lower price appear more attractive
- This method can be used with tiered ticketing, discounting, and time-sensitive pricing
Pricing Strategies Lead to Revenue
- Several common pricing strategies exist:
- Skimming (High-price, low-volume)
- Premium (High-price, high-volume)
- Economy (Low-price, low-volume)
- Penetration (Low-price, high-volume)
- These strategies are used to achieve various company objectives
What Do You Want to Know About Your Business?
- Money In: Sales, Revenue
- Money Out: Expenses, Cost
- Understanding how much money a company brings in, spends, and if it is profitable
- What are company assets, liabilities and equity
Chart of Accounts (COA)
- A structured listing of all financial accounts in an organization's general ledger.
- Categorization of financial transactions systematically (assets, liabilities, equity, revenues, expenses)
Financial Statements Concept
- Income Statement: Period of time that shows profitability (revenue, expenses, profitability)
- Cash Flow Statement: Period of time that shows cash movements (increases and decreases)
- Balance Sheet: A point in time that shows financial position (assets, liabilities, shareholders' equity, cash balance, retained earnings)
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Description
Test your knowledge of budgeting concepts and practices with this training quiz. Explore essential financial skills related to planning, budgeting, and financial reporting that are crucial for organizational success. Whether you're new to budgeting or looking to refine your skills, this quiz will provide valuable insights.
