Test Specification's for Hospitality & Tourisim
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Created by:
bal_ejflicker on November 29, 2010
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48 terms
Terms | Definitions |
|---|---|
 What roles does goverment play in buisness? | Provider of services, customer, regulator, enforcer of free enterprise, and monitor of the economy |
| What is the USDA? | U.S department of agriculture |
| Judicial branch | When the legislative or executive branches enact laws or regulations the negativley affect businesses, thoes businesses may appeal to the judical branch |
| Communication | the process of exchanging messages between a sender and a reciver |
| Channels/Media | Are the avenues through which messages are delivered ex.(face to face) |
| Feedback | A recivers response to a message ex.(when a boss asks you to write a report you will ask questions thoes questions are feedback) |
| Barriers | Obstacles that interfere with the understanding of a message ex.(such as using vague or unclear language or a language thats not familar to the reciver. |
| Setting | The circumstance under which communication takes place ex.(Sales person trying to explain electronics when there in the kitchen section) |
| distractions | are things that compete with the message for the listener's attention. |
| Emotional Barriers | Biases against the senders opinions that prevent a listener from understanding. |
| Jargon | Specialized vocabulary used by members of a particular group. |
| Suggestion Selling | Selling additional good's or services to the customer. |
| Customer relationship Management | involves finding customers and keeping them satisfied. |
| Customer relationship | Technology, Maintaining Contact, Maintaining relationships, Developing customer loyalty, Customer loyalty and reward programs. |
| Economy | Organized ay a nation provideds for the needs and wants of its people |
| Resources and factors of production | resources are all the things used in producing good's and services. Economists use factor production that includes land, labor, capital, and enterprenuership |
| infrastructure | Physicasl development of a country ex( roads ports sanitation facilities and utilities |
| enterprenurship | refers to the skilld of people who are willing to invest their time and money to run a business. |
| scarsity | The diffrence between wants and needs and avalible resources. |
| traditional economy | traditions and rituals answer the basic question of what how and for whom? |
| Market economy | A pure market economy there is no goverment involvement in economic decisions |
| Command Economy | a system in which a countrys goverment makes economic decisions and decideds what when and how much will be produced and distributed |
| Listening | Listening fro understanding is one of the most valuble communication skills |
| Reading | The active and mental process of reciving and understanding a message Reading skills are essentail in job interviews |
| Speaking | In marketing speaking has applications in customer relations presenting marketing plans and television advising |
| Writing | Much business and marketing communication is in written form. A written message is neccasary when there is a large volume of material and when presenting it verbally would be impractical. |
| Persuade | to convince Persuasive Speaking is when you target your audience and convince them to change their preception. |
| enumeration | Listing items in order this is usually used when giving directions or explaining a process by steps |
| generalization | a statement that is accepted as true by most people Speakers support generalization with evidence and examples |
| sequence | The pattern generally associated with cause and effect |
| enhance | Non verbal cues can be associated with enhancing presentation and body and eye contact |
| Personal financial statement | is the summary of your current personal financial condition-a snapshot of your finances |
| Asset | Is anything of monetary value that you own such as, cash, checking and savings accounts |
| Liability | A debt you owe to others such as a credit card debt, school loans, car payments, or taxes |
| net worth | the diffrence between your assets and your liablitys. to find a busineses networths subtract its debts from its assets. |
| Start up costs | are projections of how much money you will need for your first year of operation |
| income statement | a summary of income and expenses during a specific period of time. |
| How does assessing help | by assessing start up costs before getting involved in a project you are protecting yourself and helping to ensure the viability of the business |
| Purpose | Dont use your money for any other purspose set aside the money in the right places for you |
| gross sales | total sles for any period of time |
| net sales | the total sales returns disscounts and allowances is subtracted from gross sles to get net sles |
| net income | is the amount left over after the total expenses are subtracted from the gross profit |
| intrest | is the money paid for the use of money borrowed or invested |
| principal | you will pay intrests on any amount of money that you borrow to start your busnies. the amount you borrowed is called the principal |
| balance sheet | is a summary of a business assets liabilities and owner equity |
| cash flow statement | a monthly plan that tracts when you anticipate that cash will come into the buisness and when you expect to pay out cash |
| Significant | A good amount you may want to list this amount as zero in your buisness plan |
| ratio | lenders use a ratio analysis to determine how a buisnes is preforming as compared to other buisnesses in the industry |
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