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Financial Management Final
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Terms in this set (37)
source of market comparable
HVS
income approaches
lodging econometrics
direct capitalization
CBRE/PWC Real Investor Survey
discounted cash flow
PWC Real Investor Survey
payback advantage
quick, objective
payback disadvantage
ignores time/value/money, ignores cash flow after payback has been achieved
npv advantage
considers time/value/money, easy to understand answer
npv disadvantage
we don't know how much we missed it by/reinvestment assumption
irr advantage
considers time/value/money, provides exact answer
irr disadvantage
trial and error/liner interpolation without calculator
what is the issue with irr
reinvestment assumption.
why do we need modified irr
because it's a method that eliminates reinvestment assumption
irr is the rate that sets pv of cash outflows + inflows=
0
excess working capital
product improvement plan
typical hotel lease
based on % revenue. 20% ratio
restaurant lease
6-9%
five personnel involved in preparing the "year ahead" forecast; they are
sales director, front office manager, joint, the controller, the gm and management team review
second, forecasting involves
uncertainty
three underlying patterns of data
trend, seasonal, cyclical
_____ approaches assume that a pattern recurs over time
time series
the _______ method attempts to remove the random effect by averaging or smoothing the data
naive
exponential smoothing uses as exponential _____________ to estimate future activity
smoothing constant
______________________ involves estimate and activity on the basis of other activities or factors
regression analysis
two measures of closeness
coefficient of correlation/determination
a ___________ ratio might be used to estimate the number of guests that might dine in a hotel restaurant, as a function of the number of hotel guests
capture
the difference between budget or forecasted results in the _________
variances
the balance sheet reflects the financial position at a _____________
given time
balance sheet values are based on the _______ or ________
lower of cost or value
balance sheet formula
assets= liabilities + owner's equity
current assets are listed in order of ___________
liquidity
current liabilities are expected to be paid in _________
current assets
most common used forms of stock
common stock/preferred stock
vertical analysis is often referred to as a _______________
common size statement analysis
a horizontal analysis compares _______________
comparative balance sheets
usali
uniform system of accounts for the lodging industry
three classifications of cash flow are
operating activities, investing activities, financing activities
income statement is prepared on a/an ___________ basis which recognizes revenues and expenses when incurred, not received or paid
accural
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