Midterm #1 Flashcards Preview

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Flashcards in Midterm #1 Deck (104)
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1

what does an request for proposal (RFP) outline

an event´s minimum requirements to host an event

2

what do minimum requirements often include

venue concerns - playing surface, locker room, spectator capacity...
dates
staff and officials
fees

3

what do organizations value by requested bids?

host loaction´s suitability for event by evaluating other attributes by bidder

4

what is forecasted and evaluated in a feasibility study

phyical facilites
financial resources
human resources
community support
political support

5

what does a feasibility study begin with

market analysis
followed by financial analysis

6

what happens after it is decided to bid

a bid document is produced

7

what kind of info does a bid document include

purpose statement
host commitee credentials
budget and financing
staff and volunteer support
facilities
transportation
...

8

what do many host committees do to attract an event

extend considerable benefits

9

characteristics of most sports commissions

nonprofit or government entities designed to attract or assist sport events

10

responsibilites of sports commissions

provide social benefits to community
promoting economic activity

11

what does good budgeting require

projection of revenue
anticipation of expensese
gathering of significant info

12

5 stages of budget process

gather info
forecast sales
project profits and losses
compare industry norms
determine capital needs

13

revenue

money coming into event
exchange for goods and services
determinant in event´s potential financial success

14

expenses

money flowing out of event
costs associated with generating revenue

15

Net Income/Loss

difference between revenue and expenses

16

different types of budget

preliminary budget
working budget

17

preliminary budget

in earliest phase of event
reflects info gathered for revenue and expenses
in progress since more info get gathered

18

working budget

when estimating process is complete and numbers are included
includes specific and expected revenue

19

example for revenue sources

tickets
registration/membership
sponsorships
merchandising
food and beverage
....

20

what are rights fees in relation to media agreement

broadcasters pay for rights to broadcast an event or content

21

what is time buy in relation to media agreement

event property buys air time and broadcasts the event itself

22

what is barter in relation to media agreement

known as partnership
split in advertising revenue between event property and broadcaster

23

what is syndication in relation to media agreements

selling of media rights to multiple TV and radio stations to have event broadcasted simultanously

24

what is pay-per-view

TV providers offer event -> viewers pay for rights to access event

25

different types of expenses

variable costs (costs that change)
fixed costs

26

examples for expenses

event operations
facility/venue costs
player-related costs
marketing/promotion
...

27

what has improved the tracking of an event

technology

28

what are spreadsheets used for

examine historical data
track actual expenses
compare expenses to estimates

29

best way to control costs

finding low-cost goods and services
update spreadsheets
limit who makes decisions
implement a system of checks and balance

30

what doe cash flow and management adress

the timing of revenue and expenses