Question 1

Financial accounting is ...&#10;A) The term used to describe the system for recording historical financial transactions and presenting this information in summary form&#10;B) The term used to describe the system for accounting for movements of cash within an organisation and for recording this information electronically&#10;C) The term used to describe the work done by financial administrators in the management of invoices and payments within an organisation

Accepted Answer

Financial accounting is the process of recording financial transactions, summarizing them, and presenting the information in the form of financial statements such as the balance sheet, income statement, and cash flow statement. It is used for external purposes and provides information to investors, creditors, and other stakeholders about a company's financial performance and position. Options B and C are incorrect as they refer to different aspects of accounting.

Question 2

What is the role of a financial plan in event planning?&#10;A) It gives an indication of the viability of an event, by balancing running costs against existing funds and event income&#10;B) It allows an event manager to assess whether the organisation has sufficient up-front funding to cover all the event costs&#10;C) It provides a line by line breakdown of costs for every aspect of a prospective event

Accepted Answer

A financial plan is an essential tool in event planning as it enables event managers to assess the viability of an event by balancing running costs against existing funds and event income. It provides insights into the expected results and necessary adjustments to make it financially feasible.

Question 3

An 'achievable' business objective (from the 'MASTER' mnemonic) is one that ...&#10;A) Can be met with the minimum cost&#10;B) Is within the capability of the organisation to achieve&#10;C) Can be achieved before the end of an event&#10;D) The organisation has achieved in the past and so is confident that it can be achieved again

Accepted Answer

An achievable business objective, according to the 'MASTER' mnemonic, is one that is within the capability of the organisation to achieve. It should be realistic and attainable based on the organisation's resources, skills, and capabilities. Choices A and C are not necessarily characteristics of an achievable objective, while choice D refers to past success and does not necessarily reflect future potential for achievement.

Question 4

Continuation budgeting is used when ...&#10;A) The profit from one event is used to finance the set up costs for the next event&#10;B) The organisation continues to work within the same tax regime between events&#10;C) The organisation's objectives do not significantly change from one budgeting period to the next&#10;D) The same set of accounts is used for multiple events

Accepted Answer

Continuation budgeting is used when an organization's objectives do not significantly change from one budgeting period to the next. The budget for the new period is based on the actual results of the previous period, with adjustments made for any changes or new variables. This method ensure the organization continues to work within the same framework and doesn't deviate too much from their objectives.

Question 5

Recruitment is ...&#10;A) Attracting sufficient numbers of competent applicants for a position&#10;B) The process of advertising event vacancies&#10;C) The selection of applicants to fill vacancies&#10;D) The interview process

Accepted Answer

Recruitment is the process of attracting and identifying potential candidates for a job vacancy. It involves sourcing, screening, and attracting sufficient numbers of competent applicants for a position. B, C, and D are all parts of the recruitment process but do not encompass the entire process.

Question 6

Beliefs, values, norms and signs make up what aspect of an event organisation?&#10;A) The implicit contract between staff and employers&#10;B) Team personality&#10;C) Organisational culture&#10;D) Organisational branding

Accepted Answer

Beliefs, values, norms, and signs collectively make up the organizational culture, which is the set of shared beliefs, values, behaviors, and artifacts that define an organization. This culture shapes how employees interact with each other, how work is done, and how the organization is perceived by outsiders.

Question 7

What is the influence of increased team diversity on creative event design?&#10;A) The process is quicker, but the final decision is often confusing&#10;B) The process is not affected, but the final decision is more effective&#10;C) The process is not affected, but the final decision is less effective&#10;D) The process is longer, but the final decision is more effective

Accepted Answer

Increased team diversity can lead to longer process as members bring different perspectives and ideas to the table. However, this diversity also fosters greater creativity and innovation, leading to a more effective final decision.

Question 8

Why is Kolb's (1984) model of reflective learning ideally suited to application in the events industry?&#10;A) Because it involves reflecting on things that have already happened&#10;B) Because it is based on problem-solving&#10;C) Because it is theoretical&#10;D) Because it only applies to practical situations

Accepted Answer

Kolb's model of reflective learning is based on problem-solving, which is relevant to the events industry where professionals often encounter complex and unpredictable situations that require quick thinking and problem-solving skills. It is important to reflect on these situations in order to improve performance in the future. Additionally, the model allows for practical application and can be used to develop skills and knowledge in a hands-on way.

Question 9

What is the most important factor in generating repeat volunteering?&#10;A) Favourable initial volunteering experiences&#10;B) Payment of expenses for volunteers&#10;C) Opportunities for permanent employment&#10;D) A rigorous selection process

Accepted Answer

Favourable initial volunteering experiences are the most important factor in generating repeat volunteering. If volunteers have a positive experience during their first volunteer opportunity, they are more likely to want to continue volunteering in the future. This can include feeling appreciated, having a clear understanding of their role, and feeling like they made a meaningful contribution. Payment of expenses and opportunities for permanent employment may also be important factors, but they are not as crucial as the initial volunteering experience. A rigorous selection process may actually deter some potential volunteers from participating.

Deck 3: Event Finance, and Managing the Event Human Resource