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Sports & Entertainment Marketing - Ch 2 Concepts Flashcards | StudBud
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Sports & Entertainment Marketing - Ch 2 Concepts
Sports & Entertainment Marketing - Ch 2 Concepts
20 terms
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Chapter 2 Concepts for Sports Marketing class
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Profit is
amount of money left after income is paid.
none of the above
amount of money left from revenue after all expenses are pd.
revenue plus expenses
2
Making a product or service available where the customer can easily get it.
form utility
time utility
place utility
possession utility
3
Represents a system of deciding what is right or wrong in a reasoned and impartial manner
risks
checklists
character development
ethics
4
The amount of satisfaction that people believe they receive from goods/services.
time utility
form utility
economic utility
place utility
5
Forecasting involves
planning, distribution, price and advertising
predicting costs and revenue
pricing and ticket sales
purchasing and promotion
6
Bringing a new professional team to a major city is an example of
a speculative risk
an uncontrollable risk
an insurable risk
a controllable risk
7
Improving the physical characteristics of a product/service.
possession utility
place utility
time utility
form utility
8
A plan for how a business will spend money
Balance sheet
Budget
Income statement
Forecast
9
The possibility of financial gain, loss, or personal injury.
insurance
liability
risk transfer
risk
10
Risk retention involves
the possibility of loss or gain
assuming the cost of an insufferable risk
buying insurance
stopping the activity that involves risk of loss
11
When someone is legally responsible for damages, this is called being _________.
troubled
liable
guilty
owed
12
Have a product/service available at an affordable cost to customers
possession utility
time utility
form utility
place utility
13
Making the product or service available when the consumer wants it
form utility
place utility
possession utility
time utility
14
Costs of sports and entertainment events include
promotion for events
all of the above
facilities
high salaries
15
Microeconomics
studies behavior of an entire group
studies relationship between individual consumers &producers
studies the behavior of an entire economy
is not used in the planning of sports& entertainment events
16
This financial record shows assets, liabilities, and net worth (owner's equity)
check register
balance sheet
purchase journal
income statement
17
The total money a business receives for the sale of goods/services.
dividends
profit
revenue
expenses
18
Economically, the greatest reason for being in business is
the challenge
the tax write off
the lack of competition
the profit motive
19
The study of economics of an entire society is referred to as
economic utility
macroeconomics
microeconomics
social economics
20
Income that an investment provides for the investor
costs
return on investment
expenses
risk management
