Shared Flashcard Set

Details

CMP Exam
Domain D - Financial Management
20
Other
Professional
10/01/2017

Additional Other Flashcards

 


 

Cards

Term
Sponsor prospectus should include
Definition

1. Overview & history of event

2. Return on Investment 

3. Letter of proposal 

4. Audience demographics 

5. Sponsorship benefits &/or limitations

6. Terms & conditions 

7. Draft program of the event content 

 

 

Domain D  Skill 7

Term
To understand the value that your event offers (value proposition), you need to...
Definition

1. Know your audience's buying habits

2. Marketing Reach & frequency

3. Potential for expanding visibility of sponsor beyond the meeting

4. Depth of exposure

 

 

 

 

 

Domain D  Skill 7

Term
Sponsors come from...
Definition

1. Previous sponsors

2. Current suppliers or exhibitors

3. Your stakeholders

4. Referrals

 

 

 

 

 

 

Domain D   Skill 7

Term
What are the types of sponsorships?
Definition

1. Title or Main

2. Tiered Model

3. Credit Model

4. In-kind Sponsors

 

 

 

 

 

 

Domain D  Skill 7

Term
Subvention is...
Definition

financial support provided by the host destination or government as an incentive to event organizers

 

common in the international market

 

often includes binding contracts about the number of delegates, attendees or visitors at the event

 

 

 

Domain D  Skill 7

Term

What is an ASP?

(application service provider)

Definition

on-line registration company that offers customizable registration forms, secure sites, credit card processing, and automated confirmations

 

 

 

 

 

 

 

Domain D  Skill 7

Term
To determine if hosting an exhibition is right for your organization, you would...
Definition

1. First, determine the feasibility of holding the event

2. Select the marketplace best suited to the requirements of your constituency

3. Take into account scheduling of similar or competing events

4. Create a forum of mutual learning & collaboration

5. Nature of attendee & professional purpose of event

6. Visit competitors' events

7. Conduct market research on viability

 

Domain D  Skill 7 

Term
A hosted buyer program offers __________, _____________, & _______________ to prequalified buyers to attend an exhibit.
Definition

1. complimentary travel

2. accommodations

3. registration

 

 

 

 

 

 

 

Domain D  Skill 7

Term
Miscellaneous funding sources include...
Definition

1. Advertising on event website, event app &/or digital signage as well as print materials

2. Merchandise sales - wearables, promo items, content material

3. Commissions

4. Royalties

 

 

 

 

Domain D  Skill 7

Term
The foundation for financial planning are the events __________ & ____________.
Definition

Goals & Objectives

 

 

 

 

 

 

 

 

 

Domain D  Skill 8

Term
When building a budget, you need to distinguish among these 3 types of costs
Definition

1. Fixed costs

2. Variable costs

3. Indirect costs

 

 

 

 

 

 

 

Domain D  Skill 8

Term

Fixed costs are ...

 

3 examples are...

Definition

Expenses that are incurred regardless of the number of attendees

 

1. Meeting room rental

2. Audiovisual

3. Predetermined profit

 

 

 

 

Domain D  Skill 8

Term
Name the 2 types of budgeting.
Definition

1. Incremental - building an event budget by analyzing figures from previous events/years

2. Zero based - no history (new event)

 

 

 

 

 

 

 

Domain D  Skill 8

Term
The 7 common mistakes of budget planning
Definition

1. Allow contingencies for unexpected

2. Include tax & service charges

3. Include labor costs

4. Communicate clear policies

5. Review master account daily

6. Rely on history for meal guarantees

7. Know the value of your business

 

 

 

Domain D  Skill 8

Term
The application for the VAT (value added tax) should be started 6months - 1 year before the start of ______.
Definition

Registration

 

 

 

 

 

 

 

 

 

Domain D  Skill 8

Term
Contribution Margin Formula =
Definition

Registration Fee - Variable Costs

 

 

 

 

 

 

 

 

 

Domain D  Skill 8

Term
To calculate the number of attendees for your event to break even...
Definition

Break even units =                Fixed Costs                          

                         Registration Fee - Variable Costs

 

 

 

 

 

 

 

 

Domain D  Skill 8

Term
To determine the registration fee to break even...
Definition

Registration Fee =

 

Fixed Costs       + Variable Costs

# of Attendees                                 

 

 

 

 

 

 

Domain D  Skill 8

Term
When setting sponsorship pricing, you need to consider...
Definition

1. Benefits offered & fees for comparable opportunities

2. Attendee demographics

3. Costs required to service the sponsors' needs

4. Brand image of the event

5. Past fees

6. Prevailing economic conditions

 

 

 

 

Domain D  Skill 8

Term
The 2 methods for accounting are ...
Definition

1. Cash Accounting - counts income & expenses as they are actually received & paid

 

2. Accrual Accounting - counts income & expenses as they are earned or incurred.  Shows a more accurate representation of the event

 

 

 

 

Domain D Skill 8

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