Test your basic knowledge |

Sports Franchise

Instructions:
  • Answer 37 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The costs of operating a business. Unlike the cost of an asset - the cost of an expense does not provide a future benefit to the business. Therefore - its effect is a reduction in owner's equity.






2. The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period.






3. The money earned from conducting business after all costs and expenses have been paid.






4. Ingress refers to the flow of fans to or into the stadium.






5. Revenue that is generated from licensing agreements is considered licensing revenue. Licensing revenue is usually generated by granting third party companies the right to sell products including a team's name and logo. Typical products for licensing






6. A list of players on a team.






7. Owns the rights to some intellectual property and grants - permission to a groups - individuals or corporations to use this property.






8. A groundskeeper is someone who maintains property grounds of substational size like an athletic field. Proper field maintaenance is a very important and imprpoer maintence can lead to player injuries and league fines.






9. Infrastructure is the physical resources required for the operation of an event or activity. A good city for a football franchise will have an infrastructure that matches the team's needs. This includes the right size stadium - enough offsite parking






10. Is the group - individuals or corporations paying a percentage of the revenue earned though the use of the intellectual property.






11. The cost of an advertising campaign divided by the number of people reached.






12. Seating capacity is the total number of seats that are available at a specific stadium.






13. Sometimes a business will use special items in combination with its promotional campaign to help attract customers. These items are considered promotional items.






14. Target audience describes a particular market segment selected as being the most appropriate for a certain advertising campaign or schedule.






15. Loyalty is devotion to an entity. Sports fan loyalty largely determines how much fans are willing to pay for sporting event tickets and how many games they are likely to attend. A losing record is likely to decrease sporting event attendance - but th






16. The state of being and feeling secure and experiencing freedom from anxiety and fear - resulting from protection against harm or attack






17. A salary cap os the anual dollar limit that a single team may pay all its players. The main purpose of a salary cap os to maintain competiveness within a league.






18. Ushers are responsible for making sure fans sit and stay in their assigned seats. Fans will move to better seats if they are and there is no one to stop them.






19. Is the collective use to sign - symbols or design. Sports and event stadium may reserve areas where sponsors can use signage for advertising purposes.






20. Gross income User-contributed - The increase in assets that result from the sale of a product or service in the normal course of business






21. A franchise is a business arangement in which one company (the franchise) obtains the rights to sell the products and use various elements of a business system of another company (the franchiser).






22. Forecasting involves the prediction of upcoming results based on the evaluation of accessible - relevant data.






23. The percent of potential customers in a specific target audience who are aware of a products existence.






24. An attempt to make an unprofitable business profitable again.






25. Yeild managment pricing involves setting different prices for goods or services in an effort to maximize revenue whenlimited capacity is a factor.






26. Are the exclusive right of a sponsors to have its name and logo on a stadium.






27. Is a per unit payment made for the use of intellectual property created by a business's or person - such as a sport team's name and logo.






28. In advertising - the term media is used to describe avenues for communicating a message. The most common forms of media are TV - newspapers -radio and the internet.






29. Egress refers to the flow or fans out of or away from the stadium.






30. Refers to the authorization that one business gives to another business - individual or organization which grants one of the entire permission to use another's property in exchange for a fee.






31. The basic characteristics of a poulation segment such as gender - age - and income.






32. Any revenue that comes from corporate sponsors. Selling advertising space in and around a stadium is the primary way to generate sponsorship dollars.






33. Price is the amount of money you charge customers for one unit. Ticket prices should reflect what customers are willing and able to pay.






34. Includes organization - firms - or individuals that gave terms money in exchange for advertising rights on stadium sinage and naming rights.






35. Is the act of discussing an issue between two or more parties with competing interests in order to reach an agreement.






36. Any parking lot that is offsite from the stadium is considered satellite parking. Shuttle buses are often required to transport fans to and from the stadium.






37. A bottleneck is a lessening of traffic throughput. in viral business- sports - you may see bottlenecks occur in the parking lots because of overloaded traffic situations due to the inability of the parking and security.