BME4- QUIZ#1

A hotel manager wants to increase their profit margin. Which of the following actions would be the most effective?

• Decreasing prices to attract more customers

• Increasing prices to boost revenue

• Offering discounted rates for longer stays

• Offering free amenities like breakfast or Wi-Fi

A tour operator is experiencing a decline in bookings due to COVID-19 travel restrictions. Which of the following options would be the most effective for them to generate revenue during this time?

• Offering virtual tours

• Decreasing prices to attract more customers

• Focusing on local travel packages

• Pausing operations until travel restrictions are lifted

A travel agency is experiencing a decline in revenue due to increased competition. Which of the following actions would be the most effective for them to differentiate themselves from competitors?

• Offering lower prices than competitors

• Providing personalized customer service

• Increasing advertising spend

• Expanding the range of travel packages offered

A hotel is looking to reduce its expenses. Which of the following options would be the most effective for them to cut costs?

• Reducing the number of staff

• Decreasing the quality of amenities like bedding and towels

• Using cheaper cleaning products

• Implementing energy-saving practices like turning off lights and appliances when not in use

A tourist attraction is looking to increase revenue during the off-season. Which of the following options would be the most effective for them?

• Offering special discounts for group bookings

• Increasing ticket prices during peak hours

• Offering free entry for children

• Partnering with local hotels to offer package deals

Sarah is a travel enthusiast who is planning to start her own tourism business. She is thinking about financing her business using her personal savings. Which of the following is true about personal finance in the context of starting a tourism business?

• Personal finance is a bad idea since it can put all of Sarah's personal assets at risk.

• Personal finance is a good idea since it helps avoid high interest rates and collateral requirements.

• Personal finance is a bad idea since it limits Sarah's ability to obtain loans from banks or investors.

• Personal finance is a good idea since it helps build a positive credit history for Sarah's business.

Jim is the owner of a small bed and breakfast in a popular tourist destination. He is thinking about obtaining a loan to expand his business. Which of the following is a benefit of private finance for Jim's business?

• Private finance can provide Jim with more flexible repayment terms compared to traditional loans.

• Private finance can offer Jim access to larger amounts of capital compared to traditional loans.

• Private finance can help Jim build a positive credit history for his business.

• Private finance can offer Jim lower interest rates compared to traditional loans.

Maria is planning a trip to Europe and is thinking about using her credit card to pay for her expenses. Which of the following is a disadvantage of using a credit card for personal finance in the context of tourism?

• Using a credit card can help Maria build a positive credit history.

• Using a credit card can result in high interest rates and fees.

• Using a credit card can provide Maria with better exchange rates compared to cash.

• Using a credit card can limit Maria's spending and help her stick to a budget.

Bob is the owner of a tour company that specializes in adventure tourism. He is thinking about obtaining a loan to purchase new equipment. Which of the following is a disadvantage of private finance for Bob's business?

• Private finance can offer Bob lower interest rates compared to traditional loans.

• Private finance can provide Bob with more control over his business compared to traditional loans.

• Private finance can be more expensive compared to traditional loans.

• Private finance can be more difficult to obtain compared to traditional loans.

Lucy is the owner of a small bed and breakfast in a remote tourist destination. She is thinking about obtaining a loan to renovate her property. Which of the following is a benefit of personal finance for Lucy's business?

• Personal finance can provide Lucy with access to larger amounts of capital compared to traditional loans.

• Personal finance can help Lucy build a positive credit history for her business.

• Personal finance can offer Lucy more flexible repayment terms compared to traditional loans.

• Personal finance can offer Lucy lower interest rates compared to traditional loans.