Midterm Quiz

What are the four types of organizational accountability budgets

Lump Sum, Line Item, Program, Zero-Based

FIxed Assets

Zero Based, Line Item, Lump Sum

None

What Items are reported by a finance manager?

Assets, liabilities, paying suppliers, payroll

Money being received and Money being paid out

Receipts and Cost Centers

Through a parent

What does financial accountability in sport management look like?

Spend all of our money

Taking action and implementing procedures and processes

Creating a balance sheet

Working with other departments within your organization

How do we implement effective internal controls

Control environment, risk assessment, communications

Control environment, risk assessment, information and communication, monitoring and control activities

Control environment, risk assessment, control activities

Control environment, risk assessment, monitoring and self-assessment

What is the football championship subdivision?

A huge game against two teams

A game that decides your income for the year

Formerly know as the NCAA I-AA with a 16 team playoff format

Highschools playing against one another

What does our scope look like in professional sports?

The same as others

We are different in many ways but there are too many to list

How we exist in the world

How we operate, how we exist and reverse order drafts

How do managers handle scarcity?

We cope with what we have

We work with other departments

We develop strategies where supply meets demand

We help one another to meet each others needs

What is the Economic Trinity?

Scarcity, Rationing, Competition

Scarcity is a fact

Scarcity exists

A bunch of resources

What are production tools when it comes to scarce resources?

Land and Capital

Land, Muscle Power, Brain Power

Land, Labor and Capital

Scarcity

How does competition play in with scarcity?

Because people are trying to have every resource they need

Competition sets scarcity up for failure

Competition isn't important

Competition results from scarcity

What are the five characteristics of a pure market economy?

Economic freedom, economic incentives, competition, private ownership and limited government

Economic freedom, economic incentives, competition, ownership and limited government

Economic freedom, economic incentives, competition, private ownership, all government

None of these match the five characteristics of a pure market economy

What are some revenue sources?

Tickets, apparel, sponsorships, food, parking

Coach's salaries

Sponsorship's, apparel, bills, rent

Tickets, apparel, sponsorship, traveling

What is long-term financial planning?

Takes time over a long period of time to get your finances control

It takes about a year to adapt

It requires an understanding of short term and capital structure impacts

Understanding of short term impacts with organizational structure impact

How do we monitored factors of cash management?

Through a finance department in the organization

Company's level of liquidity, management of cash balances and short-term investment strategies

Through a balance sheet and income statement

Through your direct supervisor

How does naming rights impact the world of sport?

Bad sales

Prominent manifestation of America

They choose what their name is

None of the above

What is insolvency?

Too much money and can't spend it all

None enough workers to help finish a project

When an organization is on vacation

Can't pay what is owed to someone after a service is complete

Why do we financial plan in the sports world?

Create jobs

Understand budgets

Sets foundation- no control over what happens on the field

To view what we can spend

What are ways the external environment affects financial planning?

Other activities happening other than sports

Political environment, economic situation and marketing

TV is better than in person

Tickets are so expensive

Why do we value financial planning?

Ensures we have money, helps maximize the value of every dollar and gets us prepared for unexpected events

Can give us a clear direction of where we are going

Helps us save money

Gives us a budget

What is the biggest issue with internal financial planning?

No one to do it

Unable to be reliable; state of where we are

To far backed up with other work

We spend more than what we make

What makes up cash management?

Watching our bank account

Being responsible for the actions we make

Collection, concentration and disbursement of cash

Keeping track of every expense we make

What is external data collection look like in the sport world?

Easier to do

State of the union

Industries

State of the industry; more objective

What are some mechanisms in place to ensure accountability?

Balance sheet- snapchat of where we are at, growth and decline, ability to pay debts and our financial position

Balance sheet- snapchat of where we are at, growth and decline, unable to pay debts, financial position

Balance sheet- snapchat of where we are at, growth and decline, ability to pay debts and financial unstability

Balance sheet- snapchat of where we are at, decline in stages, growth to pay debts and financial position

What is important about short-term financial planning?

Easier to look the overall yearly expenses

Management of key ratios; impacts working capital; assets to expenses

Management of our expense and income boks

Desire to keep working hard towards the organizations overall goal

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