Chapter 12 – Managing Operational Finance

1. Discuss how revenue centers and cost centers are managed to ensure a property’s profitability.
2. Identify the components of income statements and balance sheets.
3. Distinguish between operations and capital budgets and explain how to use each appropriately.
4. Explain the purpose of revenue management in the hospitality and tourism industry.
5. Use productivity standards and staffing guides to manage labor costs.
6. Identify the tax responsibilities a hospitality and tourism leader must manage.