Comprehensive Exam

Question 1

A revenue management approach used to maximize the sales of perishable inventories by controlled prices and capacity

Answer 1

Yield Management

Question 2

A casino Employee who provides a personal service link between the casino and premium players

Answer 2

CAsino Host

Question 3

A progressive behavior disorder in which an individual has a uncontrollable urge to gamble.

Answer 3

Compulsive Gambler

Question 4

A marketing acronym for Attention, interest, desire and action. It describes the functions that advertising need to obtain: get attention, gain interest, and create desire to cause action.

Answer 4

AIDA

Question 5

A strategic marketing process to coordinate seller initiated efforts to set up channels of information and persuasion to sell services or to promote an idea.

Answer 5

Promotion

Question 6

The process of attempting to reach the market directly through such media as mail or telephone.

Answer 6

Direct Marketing

Question 7

Develops interactive communication with the casino’s best customers.

Answer 7

Direct Marketing

Question 8

Once the person makes the decision, there is a post-purchase evaluation where the person asks himself/herself whether it was the right decision

Answer 8

Cognitive Dissonance

Question 9

A process that has adopted the usage-rate segmentation and grouped travel markets based on either the length of stay or the volume of trip expenditures.

Answer 9

Volume Segmentation

Question 10

A large, easily identifiable, and accessible group of people who have common interest so that a company can sell to them.

Answer 10

Target Market

Question 11

Revenue / Costs of Goods X 100

Answer 11

ROI

Question 12

Actual / Theoretical Win - Cost of Goods

Answer 12

Player Profitability

Question 13

Player Theoretical X Reinvestment %

Answer 13

Offer Value

Question 14

Cost of Benefits / Theoretical Win X 100

Answer 14

Player Reinvestment Percentage

Question 15

The concept of Lifetime Average Worth Posits

Answer 15

A player’s value to the casino will always be greater when viewed over a longer period of time.

Question 16

Wager X Decisions

Answer 16

Handle

Question 17

Coin In (Coin Out + Jackpots)

Answer 17

Actual Win (Slots)

Question 18

A theory that in order to enjoy an edge over the house, players need a game that has an even, or negative edge to the house, or a game with extremely small margins and the ability to add benefits to change the edge to a positive.

Answer 18

Advantage Play

Question 19

1 / (# of Points earned Per $1 of Coin-In)(# of POints required to Redeem $1 of Value) X 100

Answer 19

Percentage of Coin In

Question 20

Actual Win (Table Games)

Answer 20

(Beginning Bank + Buy Ins) - (Ending Bank + Credits)

Question 21

True or False: In Slot Machines, coin in and drop are the same.

Answer 21

False

Question 22

Which of the following are types of gaming facilities operated in the US?

Answer 22

All of the Above

Question 23

True or False: The general rule for the IRS reporting of slot jackpots is the a slot jackpot that meets or exceeds $750.00 must be reported to the IRS on the form W-2G.

Answer 23

False

Question 24

Personnel from the Cage, Vault, Count Team, Casino Credit, and Revenue Audit Departments should be managed by:

Answer 24

Director of Finance or other senior Accounting/Finance position

Question 25

Ticket In Ticket OUt (TITO) technology on slot machines means:

Answer 25

The ticket paid out from one machines can be inserted into and played on another machine.

Question 26

In most states, the various tribal gaming operations are usually exempt from state taxation under the concept of tribal sovereignty

Answer 26

True

Question 27

The text notes that casino gaming done on credit represents what percentage of total play Atlantic City casinos?

Answer 27

15% - 19%

Question 28

The first step in designing casino performance reports is to choose performance measures that align with top management's financial goals.

Answer 28

True

Question 29

Which of the follow are central cashiering functions?

Answer 29

All of the above

Question 30

The instrument used to draw down on an established casino credit line is called a:

Answer 30

Marker

Question 31

The cost analysis area that is generally the most critically important to the casino business is:

Answer 31

Labor Costs

Question 32

Return on Investment (ROI) is calculated as:

Answer 32

Income (profit) divided by investment

Question 33

Casino owners and senior executives have access to the vault/ main bank.

Answer 33

False

Question 34

The Bank Secrecy Act (Title 31) required all banks and financial institutions to record and report all cash transaction that exceed _____ during a particular time period.

Answer 34

$10,000

Question 35

It is the responsibility of the internal audit department of casinos to act as top managements first line of defense in maintaining the integrity of casino operations.

Answer 35

True

Question 36

Governmental gaming authorities are first and foremost concerned with the proper functioning of the casino operations. A secondary object is proper reporting of _____.

Answer 36

Gross Gaming Revenue

Question 37

Which of the following is a commonly used IRS form by casinos?

Answer 37

All of the above

Question 38

Which of the following is NOT a term often used to describe a component of money laundering?

Answer 38

Credit Swap

Question 39

The Department within the US Department of the Treasury responsible for Title 31 compliance is:

Answer 39

Financial Crimes Enforcement Network (FinCEN)

Question 40

What is the name of the log used to track and aggregate lower transaction amounts for Title 31 compliance?

Answer 40

Multiple Transaction Log (MTL)

Question 41

According to the BBC presentation by Burrus, a 9 box review measures leadership competencies on the:

Answer 41

HOW and WHAT

Question 42

These positions are primarily support roles, which support the wealth - creating positions:

Answer 42

B level (important) positions

Question 43

Becker, Huselid, and Beatty encourage organizations to put strategy first and not people:

Answer 43

True

Question 44

According to Becker, Huselid, and Beatty, What three levels of positions do they identify in a differentiated workforce?

Answer 44

A, B, and C Levels

Question 45

When Friedman states, " the playing field is being leveled: he means it is now possible for more people than ever to collaborate and compete in real time from different corners of the planet using things such as computers, email and new software?

Answer 45

True

Question 46

According to Friedman "Outsourcing" is which flattener?

Answer 46

Five

Question 47

According to Friedman, the entrance to several billion people from places such as China, India, and the former Soviet Empire onto the playing field is which specific convergence?

Answer 47

Third Convergence

Question 48

Friedman identified several categories of jobs, that the new middle will fail into including Great Collaborators, Great Synthesizers, Great Explainers, Great Leverages, Great Adapters, and the Green People. True or False

Answer 48

True

Question 49

Flatteners are forces that flattened the world. How many flatteners does Friedman state exist?

Answer 49

Ten

Question 50

What are the globalization does Friedman state we are currently in?

Answer 50

Globalization 3.0

Question 51

According to Friedman, the quiet crisis can best be described as:

Answer 51

A person sleeping on an air mattress and the air is slowly coming out - so slowly you barely feel it, until your head hits the cement.

Question 52

According to Friedman, when he is speaking American and its potential to compete against other countries - he states one of the strengths of American - that is lacking is some other countries - We are high trust country, because we agree that we are going to be governed by a set of values and principles reflected in our institutions and laws - which are higher and more enduring than any individual.

Answer 52

True

Question 53

Friedman created a simple formula to describe the power of curiosity and passion in relation to intelligence. CQ + PQ > UQ

Answer 53

True

Question 54

The Right Stuff under the heading "Which class do I take to learn How to Learn?" what is the first and most important ability you can develop in a flat world?

Answer 54

The ability to Learn how to Learn

Question 55

According to Friedman in the beginning to Chapter 22, the initial backlash against globalization as it was unfolding was because it was viewed as a form of American cultural imperialism?

Answer 55

True

Question 56

The Rule 8 in Chapter 11, HOW you do things a company matters more today than ever describes the difference in companies in how they treat colleagues, customers, suppliers, and investors as part of their success.

Answer 56

True

Question 57

According to Friedman, how many Dirty little secrets does America have?

Answer 57

6

Question 58

Which of the following dirty little secret would best describe this issue in American where American workers productivity is poorer than other countries such as india?

Answer 58

Dirty Little Secret #3 - Ambition Gap

Question 59

In the Chapter titled "how companies cope / chapter 11 of the text book, how many rules does Friedman list for companies to live by?

Answer 59

9 rules

Question 60

In chapter 10 "I can only get it for you retail" It paints a picture of countries if they were neighborhoods in a city. He called Western Europe an assisted lving facility, the US a gated community etc. How did he describe India, China and East Asia as a group?

Answer 60

The other side of the tracks