Introduction to Sport Management Practice Questions U3

Practice flashcards covering sport management principles, including law, economics, and facility operations based on quiz materials.

What name is given to the process of completing detailed records that describe an event?

documentation

The net profit or loss of a financial statement is referred to as the __________ line.

bottom

What documents are used to excuse an organization for its own acts of negligence?

Waivers

When managing events, what three ways is every event viewed?

a product, an outcome, and an occurrence

When evaluating an economic impact study, what two specific questions must educated readers ask about the research?

who conducted the research and how the study was conducted

What is the term for enactments made by a legislature that are expressed in a formal document?

statutes

What is the term for subcontracting management services to an independent contractor?

outsourcing

Which academic discipline can be applied to almost any human action?

Economics

What is the mathematical result of total revenues minus total costs?

$$\text{Total Revenues} - ext{Total Costs} = ext{Profit}$$

The economics of sport focuses on how people in the sport industry deal with which core concept?

scarcity

Which body of law is derived from court judgments and decrees rather than from legislatures?

Common law

What is a generic document called that uses standard language and a fill-in-the-blank format to outline expectations between parties?

boilerplate contract

What term is used for services that are provided by the facility staff themselves?

in-house

What is the term for the price point where the quantity demanded equals the quantity supplied?

equilibrium

What systematic process is used to provide an estimate of the revenue and expenses of an event?

cost analysis

What specific area of law is based entirely on agreements?

contracts

According to the law of __________, consumers will demand less of a product as its price increases and more as its price falls.

demand

The Americans with Disabilities Act is a __________ statute, while California’s Fair Pay to Play Act is a __________ statute.

federal; state

What is the study of the behavior of individual businesses and households?

microeconomics

Professional teams within a single league do what two things to ensure financial success for all teams?

compete; cooperate