Hotels Classified by Level of Service Would Include

question 20

Multiple Choice

Hotels classified by level of service would include:

• A)city, resort, airport and freeway
• B)luxury, all-suite, economy and budget
• C)full-service, mid-scale, extended stay and limited service
• D)spa, convention, casino and B&B

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been charged against a fixed asset since it was acquired, reflecting its loss of value over time.

Equipment

Equipment refers to the tangible assets or tools used in the operation or production process of businesses, which can range from office supplies to heavy machinery.

Fair Market Value

The price at which an asset would trade in an open and competitive market between a willing buyer and a willing seller, both having reasonable knowledge of the pertinent facts.

Original Investments

Original investments refer to the initial amount of money put into a business or project by its owners or investors.