Sports Finance Questions 1. Compare and contrast various segments within the sport industry and how they handle...

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Advance Math

Sports Finance Questions
1. Compare and contrast various segments within the sportindustry and how they handle financial issues.
2. Examine how sports facilities can become an economic enginefor revenue generation.
3. Forecast the future of the sport industry based on changes inthe sports broadcasting field.

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Ans 12 Good financial management is key to any successful sports program The way funds are managed solutions to budget problems are issued and understanding the most significant area within your specific program are the most important parts of financial administration The person responsible for sports financing sometimes titled a financial director should have accounting experience and have knowledge in strategic planning accountability risk management and more Finance Administrator Responsibilities Monitor all money coming in and going out Understand the organizations fundamentals Keep track of expenses fees donations etc Cut unnecessary expenditures from the budget Inquire into matters when needed Know the organizations policies and regulations View all previous financial statements Note significant expenses and asses whether they are realistic Devise a specific plan and maintain it Find the best insurance price and quality Remain uptodate on all tax related issues Prepare reports and submit them to the appropriate personnel Budgeting All organizations have a budget The money they are allotted is broken up differently according to region and location so it is important to be aware of how the money should be spent Some areas prefer a stronger emphasis on one sport over another or the budget is simply not large enough to accommodate very many alternate athletics options This is where strict budgeting can come in handy When youre making your budget remember to assess what areas require the most money and to cut out any unnecessary expenditures This frees up money for other See Answer

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