Definition of terms

To understand and clarify the terms used in this study, the following are briefly defined:

Financial Management. It refers to the efficient and effective management of money (funds) in

such a manner as to accomplish the objectives of the organization. It is the specialized function

directly associated with the top management.

Financial Position. It shows the status of the assets, liabilities, and owners' equity (and their

interrelationships) of an organization, as reflected in its financial statements.

Financial Statements. It is a formal record of the financial activities and position of a business,

person, or other entity.

MSMEs or Micro, Small and Medium Enterprises. According to R.A. 9501, MSMEs is

defined as any business activity or enterprise engaged in industry, agribusiness and/or services,

whether single proprietorship, cooperative, partnership or corporation whose total assets,

inclusive of those arising from loans but exclusive of the land on which the particular business

entity's office, plant and equipment are situated, must have value falling under the following:

 Micro: not more than P3,000,000

 Small: P3,000,001- P15,000,000

 Medium: 15,000,001- P1000,000,000

Off Season. It is the time of the year during which demand is lowest.

Peak Season. It is the time of year when a lot of people travel and prices are usually at their

highest.
Profitability. The degree to which a business or activity yields profit or financial gain.

Resorts. An isolated place, self-contained commercial establishment that tries to provide most of

a vacationer's wants, such as food, drink, lodging, and sports. The term resort may be used for a

property that provides an array of amenities, typically including entertainment and recreational

activities.