F - Glossary

What is FIT? FIT refers to Foreign or Free Independent Traveler.

What is fixed costs? Fixed costs are costs that do not change with a change in the activity of a business.

What is a flash report? Flash report is a daily report completed to recap the previous day’s business.

What is a folio? Folio is a record of in-house charges made by the guest since arrival. Folio would include charges such as addition food and beverage purchases, room service, dry cleaning, etc.

What is a food and beverage cost controller? Food and beverage cost controller is a person who audits the price and inventory on all food and beverage purchases.

What is forecasting? Forecasting is the act of estimating, calculating, or predicting conditions in the future. Forecasting is usually performed with the help of a rate shopper.

What is a free sell? A free sell is the provision of rooms to a wholesaler outside of the original block.

What is Frequent Traveler Programs? Frequent Traveler Programs are programs designed to reward loyal patronage and induce repeat business.

What is a full pattern length of stay restriction? Full pattern length of stay restriction is an arrival-based restriction on a guest’s stay.

What is price fencing? Price fencing is the practice of setting up rules and restrictions regarding the eligibility of an individual to purchase products and services at a specific price.