Ch. 3 level 2

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Operating Budget

a financial plan for a specific period of time

Moving Average Technique

a forecasting technique that averages together sales information for two or three recent and similar periods to predict future sales

Food Production Chart

a form that shows how much product should be produced by the kitchen during a given meal period

Operational Standards

specifications of an operation with regard to products. If an item must be redone to meet standards, this costs money, not only in terms of wasted product that increases food cost, but also in term of productivity that increases labor cost

4. Total food cost is calculated by what formula?

(Opening inventory + Purchases = Total food available) - Closing inventory

9. At what temperature should foodservice freezer units be held?

0˚F

7. What form shows how much product should be produced by the kitchen during a given meal period?

Food production chart

8. Which method calculates a menu price by multiplying raw food costs by a predetermined fraction?

Straight markup

Standardized Recipe

a recipe followed every time that menu item is prepared

Cost Control

a business's efforts to manage how much it spends

Variance

a change that as occurred, reflecting a difference between actual performance and the standards against which performance is being measured

Crew Schedule

a chart that shows employees' names and the days and times they are to work

Profit-and-Loss Report

a compilation of sales and cot information for a specific period of time

Variable Cost

a cost that changes, depending on sales

Semivariable Cost

a cost with some components that change depending on sales and some that do not

Invoice

a document from a supplier that lists such details as items purchased, date of order, purchaser, and sales price

Sales History

a record of the number of portions of every item sold on a menu

Production Sheet

a list of all menu items that are going to be prepared for a given date, based on forecasts

Last In, First Out

a method of calculating closing inventory by multiplying the number of units of each item by the earliest price paid for the item

Latest Purchase Price

a method of calculating closing inventory by multiplying the number of units of each item by the most recent price paid for the item

Actual Purchase Price

a method of calculating closing inventory by multiplying the number of units of each item by the price actually paid for each unit

Weighted Average Purchase Price

a method of calculating closing inventory by multiplying the number of units of each item in the opening inventory and later purchases by the price actually paid for each item, adding all the prices together, and dividing by the total number of items

Edible-Portion Method

a method used to determine the cost of ingredients in a standardized recipe after trimming and removing waste, so that only the usable portion of the item is reflected

As-Purchased Method

a method used to determine the cost of ingredients in a standardized recipe at the purchase price, before any time or waste is taken into account

Full-Line Supplier

a one-stop shop that provides equipment, food, and supplies to the restaurant and foodservice industry

Forecast

a prediction of sales levels or costs that will occur during a specific time period

Recipe Cost Card

a table of ingredient costs for each item in the standardized recipe

Master Schedule

a template showing the number of people needed in each position to run the restaurant or foodservice operation for a given time period

Point-of-Sale (POS) System

computer software that helps managers track sales, employee activity, and other information, as well as facilitating guest orders

2. Food and labor can be designated as what cost?

controllable

Physical Inventory

counting and recording the number of each item in the dry-storage area

1. Revenue is defined as income

from sales before expenses are subtracted

Historical Data

past information about a restaurant and its operations, used to predict future needs

6. A tool used to calculate standard portion cost for a menu item is called a

recipe cost card

5. Food Cost ÷_____________ = Food cost percentage

sales

Food Cost

the actual dollar value of the food used by an operation during a certain period

Business Volume

the amount of sales an operation is doing for a given time period

Inventory

the dollar value of a food product in storage; it can be expressed in terms of units, values, or both

Standard Portion Cost

the exact amount that one serving of a food item should cost when prepared according to its standardized recipe

Revenue

the income from sales before expenses, or costs, are subtracted

3. Taking sales information for two or three recent and similar periods and averaging it together is a forecasting method called

the moving average technique

Employee Turnover

the number of employees hired to fill one position in a year's time

Opening Inventory

the physical inventory at the beginning of a given period

Closing Inventory

the physical inventory at the end of a given period

Contribution Margin

the portion of dollars that a particular menu item contributes to overall profits

Cost

the price an operation pays out in the purchasing and preparation of its products or the providing of its service

Recipe Yield

the process of determining the number of portions that a recipe produces

Total Food Cost Percentage

the relationship between sales and the cost of food used to achieve those sales

Price Point

the selling price of a menu item

Quality Standards

the specifications of the operation with regard to products and services

Labor Cost

the total cost associated with staff members employed by an operation

Beverage Cost

the total cost of beverages purchased by an operation

Food Cost

the total cost of food purchased by an operation

Average Sales Per Customer

the total dollar sales divided by the total number of customers, used to he;p calculate revenue forecasts

Pilfering

theft of food, usually in reference to staff members

Average Check Pricing Method

this pricing method divides the operation's total revenue by the number of seats, average seat turnover, and number of days open each year; this yields the average check amount, which is then used with the approximate food cost amount to determine menu prices

Straight Markup Pricing Method

this pricing method multiplies raw food cost by a predetermined fraction to determine the dollar amount to be added to each food item

Contribution Margin Pricing Method

this pricing method uses the portion costs for each item sold to determine how much money the average customer contributes to overhead and profit; this dollar amount is then added to each menu item

10. A document that a receiving employee uses to verify a delivery is called a

vendor invoice


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