333 FINAL

In one accounting period a manager had total fixed payroll costs of $10,500. In the same period the manager had a total variable payroll cost of $36,500. The accounting period consisted of 30 days. What was the total daily payroll cost?

(10,500 + 36,500) / 30 days = 1,566.67

In an accounting period a manager had total labor costs for salary workers of $12,300. In the same period the manager had total labor costs for hourly workers of $32,500. Sales for the period were $210,000. What was the manager's total labor cost percentage for the period?

(12,300 + 32,500) / 210,000 = 21.33%

A restaurant has budgeted a total weekly payroll of $5,000, and its share of FICA/Medicare/Unemployment is $650. Benefits were budgeted at $550,and forecasted sales for the coming week are $15,250. What is the restaurants' forecasted labor cost percentage?

(5,000 + 550 + 650) / 15,250 = 40.66%

100 g = ___ lb

0.22 lb

Four-step revenue security process

1. Verifying product sales a. To verify product sales manager should match Kitchen issue with guest check 2. Verifying guest charges 3. Verifying payment 4. Verifying deposits

A restaurant needs 25 people to operate efficiently. Last year the restaurant hired a total of 10 people. Its turnover rate % is...

10 / 25 = 0.40 0.40 x 100 = 40%

A restaurant has calculated that its benefits cost is 20% of the base pay. At this restaurant, an employee who earns an hourly wage of $10 would have an actual labor cost of ...

10 x 20% = 2 10 + 2 = 12

If an operation needs 50 employees to operate, and over a year it hired 150 people, its turnover rate is...

150/50 = 3 3 x 100 = 300%

1 kg = ___ lbs

2.2 lbs

A manager has a total daily payroll cost of $600. What sales level must the manager's operation generate each day to achieve a 20% daily payroll cost?

20% (X) = 600 600 / 20% = 3,000

100 celcius = ____ farenheit

212

A restaurant has forecasted that it will serve 260 people during the dinner shift on Thursday. The Restaurant is open for dinner for 5 hours and has set a standard of 13 covers per server. How many servers should the restaurant schedule for this shift?

260 / 5 = 52 52 / 13 = 4

How many digits is CVV?

3 to 4

100 g =. ___ oz

3.52

A restaurant is open 22 days each month. Its monthly fixed payroll cost is $30,800 and its daily variable payroll cost is $2,000. What is the restaurant's totally daily payroll cost?

30,800 / 22 days = 1,400 1,400 + 2,000 = 3,400

A financial examination of an organization's account

Audit

Consequence of depositing a counterfeit bill

Bank will remove the bill from the circulation and not give the restaurant credit for it

What are the "three parts" in a revenue collection system?

Charing the guest Collecting the money Protecting the operation's cash assets

When two or more employees work together for dishonest purposes

Collusion

A document used to adjust information about product quantities or costs recorded, it specifies items to be deducted from the amount owed and explains the reason why the credit is being granted.

Credit memo

First step in the development of work schedules

Determine total available labor dollars

What is "productivity standard"

Established based on past customer counts and productivity levels

What is FICA?

Federal Insurance Contribution Act: a program for retirement and medical benefits administered by the federal government

Approximately what amount of credit card fraud originates in restaurant

Foodservice establishments account for 40% of all credit card fraud cases in US

First step in controlling labor costs is to

Forecast the number of covers or revenues for each schedule meal period

An intentional deception to cause a person to give up property or some lawful right

Fraud

Employee benefits have monetary value but do not affect an employee's basic wage rate

Fringe benefit

A restaurant has set its standard labor cost percentage at 31% and it projects sales to be $3,482 for the upcoming Saturday night. What are the total available labor dollars for this restaurant?

LC / 3,482 = 31% LC = 1,079.42

Into which cost category would the employer's share of the premium for employee's health insurance be placed?

Labor

all-inclusive cost (wages, FICA, Medicare, compensation insurance, employee benefits)

Labor cost

Three main considerations when developing a work schedule

Labor costs Level of service Employee morale

A designated account where funds from guest credit card payments can be sent

Merchant account

$ amount of employee theft committed in a year (NRA report)

NRA reports average employee theft about $220 per person each year

Methods to verify authenticity of currency (2)

Paper and print method Money tester pen

total of employee's salaries, gross total of paychecks (before taxes are deducted)

Payroll cost

A small fund established to handle minor cash disbursements

Petty cash

Describes acceptable parameter for a product (including product name, use, grade, size and other product characteristics)

Product specification

Order guide used to assemble a purchase request for each department or category

Purchase requisition

labor cost is an example of...

Semivariable costs

What is "master schedule"?

Template showing the number of people needed in each position to run the restaurant

When is a foodservice operation most likely to be placed on a cash on delivery (COD) basis

When it fails to make timely vendor payments

What does CVV stand for?

card verification value

costs don't change, regardless of increases and decreases in sales

fixed cost

management salary is an example of...

fixed cost

What is 10-10-80 rule?

o 10% of people are honest no matter what o 10% of people are dishonest and will steal at any opportunity o 80% of people are much less likely to steal if they believe they will be caught

Examples of Fringe benefits:

paid holidays & paid vacation, paid sick days, health/dental insurance

Performance standards should be developed ______ to assessing the quality and quantity of employees' work efforts

prior

costs increase and decrease as sales increase and decrease but NOT in direct proportion

semivariable cost

Hourly staff wage is an example of...

variable cost

costs increase and decrease in direct proportion to sales

variable costs