Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
food cost divided by what will give you food cost percentage?
|
sales
|
|
|
what plus purchases will give you total food available?
|
opening inventory
|
|
|
total food available minus what gives you cost of food sold?
|
closing inventory
|
|
|
what is one of the most difficult tasks for management?
|
consistently meeting food cost percentage standards
|
|
|
food cost percentage is often the standard against which what is judged?
|
food cost
|
|
|
to determine the value of food that has been used, what data do you need?
|
opening and closing inventory
|
|
|
if an operation does not meet its standard on food cost percentage, the standards are set wrong, the controls are not working, or both. True or false?
|
True
|
|
|
controlling food cost percentage is important if an organization is going to be what?
|
profitable
|
|
|
by tracking percentages, you can compare periods such as monthly or weekly results regardless of what?
|
fluctuation in sales
|
|
|
standard food cost percentage is a what determined by management?
|
a target
|
|
|
food cost percent is analyzed by comparing what?
|
company standard
historical costs industry standard |
|
|
what is food cost percentage?
|
a relationship between sales and cost spent on food to achieve sales
the standard against which food cost is judged |
|
|
the terms "food cost" and "cost of food sold" are interchangeable, true or false?
|
true
|
|
|
opening inventory is always equal to what?
|
closing inventory of the previous period
|
|
|
what is closing inventory?
|
inventory at the end of a given period
|
|
|
what is opening inventory?
|
physical inventory at the beginning of a given period
|
|
|
inventory represents what?
|
the dollar value of a food product in storage.
It can be expressed in terms of units, value or both |
|
|
what costs do you subtract from the cost of food sold?
|
employee meals
comps transfers to other units food to bar |
|
|
food cost includes the cost of what?
|
food consumed for any reason:
food sold given away wasted stolen |
|
|
food cost is defined as . . .
|
actual dollar value of food used by an operation during a certain period
|
|
|
what is food cost?
|
the amount of food used
|
|
|
to find the total for sales, what is the formula?
|
sales = cost divided by cost percentage
|
|
|
to find the total cost, what is the formula?
|
cost = food cost percentage X sales
|
|
|
to find food cost percentage, what is the formula?
|
food cost divided by sales = food cost percentage
|
