Final Exam Cost Control

Front 1

Standard Menu

Back 1

Fixed menu day to day

Front 2

Daily Menu

Back 2

Changes everyday

Front 3

Cycle Menu

Back 3

Menu changes after a specific length of time

Front 4

Menu Specials

Back 4

menu items will appear on the menu as you desire and be removed when they are either consumed or discontinued

Front 5

Price Blending

Back 5

Process of pricing products, with very different individual cost percentage, in groups with the intent of achieving a favorable overall cost situation

Front 6

Food Cost % =

Back 6

Cost of food sold/ food sales

Front 7

Food cost% of that item=

Back 7

Cost of specific food item sold/ food sales of that item

Front 8

Food sale of that item (selling price)=

Back 8

Cost of specific food item sold/ food cost % of that item

Front 9

Pricing Factor=

Back 9

1.00/desired product cost%

Front 10

Menu Price

Back 10

Pricing Factor X Product Cost

Front 11

Contribution Margin=

Back 11

Selling Price- Product Cost

Front 12

Selling Price=

Back 12

Product Cost + Contribution Margin Desired

Front 13

Value Pricing

Back 13

refers to the practice of reducing all or most prices on the menu in the belief that, as in couponing, total guests counts will increase to the point that total sales revenue also increases.

Front 14

bundling

Back 14

Practice of selecting specific menu items and pricing them as a group in such a manner that the single menu price of the group is lower than if the items comprising the group were purchased individually

Front 15

fixed Payroll

Back 15

refers to the amount an operation pays in salaries

Front 16

variable payroll

Back 16

consisits of those dollars paid hourly employees

Front 17

productivity ratio=

Back 17

Output/Input

Front 18

Job Description

Back 18

list of tasks that much be accomplished by the employee hired in a particular job description

Front 19

Job specification

Back 19

Listing of personal characteristics needed to perform the tasks contained in a particular job description

Front 20

Employee Turnover Rate=

Back 20

Number of employees separated/number of employees in work force

Front 21

Sales per Labor Hour=

Back 21

Total sale/Labor hours used.

Front 22

Labor dollars per guest served=

Back 22

Cost of labor/Guest served

Front 23

Guests served per labor Dollar=

Back 23

Guests served/cost of labor

Front 24

Guests Served per Labor hour=

Back 24

Guest Served/Labor hours used

Front 25

Estimated Cost of Labor=

Back 25

Number of estimated Guests Served/Guests Served per Labor Dollar

Front 26

Cost of Labor Budget=

Back 26

Cost of Labor/Total Sales

Front 27

Standard cost

Back 27

labor cost needed to meet established productivity standards, rather than "budgeted cost"

Front 28

Labor Hour Budget=

Back 28

Forcasted number of guests served/guests served per labor hour standard

Front 29

fixed expense

Back 29

one that remains contant

Front 30

variable expense

Back 30

generally increases as sale volume increases, and decreases with sale volume also

Front 31

Mixed expense

Back 31

one that has properties of both fixed and variable