Finance Flashcards

0
Q

Financial management

A

Defining the goals and program objectives for the nutrition and food service programs

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1
Q

Variance

A

B - A / A x 100

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2
Q

Productivity

A

Inputs to outputs ratio

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3
Q

GAAP

A

Generally accepted accounting principles

Standard of guidelines for financial accounting established by the GASB (governmental accounting standards board)

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4
Q

Benchmarking

A

Searching for best practices, innovative ideas, highly effective operating procedures that lead to superior performance

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5
Q

Workload units

A

Patient days, admissions, discharges

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6
Q

Acute care patient meals per day

A

2

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7
Q

Skilled nursing patient meals per day

A

3

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8
Q

Psych, rehab, chem dependency meals per day

A

3.35

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9
Q

School meal equivalents

A

1 lunch =1 lunch
3 breakfasts = 2 lunches (2/3=0.67)
3 snacks = 1 lunch (1/3=0.33)

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10
Q

Equivalent meal price

A

Combined selling price

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11
Q

Equivalent meal cost

A

Combined raw food cost

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12
Q

of meals served =

A

Raw food cost/equiv meal cost

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13
Q

Cost of food available =

A

Beginning inventory + purchases

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14
Q

Cost of goods sole =

A

Cost of food available - ending inventory

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15
Q

Revenue

A

Cash income, no cash charges, credits from departments

16
Q

Net operating expense =

A

Gross direct expense - revenue

17
Q

Productivity analysis

A

Meals / labor hour, meals / pt day, meals / minute, worked hours / 100 meals

18
Q

Meals per paid hour

A

Total meals (actual counts and ME) / total paid labor hours

19
Q

Meals per worked hour =

A

Total meals / productive hours

20
Q

Total paid hours per meal =

A

Productive + nonproductive hours / total meals

21
Q

Total worked hours per meal =

A

Productive hours / total meals

22
Q

Nonproductive hours percent =

A

(paid hours - worked) x 100 / paid hours

23
Q

Statistical budget

A

Projections of activity for the coming year such as admissions, discharges, consults

24
Expenses budget
Attempt to anticipate costs of operation for each cost enter, dept, org
25
Revenue budget
A projection of the income likely to be received by the institution during the budget year
26
Incremental baseline
Previous years budget is the starting point, adjustments made to each line item to reflect expected changes
27
Zero
Start with zero for each line item and build according to expectations
28
Combination
Use the zero for some and incremental for others
29
Capital budget
Money that is petitioned for by multiple departments, have to prove why you deserve it
30
Fixed costs
Costs that do not vary with changes in volume of sales
31
Variable costs
Costs that vary directly with changes in Sales
32
Food cost percentage
Cost of food / sales
33
Labor cost percentage
Cost of labor / sales
34
Menu sales price =
Raw food cost x pricing factor