Finance

Question 0

Financial management

Answer 0

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

Question 1

Variance

Answer 1

B - A / A x 100

Question 2

Productivity

Answer 2

Inputs to outputs ratio

Question 3

GAAP

Answer 3

Generally accepted accounting principles

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

Question 4

Benchmarking

Answer 4

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

Question 5

Workload units

Answer 5

Patient days, admissions, discharges

Question 6

Acute care patient meals per day

Answer 6

2

Question 7

Skilled nursing patient meals per day

Answer 7

3

Question 8

Psych, rehab, chem dependency meals per day

Answer 8

3.35

Question 9

School meal equivalents

Answer 9

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

Question 10

Equivalent meal price

Answer 10

Combined selling price

Question 11

Equivalent meal cost

Answer 11

Combined raw food cost

Question 12

of meals served =

Answer 12

Raw food cost/equiv meal cost

Question 13

Cost of food available =

Answer 13

Beginning inventory + purchases

Question 14

Cost of goods sole =

Answer 14

Cost of food available - ending inventory

Question 15

Revenue

Answer 15

Cash income, no cash charges, credits from departments

Question 16

Net operating expense =

Answer 16

Gross direct expense - revenue

Question 17

Productivity analysis

Answer 17

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

Question 18

Meals per paid hour

Answer 18

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

Question 19

Meals per worked hour =

Answer 19

Total meals / productive hours

Question 20

Total paid hours per meal =

Answer 20

Productive + nonproductive hours / total meals

Question 21

Total worked hours per meal =

Answer 21

Productive hours / total meals

Question 22

Nonproductive hours percent =

Answer 22

(paid hours - worked) x 100 / paid hours

Question 23

Statistical budget

Answer 23

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

Question 24

Expenses budget

Answer 24

Attempt to anticipate costs of operation for each cost enter, dept, org

Question 25

Revenue budget

Answer 25

A projection of the income likely to be received by the institution during the budget year

Question 26

Incremental baseline

Answer 26

Previous years budget is the starting point, adjustments made to each line item to reflect expected changes

Question 27

Zero

Answer 27

Start with zero for each line item and build according to expectations

Question 28

Combination

Answer 28

Use the zero for some and incremental for others

Question 29

Capital budget

Answer 29

Money that is petitioned for by multiple departments, have to prove why you deserve it

Question 30

Fixed costs

Answer 30

Costs that do not vary with changes in volume of sales

Question 31

Variable costs

Answer 31

Costs that vary directly with changes in Sales

Question 32

Food cost percentage

Answer 32

Cost of food / sales

Question 33

Labor cost percentage

Answer 33

Cost of labor / sales

Question 34

Menu sales price =

Answer 34

Raw food cost x pricing factor