Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RD Exam > Financial Management > Flashcards

Financial Management Flashcards

Information from Payne-Palacia and Theis' Foodservice Management: Principles and Practices

1
Q

How to calculate current ratio

A

current assets/current liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define liquidity

A

an organizations ability to pay bills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

define solvency

A

an organizations ability to meet long-term financial obligations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

how to calculate solvency ratio

A

total assets/total liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

how to calculate debt to equity raito

A

total liabilities/total owner’s equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

define activity

A

how effectively an organization uses assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

how to calculate food inventory turnover

A

cost of food sold/average food inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

how to calculate average inventory

A

(beginning food inventory + end food inventory) / 2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

define profitability

A

how effective management is generating sales, controlling expenses, and providing a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

how to calculate profit margin

A

net profit/sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

how to calculate return on equity

A

net profit / equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

how to calculate return on assets

A

net profit / total assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

define operating

A

how successful is the org in generating revenue and controlling expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

how to calculate average customer check

A

total sales / # guest served

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

how to calculate seat turnover

A

covers served / number of seats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

how to calculate food cost percent

A

cost of food sold / food sales

17
Q

how to calculate labor cost percent

A

cost of labor (including salaries, wages, and benefits) / total sales

18
Q

how to calculate food cost per patient

A

food cost / number of patients served

19
Q

how to calculate meals per labor hour

A

meals served / number of labor hours needed to produce the meals

20
Q

how to calculate labor minutes per meal

A

minutes of labor needed to produce meals / number of meals served

21
Q

how to calculate meals per FTE

A

meals served / number of FTEs to produce the meals

22
Q

how to calculate selling price of a menu item using the food cost percentage method

A

item food cost x (100/percent income desired from food)

23
Q

define item contribution margin

A

aka gross profit margin, about that remains after food cost of a menu item is subtracted from the selling price of that item

24
Q

how to calculate selling price of a menu item using the item contribution margin

A

item food cost + desired item contribution margin

RD Exam (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions