FS based on notes

Question 1

how many hours per week?

Answer 1

40

Question 2

how many weeks per year?

Answer 2

52

Question 3

how many hours per year?

Answer 3

2080

Question 4

how many hours per month?

Answer 4

173

Question 5

What is minimum # of employees needed to staff the facility?

Answer 5

absolute FTE

Question 6

what takes into account the benefit days and days off?

Answer 6

adjusted FTE

Question 7

What is the formula for FTE/day?

Answer 7

(labor hours worked/day)/8 hours

Question 8

what is the formula for FTE/week?

Answer 8

(labor hours worked/week)/ 40 hours

Question 9

what is the formula for FTE/year?

Answer 9

(labor hours worked/year)/2080 hours

Question 10

Labor turnover rate

Answer 10

(# of employees terminated and replaced) /total positions in department) X 100

Question 11

meals per productive labor hour

Answer 11

total meals produced/productive labor hours

Question 12

meals per labor labor minute

Answer 12

total meals produced/productive labor hours= meals per labor hour/60 minutes= meals per labor minute

Question 13

food cost per meal

Answer 13

1st step: food cost
food purchases +food removed from inventory
or
beginning inventory -ending + food purchases
2nd step:
food cost/total meals prepared

Question 14

food cost %

Answer 14

total food cost/total sales

Question 15

factor generated meal count

Answer 15

midnight census X 2.7

Question 16

cash meals produced

Answer 16

total cash sales/meal count factor

Question 17

To convert the value of dispensed floor stock purchases to # of meals

Answer 17

total cost of floor stock/ meal count factor

Question 18

Inventory value

Answer 18

number of itemsX price of each item

Question 19

acceptable guideline for Inventory value

Answer 19

1.5X the total weekly food and supply cost

Question 20

inventory turnover

Answer 20

inventory value/ food cost

Question 21

What is the single most important financial repor prepared by management?

Answer 21

operating report

Question 22

What summarizes labor, food, and supply costs and enables user to calculate cost per meal?

Answer 22

operating report

Question 23

What is process of planning for prospective needs and allocating the necessary resources to support the plan>

Answer 23

operating budget

Question 24

incremental budget

Answer 24

last year’s actual costs + expected adjustments

Question 25

performance budget

Answer 25

budget adjustment based on possible changes in sales and expenses

Question 26

fixed budget

Answer 26

all expense allocatiions are est, as fixed $ amounts

Question 27

flexible budgets

Answer 27

provides a range of sales and expense

Question 28

zero-based budget

Answer 28

prepare a new budget each year without consideration to previous

Question 29

guaranteed budget

Answer 29

outsourced foodservice ops

Question 30

What mark up factor to achieve 20% food cost percentage?

Answer 30

5

Question 31

What mark up factor to achieve 25% food cost percentage?

Answer 31

4

Question 32

What mark up factor to achieve 33% food cost percentage?

Answer 32

3

Question 33

What mark up factor to achieve 40% food cost percentage?

Answer 33

2.5

Question 34

What mark up factor to achieve 50% food cost percentage?

Answer 34

2

Question 35

How do we calculate mark up factor?

Answer 35

price of item/desired food cost percentage (decimal form)

Question 36

What considers raw food and direct labor costs in making an item?

Answer 36

prime cost method

Question 37

determine selling price

Answer 37

(food cost + labor cost)/ (desired food cost% +desired lab cost%)

Question 38

edible portion cost

Answer 38

purchase cost/ edible weight

Question 39

profit margin

Answer 39

net profit/revenue

Question 40

net profit definition

Answer 40

profit after all expenses are deducted

Question 41

gross profit definition

Answer 41

profit after deducting raw food and beverage cost (cost of sales)

Question 42

BE in # of units sold

Answer 42

fixed cost/ (selling price-variable cost)

Question 43

BE in sale volume

Answer 43

fixed cost/ 1- (variable costs/sales)