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Cost Control Unit 1 > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

An accounting system that matches revenue generated with the expenses incurred to generate the revenue

A

Accrual Accounting System

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2
Q

Food service operations found in lodging properties, clubs, restaurants and other businesses; these operations exist to make a profit from the sale of food and beverage products

A

Commercial food service operations

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3
Q

A for-profit company that operates food services for a non commercial organization such as a school or hospital

A

Contract management company

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4
Q

The management task of comparing actual results with expected results as in measuring actual revenues against expected or budgeted revenues. Controlling also refers to safeguarding the operations property

A

Controlling

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5
Q

The management task of assigning work and organizing people and resources to achieve the operations goals and objectives

A

Coordinating

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6
Q

The management task of supervising, scheduling and disciplining employees. Super in includes things such as training and motivating employees

A

Directing

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7
Q

All aspects of business and market processes enabled by the Internet and web based technologies

A

E-commerce

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8
Q

The redistribution of power within an organization that enables employees to preform their jobs more efficiently and effectively

A

Empowerment

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9
Q

The management task of (1) reviewing the operations progress towards organizational goals, (2) measuring employee performance, (3) assessing the effectiveness of training programs

A

Evaluating

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10
Q

A work area used to complete the preparation of food produced in a central kitchen

A

Finishing kitchen

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11
Q

A hotel offering extensive food and beverage services including table service alternatives

A

Full service hotel

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12
Q

The industry composed of lodging operations and food and beverage operations for people who they are away from home

A

Hospitality Industry

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13
Q

The concept that people. Use do work tasks and cannot be replaced by machines

A

Labor intensive

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14
Q

Activated for managing available resources planning organizing coordinating staffing directing controlling and evaluating

A

Management components

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15
Q

Operations such as schools, nursing homes, hospitals that are non profit d exist primarily for reasons other than to provide food and lodging services

A

Non commercial food services operations

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16
Q

A system that decides food and beverage operations into a series of activities required to provide food and beverage products to guests

A

Operating control cycle

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17
Q

The management activity that attempts to best assemble and use limited human resources to attain organizational objectives. It involves establishing the flow of authority and communication among people

A

Organizing

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18
Q

The management task of creating goals, objectives and programs of action to reach those goals and objectives. It is required before undertaking other management tasks.

A

Planning

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19
Q

An electronic register that instantly captures information about sales transactions and manages the ordering and service of menu items in one ore more restaurants/bars

A

POS System

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20
Q

A revenue producing department with a hospitality operation

A

Revenue centre

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21
Q

A food service operation in a non commercial organization such a school or hospital that operates its own food services

A

Self operated food services

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22
Q

The management activity of recruiting and hiring applicants

A

Staffing

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23
Q

A department within a hospitality operation that is not directly involved in generating revenue but that incurred costs as it provide support to revenue generating departments

A

Support centre

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24
Q

All businesses that provide products and services to the travelling public

A

Travel and tourism industry

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25
Q

The percentage of total employees in a department or organization who leave during a specific time period, such as a month or year

A

Turnover

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26
Q

A pre established statement or definition about what must occur for performance to be considered acceptable

A

Benchmark

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27
Q

A plan that indicates what an organization plans to do within the next year

A

Business Plan

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28
Q

An activity in which two or more employees secretly interact in an effort to steal from the corporation

A

Collusion

29
Q

A series of coordinated activities that helps managers ensure that the actual results of operations closely match the planned results

A

Control

30
Q

The management function of developing standards and collecting information to compatriot actual performance with expectations so that corrective actions can be taken if necessary

A

Controlling

31
Q

Food products that have some or all of the labor built into them that, otherwise, would need to be added onsite

A

Convenience foo

32
Q

The selection, design, and implementation of new or revised procedures or policies to reduce the level of variance between standards and actual operating results

A

Corrective action

33
Q

A expense generally incurred for the purpose of increasing revenues

A

Cost

34
Q

An Accounting department employees who develops food and beverage standard costs, assists in budget development, analyzes income stamens, directly supervises receiving and storeroom personnel and participates in end of period inventory valuations.

A

Food and beverage controller

35
Q

Statements about what a business wants to do within a specified time period

A

Goals

36
Q

Restaurants that implement systems to conserve water, energy and other natural resources

A

Green restaurants

37
Q

A report of the organizations profitability that indicates revenue earned and expenses incurred for a specific time period. Also called a profit and loss statement

A

Income statement

38
Q

A plan that indicates what managers desire to accomplish within z specified time period. Often 5 years

A

Long range plan

39
Q

A plan that indicates specific procedures to accomplish guest related aspects of the organizations business plan

A

Marketing plan

40
Q

A specific statement about what an organization will do and how it will do it

A

Mission

41
Q

An individual posing as a guest who assesses the extent to which a property’s standards are attained

A

Mystery Shopper

42
Q

A financial plan that details estimated revenues, costs associated with the products and services that are produced and the organizations financial goals

A

Operating budget

43
Q

Those costs- product (food and beverage) and labor that comprise the most significant costs in a food and beverage operation

A

Prime costs

44
Q

The difference between revenue and expense when there is more revenue than expense.

A

Profit

45
Q

The consistent delivery of products and service according to expected standards

A

Quality

46
Q

Planned or expected results of the operation expressed as a

Level of performance

A

Standards

47
Q

A broad and abstract view of what an organization believes it would be like if it were ideally effective

A

Vision

48
Q

The result of pricing formulas- not necessarily the final selling price. A base price is considered a starting point from which other factors must be assessed and the final selling price adjusted accordingly

A

Base selling price

49
Q

Revenue minus food costs for an entire property, operating department, or menu item. It represents the amount of revenue that is available for all non food costs and profits. Menu item is determined by subtracting the items food cost from its selling price

A

Contribution Margin

50
Q

An objective menu pricing approach that determines the base selling price for a menu item by adding the average contribution margin required per guest to the items standard food cost

A

Contribution Margin Pricing Method

51
Q

Basic operating activities that must be performed in all food service establishments

A

Control Points

52
Q

Menus cut into non traditional shapes

A

Die cut menus

53
Q

A term used to describe how the quantity demanded responds to changes in price. If a price change of a certain percentage creates a larger percentage change in quantity demanded, the demand is elastic, and the item is considered to be price sensitive. If percentage change in the quantity demanded is less than the percentage change in price, the demand is in-elastic.

A

Elasticity of Demand

54
Q

Expenses such as rent or insurance that do not vary with the number of guests served

A

Fixed cost

55
Q

An objective menu pricing approach that considers all food costs. A base selling price is established by multiplying the ingredients costs by a multiplier based on the desired food cost percentage

A

Ingredients mark up method

56
Q

An objective menu pricing approach that establishes a base selling price by determining ingredients costs based only upon the entree and than adding a standard accompaniment or plate cost to this amount before multiplying by a multiplier

A

Mark up with accompaniment cost pricing method

57
Q

A manual or computerized method of menu analysis and item pricing that considers both the profitability and popularity of competing menu items

A

Menu engineering

58
Q

The percentage of total sales represented by each menu item

A

Menu Mix

59
Q

The tactic of preparing several menu items with the same basic ingredients

A

Menu Rationalization

60
Q

Activities developed to promote the sale of desired food and beverage items

A

Merchandising

61
Q

The most significant costs in a food service operation: product costs and labor cost

A

Prime costs

62
Q

An objective menu pricing method in which the cost of the entree rather than the total cost of all ingredients is multiplied by a mark up value

A

Prime ingredients mark up pricing method

63
Q

An objective menu pricing method that determines the relationship between food cost and all non food costs plus profit requirements and uses this ratio to develop base selling prices for menu items

A

Ratio Pricing Method

64
Q

The transfer of food and beverage products from serving staff to guests

A

Service

65
Q

The transfer of food and beverage products from production staff to service personnel

A

Serving

66
Q

An objective menu pricing approach that determines a menu items base selling price by dividing the prime cost per guest by the desired prime cost percentage

A

Simple prime cost pricing method

67
Q

An objective menu pricing approach in which multipliers for menu items are determined in such a s way that the base selling prices for items cover their fair share of labor costs

A

Specific prime costs pricing method

68
Q

A formula for producing a food and beverage item. The formula provides a summary of ingredients, the required quantity of each, specific preparation procedures, portion size and portioning equipment, garnish information, and any other information necessary to prepare the item

A

Standard recipe

69
Q

A system to account for revenue that is due but not yet collected

A

Accounts receivable system

Cost Control Unit 1 (2 decks)

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