Final exam practice

When significant variations with planned results occur, a foodservice manager must:

• determine the cause, identify the problem and take corrective action

• take corrective action, determine the cause and identify the problem

• identify the problem, determine the cause and take corrective action

• identify the problem, take corrective action and determine the cause

How is the term "expenses" defined in the textbook?

• The dollar that remain after all the expenses have been paid

• The cost of the items required to operate the business

• The number of guest you serve

• The sales dollars generated by the business

Complete the following statement: Revenue - Desired Profit =

• none of these

• other expense

• Food cost

• Ideal expense

Which of the following best defines revenue?

• The dollars that remain after all the expenses have been paid

• The cost of the items required to operate your business

• The term used to indicate the dollars you take in

• The profit that the owner desires to achieve on a predicted quantity of revenue

What is the equation for profit?

• Revenue - desired profit

• Revenue + expenses

• Expenses - food and beverage cost - labor cost

• Revenue - expenses

What is the formula to calculate total expense %

• Total expense / other expense

• Labor cost / revenue

• total expense / revenue

• total expense / profit

A __________ is simply a forecast or estimate of projected revenue, expense and profit

• budget

• expenses

• performance to budget

• variation

What is the formula for food cost %

• profit / revenue

• food cost / food sales

• total expense / revenue

The money left over after a "non-profit" organization pays its bills is called

• emergency money

• savings

• cash reserve

• profit

What statement is an accounting tool that details revenues, expenses and profits for a given time period?

• income statement

• statement of cash flows

• balance sheet