Foundations of Restaurant management Chapter 8

What is the meaning of Revenue?

• The income from sales before expenses or costs, are substracted

• A business's efforts to manage how much it spends

• The number of customers and operation serves

• An old 80s band

What is Operating budget?

• A financial plan for a specific period of time

• The cost of ingredients

• Information related to a restaurants past performace

• The number of customers an operation serves

What is historical data?

• Information related to the restaurant's past performance.

• The number of customers an operation served

• a list of items often separate from the invoice

• Data referring to future budgets

What is Forecast?

• A tool that managers use to look at current business trends and how to predict how these changes will impact the future

• what restaurant managers use to decide if they need an umbrella

• an app

• the number of customers an operation serves

True or False:

An invoice is a form of bill?

• True

• False

What does POS stand for?

• it's a really old car that doesn't run

• Point of Sale

• Positive Operation System

• Professional Operation System

True or False:

Insurance cost is an example of noncontrollable cost

• True

• False

True or False:

An operation budgets is a financial plan for a specific period of time

• True

• False

True or False:

Benefits costs are included in labor cost

• True

• False

True or False:

If your revenue is less than your operating cost you are making money?

• False

• True