Managing Revenue and Expense

Are revenue and sales the same?

Are expenses and costs the same?

What is the reward for service according to management?

What is the formula to calculate profit?

What is the desired profit defined as?

What are the four major foodservice expense categories?

What is the importance of a profit and loss statement (P&L)?

What is a budget in the context of accounting?

What is the 28-day-period approach to budgeting?

What must managers do if significant variations with planned results occur?