Cost Control Vocab

What is the definition of "Revenue" in a business context?

• The costs of all of the staff

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

• Costs that are incurred only when a meal or service is provided

• Costs that do not change, including insurance and utilities

Which term describes a business's efforts to manage how much it spends?

• Overhead costs

• Revenue

• Cost control

• Labor costs

What are "Controllable costs"?

• Costs that do not change, including insurance and utilities

• Costs that are incurred only when a meal or service is provided to a guest

• The cost of food items that a restaurant uses to create a menu item for sale

• The costs of all of the staff

Which costs are considered fixed or noncontrollable because managers and chefs cannot adjust them?

• Beverage costs

• Controllable costs

• Overhead costs

• Food costs

What are "Fixed/Noncontrollable costs"?

• Costs of an operation that stay the same and cannot be adjusted by managers or chefs

• The cost of the ingredients to make a beverage for sale

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

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

What do "Food costs" refer to?

• The cost of the ingredients to make a beverage for sale

• The costs of all of the staff

• The cost of food items that a restaurant uses to create a menu item for sale

• Costs that do not change, including insurance and utilities

What are "Beverage costs"?

• The cost of the ingredients to make a beverage for sale

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

• Costs that are incurred only when a meal or service is provided

• Costs of an operation that stay the same and cannot be adjusted

What do "Labor costs" include?

• The costs of all of the staff, from wages to benefits

• The cost of food items that a restaurant uses to create a menu item for sale

• Costs that do not change, including insurance and utilities

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

What is an operating budget?

• A tool to track sales and inventory

• A financial plan for a specific period of time

• A list of items received

• A record of sales history

What does depreciation refer to?

• A financial plan for a specific period

• A loss of value over time

• A tool to predict future trends

• A list of items to be prepared