4.3 Quiz Budgeting: Scheduling, Minimum Wage,

What is a profit and loss statement?

• 
  a summary of the cleanliness of a restaurant over a period of time

• a financial statement summarizing all costs over a period of time

• a financial statement summarizing the revenues, costs, and expenses incurred during a specified period

• a financial statement summarizing all the revenue over a period of time

Which of the top four lines on a profit and loss statement is the most expensive?

• labor cost

• 
  cleaning cost

• 
  food cost

• 
  decor cost

How does a leader use a budgeted P&L?

• 
  The leader uses the last P&L for a blueprint and does not need budgets.

• The leader only uses budgets at the end of the year to measure their success.

• 
  The leader does not use the budgeted P&L. They use their instinct to make them successful.

• 
  The leader uses the budgeted P&L as a blueprint to achieve success in their restaurant.

Who set the minimum wage for your restaurant?

• the state

• 
  the county

• 
  the local government

• 
  the federal government

Why do you think it is important to follow the federal and state labor laws?

You can start your response with:

• It is important to follow labor laws because . . .

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Which line under the labor cost line is affected by the hourly and increases the management salary? Why is it affected?

You may start your response with:

• The line that is affected by the hourly and increases the management salary is . . .

• The reason this line is affected by the increase and decrease in hourly management salaries is . . .

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How often does the leader need to follow up with team members?

• The leader should check on team members hourly and weekly to ensure they are on track.

• 
  The leader should check on team members hourly at the end of the month to ensure they are within budget.

• 
  The leader does not need to check on team members hourly as long as they schedule correctly.

• 
  The leader should check on the team members hourly, per shift, and per day to ensure they are on target.

How do leaders ensure they are achieving their budget and will have a favorable P&L?

You can start your response with:

• Leaders can ensure . . .

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