Monthly Inventory & Food Cost Quiz

What is the primary objective of monitoring a foodservice operation?

• To increase food prices

• To assess monthly performance

• To reduce staff

• To change suppliers

Which of the following is NOT a step in the control process?

• Taking Inventory

• Monitoring Performance

• Training Individuals

• Establishing Standards

What is the purpose of taking a physical inventory?

• To increase sales

• To hire new staff

• To monitor control measures

• To change menu items

Which method assigns unit values based on the actual purchase price?

• Weighted-average Purchase Price Method

• Last-in, First-out Method

• First-in, First-out Method

• Actual Purchase Price Method

What is the formula for determining the Cost of Food Sold?

• Closing Inventory - Opening Inventory + Purchases

• Purchases - Opening Inventory + Closing Inventory

• Opening Inventory + Purchases - Closing Inventory

• Opening Inventory - Purchases + Closing Inventory

How many methods are there for valuating the physical inventory?

• Six

• Five

• Four

• Three

What does the term 'Inventory Turnover' refer to?

• The number of suppliers

• The total sales for the month

• How often inventory is used and replenished

• The number of employees in the kitchen

Which method is considered the simplest for valuating closing inventory?

• Weighted-average Purchase Price Method

• Last-in, First-out Method

• First-in, First-out Method

• Latest Purchase Price Method

What is the average inventory formula?

• Closing Inventory - Opening Inventory

• Opening Inventory - Closing Inventory

• Opening Inventory + Closing Inventory / 2

• Opening Inventory + Closing Inventory

What is the purpose of adjustments to the Cost of Food Issued?

• To change suppliers

• To reduce staff

• To account for transfers and promotions

• To increase food prices