Chapter 2 Flashcards
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Food System Standards
What is an itemized sales receipt which indicated the individualized cost of each item purchased as well as the total cost of food purchased?
Invoice
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Food Usage
What tells you how many days the existing inventory will last based on how much food is used on an average day, which translates to the average daily food cost?
Days of Inventory on Hand
Food Costs / Number of Days in Period =
Average Daily Food Cost
What reflects the number of meals served at each meal by day and often by patient unit as well?
Meal Volume
The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price is
Demand
What is an analysis of the planned budget measuring the cost per unit of service?
Pro Forma budget
what measures how sales affects net income or profits. To compute contribution margin, subtract variable costs of a sale from the amount of the sale itself
Contribution to Margin
what reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement
Income and expense Statement
what is produced to reflect in assets, liabilities and capital along with the financial status of the entire organization and not of just a department?
Balance Sheet
what is last year’s actual cost plus an inflection factor to account for price increases anticipated for the next year
Incremental Budgeting
what budgeting does not take into account previous history in calculating next years budget and that every line starts with a zero
Zero-Based Budgeting
What budget is An operational budget based upon achievement of specific income levels.
Income Budget
What budgets are used at higher administrative levels to assure that there are enough funds available to pay for current expenses.
Cash Budget
