FINALS

Question 1

are methods and tools used to measure, compute, and
analyze quantities.

Answer 1

Calculation systems

Question 2

two types of calculation systems:

Answer 2

Metric system
Imperial system

Question 3

two different measurement systems for things like distances, volumes, and weights

Answer 3

Metric system

Question 4

use in the United kingdom and other commonwealth countries consisting of units such as the inch, the mile and the pound (a unit of weight)

Answer 4

Imperial system

Question 5

Coutries that uses imperial system:

Answer 5

liberia
myanmar
USA

Question 6

known as the International System of Units (SI), is a decimal-based system of measurement that originated in France in 1795.

Answer 6

Metric system

Question 7

2 metric units:

Answer 7

gram
kilogram

Question 8

2 imperial units:

Answer 8

ounce
pound

Question 9

is food losses taking place towards the end of the food chain (particularly final and retail consumption), associated with the behaviors of consumers and retailers.

Answer 9

Food waste management

Question 10

is the main part of the costing in the food and beverage industry, the control of the food waste should be taken care of properly.

Answer 10

food cost

Question 11

will give ways to the operation to control them more systematically.

Answer 11

concept of food waste management

Question 12

4 food waste management flow:

Answer 12

Prevent and reduce food wastage at source
Redistribute unsold/ excess food
Recycle/treat food waste
Recover energy

Question 13

are usually classified according to their RELATIONSHIP with the LEVEL OF OUTPUT of the firm.

Answer 13

Costs

Question 14

Why food waste management matters for food businesses? 2

Answer 14

financial implications
need for organized waste control

Question 15

food costs represent a significant expense for these businesses. Every ingredient they purchase has a cost

Answer 15

financial implications

Question 16

implementing a good food waste management system helps these businesses manage their waste in a MORE organized and efficient manner

Answer 16

need for organized waste control

Question 17

three types of cost

Answer 17

Food cost
labor cost
overhead cost

Question 18

the continuous business expenses that are NOT DIRECTLY RELATED to manufacturing a product or creating a service

Answer 18

overhead cost

Question 19

3 types of overhead cost:

Answer 19

Indirect material costs
indirect labor costs
indirect expenses costs

Question 20

are important in determining how much a company must charge for its products or services in order to generate a profit.

Answer 20

Overhead costs

Question 21

The most
common overhead costs that any business incur include: EXAMPLES OF OVERHEAD COSTS

Answer 21

Rent
Administrative Costs
Utilities
Insurance
Sales and marketing
Repair and maintenance of motor vehicles and machinery

Question 22

includes the analysis of SALES PRICE, fixed costs, variable costs, the number of goods sold, and how it affects the profit of the business

Answer 22

Cost volume profit analysis (CVP Analysis)

Question 23

helps management in FINDING OUT the relationship between cost and revenue to generate profit.

Answer 23

CVP Analysis

Question 24

is the cost that a business pays for using its business premises. If the
property is purchased, then the business will book depreciation expense. Payable monthly, quarterly, or annually as agreed in the tenant agreement with the landlord.

Answer 24

Rent

Question 25

are **costs** related to the **normal running of the business** and may include costs incurred in **paying salaries** to a receptionist, accountant, cleaner, etc.

Answer 25

Administrative costs

Question 26

are the **basic services** that the business requires to **support its main functions.** Examples of -----include **water, gas, electricity,** internet, sewer, and phone service.

Answer 26

Utilities

Question 27

is a cost incurred by a business to **protect itself from financial loss.** For example, a business may purchase property ---------- to protect its property or business premises from certain risks such as flood, damage, or theft.

Answer 27

Insurance

Question 28

that **protects the business** (such as an accounting firm or law firm) from **liability arising** from MALPRACTICE.

Answer 28

professional liability insurance

Question 29

5 other types of insurance:

Answer 29

Health insurance home insurance renter's insurance flood insurance life insurance

Question 30

are **costs incurred** in the **marketing of a company’s products** or services to potential customers. Examples include **promotional materials, trade shows** paid advertisements

Answer 30

Sales and marketing overheads

Question 31

are incurred in businesses that **rely on motor vehicles and equipment** in their normal functions. Such businesses include distributors, parcel delivery services, landscaping

Answer 31

Rent and maintenance overheads