# Finance Flashcards

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0
Q

Financial management

A

Defining the goals and program objectives for the nutrition and food service programs

1
Q

Variance

A

B - A / A x 100

2
Q

Productivity

A

Inputs to outputs ratio

3
Q

GAAP

A

Generally accepted accounting principles

Standard of guidelines for financial accounting established by the GASB (governmental accounting standards board)

4
Q

Benchmarking

A

Searching for best practices, innovative ideas, highly effective operating procedures that lead to superior performance

5
Q

A

6
Q

Acute care patient meals per day

A

2

7
Q

Skilled nursing patient meals per day

A

3

8
Q

Psych, rehab, chem dependency meals per day

A

3.35

9
Q

School meal equivalents

A

1 lunch =1 lunch
3 breakfasts = 2 lunches (2/3=0.67)
3 snacks = 1 lunch (1/3=0.33)

10
Q

Equivalent meal price

A

Combined selling price

11
Q

Equivalent meal cost

A

Combined raw food cost

12
Q

of meals served =

A

Raw food cost/equiv meal cost

13
Q

Cost of food available =

A

Beginning inventory + purchases

14
Q

Cost of goods sole =

A

Cost of food available - ending inventory

15
Q

Revenue

A

Cash income, no cash charges, credits from departments

16
Q

Net operating expense =

A

Gross direct expense - revenue

17
Q

Productivity analysis

A

Meals / labor hour, meals / pt day, meals / minute, worked hours / 100 meals

18
Q

Meals per paid hour

A

Total meals (actual counts and ME) / total paid labor hours

19
Q

Meals per worked hour =

A

Total meals / productive hours

20
Q

Total paid hours per meal =

A

Productive + nonproductive hours / total meals

21
Q

Total worked hours per meal =

A

Productive hours / total meals

22
Q

Nonproductive hours percent =

A

(paid hours - worked) x 100 / paid hours

23
Q

Statistical budget

A

Projections of activity for the coming year such as admissions, discharges, consults

24
Q

Expenses budget

A

Attempt to anticipate costs of operation for each cost enter, dept, org

25
Q

Revenue budget

A

A projection of the income likely to be received by the institution during the budget year

26
Q

Incremental baseline

A

Previous years budget is the starting point, adjustments made to each line item to reflect expected changes

27
Q

Zero

A

Start with zero for each line item and build according to expectations

28
Q

Combination

A

Use the zero for some and incremental for others

29
Q

Capital budget

A

Money that is petitioned for by multiple departments, have to prove why you deserve it

30
Q

Fixed costs

A

Costs that do not vary with changes in volume of sales

31
Q

Variable costs

A

Costs that vary directly with changes in Sales

32
Q

Food cost percentage

A

Cost of food / sales

33
Q

Labor cost percentage

A

Cost of labor / sales

34
Q