# FS based on notes Flashcards

1
Q

how many hours per week?

A

40

2
Q

how many weeks per year?

A

52

3
Q

how many hours per year?

A

2080

4
Q

how many hours per month?

A

173

5
Q

What is minimum # of employees needed to staff the facility?

A

absolute FTE

6
Q

what takes into account the benefit days and days off?

A

7
Q

What is the formula for FTE/day?

A

(labor hours worked/day)/8 hours

8
Q

what is the formula for FTE/week?

A

(labor hours worked/week)/ 40 hours

9
Q

what is the formula for FTE/year?

A

(labor hours worked/year)/2080 hours

10
Q

Labor turnover rate

A

(# of employees terminated and replaced) /total positions in department) X 100

11
Q

meals per productive labor hour

A

total meals produced/productive labor hours

12
Q

meals per labor labor minute

A

total meals produced/productive labor hours= meals per labor hour/60 minutes= meals per labor minute

13
Q

food cost per meal

A

1st step: food cost
food purchases +food removed from inventory
or
beginning inventory -ending + food purchases
2nd step:
food cost/total meals prepared

14
Q

food cost %

A

total food cost/total sales

15
Q

factor generated meal count

A

midnight census X 2.7

16
Q

cash meals produced

A

total cash sales/meal count factor

17
Q

To convert the value of dispensed floor stock purchases to # of meals

A

total cost of floor stock/ meal count factor

18
Q

Inventory value

A

number of itemsX price of each item

19
Q

acceptable guideline for Inventory value

A

1.5X the total weekly food and supply cost

20
Q

inventory turnover

A

inventory value/ food cost

21
Q

What is the single most important financial repor prepared by management?

A

operating report

22
Q

What summarizes labor, food, and supply costs and enables user to calculate cost per meal?

A

operating report

23
Q

What is process of planning for prospective needs and allocating the necessary resources to support the plan>

A

operating budget

24
Q

incremental budget

A

last year’s actual costs + expected adjustments

25
Q

performance budget

A

budget adjustment based on possible changes in sales and expenses

26
Q

fixed budget

A

all expense allocatiions are est, as fixed \$ amounts

27
Q

flexible budgets

A

provides a range of sales and expense

28
Q

zero-based budget

A

prepare a new budget each year without consideration to previous

29
Q

guaranteed budget

A

outsourced foodservice ops

30
Q

What mark up factor to achieve 20% food cost percentage?

A

5

31
Q

What mark up factor to achieve 25% food cost percentage?

A

4

32
Q

What mark up factor to achieve 33% food cost percentage?

A

3

33
Q

What mark up factor to achieve 40% food cost percentage?

A

2.5

34
Q

What mark up factor to achieve 50% food cost percentage?

A

2

35
Q

How do we calculate mark up factor?

A

price of item/desired food cost percentage (decimal form)

36
Q

What considers raw food and direct labor costs in making an item?

A

prime cost method

37
Q

determine selling price

A

(food cost + labor cost)/ (desired food cost% +desired lab cost%)

38
Q

edible portion cost

A

purchase cost/ edible weight

39
Q

profit margin

A

net profit/revenue

40
Q

net profit definition

A

profit after all expenses are deducted

41
Q

gross profit definition

A

profit after deducting raw food and beverage cost (cost of sales)

42
Q

BE in # of units sold

A

fixed cost/ (selling price-variable cost)

43
Q

BE in sale volume

A

fixed cost/ 1- (variable costs/sales)