# Shared Flashcard Set

## Details

MIT Training
terms, definitions
33
Professional
10/18/2012

Term
 Labor Cost Percentage
Definition
 total Labor \$/Total Sales \$ = Labor Cost %   the formula is the same whether you are looking at daily, weekly, or monthly amounts
Term
 Food Dollars in percent
Definition
 Total Sales \$ x Food Cost % = Food \$ (Cost)   How you figure out how many \$\$ to spend
Term
 Sales Trend (Forecasting)
Definition
 Last year x Sales increase (for this year/projected)   ex. \$10,000(last year) x 1.06(6% sales increase)    should be based on the last 45-60 days as well as seasonal trends.
Term
 Food Cost (percentage):
Definition
 Food Cost \$ / Food Sales \$ = Food Cost %   Total of Food Cost accounts divided by Food Sales
Term
 Alcohol Beverage Cost (Percentage)
Definition
 Alcohol Beverage Cost \$/Alcohol Beverage Sales \$   Total of Alcohol Beverage Cost accounts divided by Alcohol Beverage Sales
Term
 Non-Alcohol Beverage Cost (percentage):
Definition
 Non alcohol beverage cost \$/non-alcohol beverage sales \$   toal of non alcohol beverage cost accounts divided by non alcohol beverage sales
Term
 retail cost (percentage) -
Definition
 total of retail cost account divided by retail sales    Retail Cost \$/Retail Sales \$
Term
 Total Cost of Sales (percentage)
Definition
 Food Cost \$ + alcohol beverage cost S + Non-Alcohol Beverage Cost \$ + retail cost \$ (all costs) / Total Sales \$   Total of all costs divided by total sales
Term
 Variance in Performance: to calculate the increase/decrease of this year's (TY) actual performance over last year's (LY):
Definition
 (TY\$ - LY\$) / LY \$
Term
 Variance in Performance: to calculate an increase or decrease of this year's (TY) actual performance over budget:
Definition
 (TY\$-Plan \$)/Plan \$
Term
 Accural
Definition
 The practice of using journal entry (GL - General ledger) to recognize costs and expenses into the accounting period in which the goods/services were rendered.  Accurals will reverse as a credit when the actual expense is paid, creating an offsetting entry
Term
 Accural Basis of Accounting
Definition
 A method of accounting in which you recognize revenues in the accounting period you earn revenues and recognize expenses in the accounting period in which you incur the expense
Term
 Back of the house (BOH)
Definition
 The portion of a selling store not generally open to a customer (e.g. stock rooms, mailroom, tailor shop, kitchen)
Term
 B/(W)
Definition
 From the profit and loss statement; B is for Better, (W) is for worse, better shows a positive number worst shows a negative number
Term
 BP Change B/(W)
Definition
 From the profit and loss statement; Basic point change, Better or (Worst), Basis points are ((TY Actual % to Sales - TY Budget % to Sales) x 100)
Term
 Budget
Definition
 A financial plan detailing expected expenses and/or revenues for a specified time period
Term
 Capitalization
Definition
 An Accounting method where a company purchases an item at a given point in time but recognizes the cost of that purchase as a monthy expense spread out over a longer period of time.  The time period is generally determined based on the average time the type of asset is expected to be in use before needing to be replaced or upgraded.  Different types of equipment have their own useful life schedule.  This time period is called the "life" of an asset and the monthy expense is called depreciation
Term
 Comp Stores
Definition
 comparable stores are stores open to the entire prior fiscal year and the current year.  For event reporting, a comp store must participate in the event in both the current and previous year
Term
 cost of sales
Definition
 the total of all expenses in the 50000 account series.  Cost of sales includes; food costs, non alcohol beverage costs, alcohol beverage costs and retail costs.  These costs are directly related to the purchase of products that are resold to the customer
Term
 Fiscal Year
Definition
 The annual time period for which financial performance is tracked and reported
Term
 Flash
Definition
 A system that allows a Salesperson, Buyer, Manager, etc. "to the minute" sales figures and LY Sales figures for the top of the hour for that particular day, by Territory, Area, Store, Division, Functional Area, Department
Term
 Food Cost
Definition
 The total dollar amount of expenses in accounts 50310 -50318 these costs are directly related to the purchase of food products that are resold to the Customer.  To get the Food Cost percent divide this total by food sales.
Term
 Forecast
Definition
 An estimate for a future value of a metric, such as inventory or sales, based on historical actuals.  Forecast values may differ from the budgeted figures
Term
 4-5-4 Calendar
Definition
 The standard retail industry calendar for reporting Sales and Income.  The 4-5-4 Calendar
Term
 what is the temperature range for the danger zone?
Definition
 41 to 135
Term
 at what internal temperature should raw meat, poultry, and seafood be stored?
Definition
 41 or lower
Term
 raw or undercooked dishes made for high-risk populations must use eggs that have been__.
Definition
 pasteurized
Term
 TCS food must be reheated to what temperature for 15 seconds within 2 hours
Definition
 165
Term
 what is the minimum internal cooking temperature for poultry?
Definition
 165
Term
 the first step in cooling TCS food
Definition
 cool food from 135 to 70 within 2 hours
Term
 the second step in cooling TCS food
Definition
 cool it from 70 to 41 in the next four hours
Term
 minimum internal temperature for poultry, stuffing, stuffed meat or seafood or pasta, dishes that include previously cooked, TCS ingredients
Definition
 165 for 15 seconds
Term
 minimum internal temperature for ground meat or seafood, injected meat, and eggs for hot held service
Definition
 155 for 15 seconds
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