Shared Flashcard Set

Details

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

Additional Business Flashcards

 


 

Cards

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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