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| 2189308578 | Profit | Profit= Revenue-Expenses OR Taxes+ NI | 0 | |
| 2189311106 | Basic Control Process | 1.Establish performance standards from the goals of the operation 2. Establish methods to monitor actual results 3. Compare results with standards 4. Take action to improve or maintain performance | 1 | |
| 2189316632 | Solving control problems | 1. Be aware that the problem exists 2. Determine the cause of the problem 3. Identify the possible solutions to the problem 4. Implement the most appropriate solutions 5. Follow-up to insure the success of the solutions | 2 | |
| 2189320246 | Management control alternatives | 1. Focus control accountability 2. Establish standards 3. Establish procedures 4. Training 5. Set good example 6. Observe and correct employee action 7. Establish consequences for poor performance 8. Establish rewards for good performance 9. Require records and reports 10. Prepare and follow budgets | 3 | |
| 2189327136 | Standards in business environment | 1. Financial 2. Quality 3. Quantity | 4 | |
| 2189330786 | Selection and design of the alternatives should be based upon what? | 1. Controls must work 2. Controls should closely correspond to the overall goals of the operation 3. Control should be easily understandable to management and to whom it applies. 4. Controls do not unduly interfere with each other 5. Controls must be cost effective 6. Control should be consistent with the desired normal operation 7. Controls must act quick enough to affect performance | 5 | |
| 2189336067 | Cost control definition. | is the establishment and maintenance of cost at an acceptable level given the operation's objectives, sales, human resources, equipment, environment and other operational factors. | 6 | |
| 2189340096 | Source of standards? | History, industry results, sister unit results and self-generated | 7 | |
| 2189343974 | Cost$ | cost$=revenue x cost% | 8 | |
| 2189346048 | Controllable costs | are costs over which one has influence | 9 | |
| 2189346803 | Uncontrollable costs | are costs over which one doesn't have influence | 10 | |
| 2189348225 | three basic cost behaviors | variable, fixed, semi-variable | 11 | |
| 2189350091 | Variable costs | costs in which the total cost changes in the same portion as changes in business volume. Monitor through % | 12 | |
| 2189420554 | Fixed costs | are costs in which the total cost doesn't change with variations in business volume. Monitor through $ | 13 | |
| 2189461625 | Semi-Variable costs | is a cost that is composed of both a fixed and variable component. Monitor through both $ & % | 14 | |
| 2189477002 | Methods to find total labor costs | 1. Min/Max method 2. Regression analysis 3. Scatter Gram Analysis | 15 | |
| 2189482879 | Max/Min Method | Step1. Find which months have highest and lowest revenues. Record values and find the difference. Step2. VC%=Change in cost/change in revenue Step3. Total cost-variable cost=FxC | 16 | |
| 2189489100 | Regression analysis | Find the toady of x(revenue), y(cost), (xy) and (x^2)... Just look in the book 2-15. This shit sucks. | 17 | |
| 2189519710 | Scatter gram | Plot the revenue values on x skis and the labor costs along the y axis. The point at which the line intersects the vertical axis is the estimated fixed cost component. | 18 | |
| 2189523417 | Operating leverage | The mix of variable and fixed costs is called operating leverage. when revenues increase, operations with a higher operating leverage have the greater increase in profit. When revenues are declining, having high operating leverage is undesirable. There are two primary factors in the selection of operating leverage 1. forecast of revenues 2. attitudes toward risk. leverage of an operation is affected by 2 primary factors 1. the nature of the industry and 2. mgmt policy | 19 | |
| 2189589693 | Direct Cost | is a cost that has been incurred for the benefit of a single department | 20 | |
| 2189590629 | indirect costs | costs that are incur for the benefit of more than one department | 21 | |
| 2189591750 | Common allocation methods | each department receives an equal amount or dividing the cost among the departments according to # of employees, revenue, area measured in ft^2, departmental direct cost, or departmental employee turnover. | 22 | |
| 2189596973 | Square footage | look on page 2-25 | 23 | |
| 2189605187 | Revenue | look on page 2-26 | 24 | |
| 2189608232 | direct cost | look on page 2-27 | 25 | |
| 2189619554 | Benefits of using the uniform system for income statements | 1. make comparisons with other operational practical 2. leads to consistent accounting practices 3. save time in developing an accounting system | 26 | |
| 2189622028 | Prime cost | sum of cost of sales and labor costs | 27 | |
| 2189623847 | Cost % ? | Cost % = cost $ / total sales | 28 | |
| 2189623848 | Sales % ? | Sales % = sales $ / total sales | 29 | |
| 2189625799 | food cost % ? | Food cost % = food cost $ / food sales | 30 | |
| 2189626847 | Beverage cost % ? | Beverage cost % = beverage cost $ / beverage sales | 31 | |
| 2189701405 | Analysis of the P&L provides several benefits for management: | 1. Document mgmt.'s success in meeting financial goals 2. helps identify problem areas 3.helps identify areas performing well 4. provides a guide to determining the depth of the problems 5. sets priorities for manager's day 6. helps establish goals for future periods | 32 | |
| 2189708304 | Analyzing an income statement | 1. determine overall financial success of the operation 2. determine overal performance of revenue and cost categories 3. determine performance represented by individual lines 4. search for explanation of results | 33 | |
| 2189715490 | income statement analysis process: | 1. Look at the bottom line! 2. Revenue 3. Cost behavior (vc, fc, svc) 4. Ask why? | 34 | |
| 2189742460 | Cost volume profit | Break even analysis | 35 | |
| 2189744876 | CVP for graphic and algebraic methods | rely on three facts: 1. fc for the period in question 2. average unit vc for the period 3. average price of products/services for the period | 36 | |
| 2189748742 | CM | CM=Price-VC | 37 | |
| 2189752106 | BEu | BEu= FxC/CM | 38 | |
| 2189753314 | Pu | Pu=Profic/CM | 39 | |
| 2189754981 | Su | Su=(FxC+Profit)/CM | 40 | |
| 2189757114 | S$ | S$= Su x Average price or S$= (FxC+ Profit) / CR | 41 | |
| 2189758089 | VR | VR= VC/Price | 42 | |
| 2189762907 | CR | CR= CM/Price | 43 | |
| 2189764398 | Already have VR OR CR? | 1= VR+ CR | 44 | |
| 2189788611 | NIBT | NI/(1- Tax rate) | 45 | |
| 2189821258 | Change in Su=? | Change in Su= (Change in FxC+ Change in pf)/cm | 46 | |
| 2189823580 | Change in S$=? | Change in S$= (Change in FxC+ Change in pf)/cr | 47 | |
| 2189825111 | Goal for menu planning | Select products that will meet the needs and desires of the operation's clients and the financial goals of the operation. Decide upon the appropriate production method, delivery method, service style, price and position of the item on the menu. | 48 | |
| 2189840095 | average menu mix percentage= | (1/#of items)x 70% | 49 |
