17 Questions
What is the term commonly used to refer to planning and determining future costs in the foodservice industry?
Budgeting
Why do cost percentages vary considerably among different foodservice operations?
Due to various possible reasons
What is the term used to describe revenue resulting from the exchange of products and services for value in a food and beverage operation?
Sales Concept
Which term refers to the total dollar volume of sales for a given server within a specific period?
Total Server Sales
What is the term used to describe the total volume of sales expressed in dollar terms for a specific period like a week or a month?
Monetary Sales
Which aspect does Total Seat Sales help to evaluate in a foodservice operation?
of Covers
What is one of the advantages of having a precise sales forecast in a business?
Increased budgeting ability
How can a precise sales forecast contribute to greater efficiency in scheduling needed workers?
By accurately predicting the demand for workers
What is the importance of involving department heads and supervisors in the sales forecast goal setting process?
To increase commitment in meeting targets
How does the realization of sales and profit targets indicate how well a business is doing?
It suggests poor performance when targets are not met
Why is the average check per guest an important metric included in a sales forecast for food and beverage operations?
To help in estimating the number of patrons or guest counts
In what way can a precise sales forecast lead to increased dollars available for current facility maintenance and future growth?
By improving financial planning through accurate revenue estimates
What is the purpose of monitoring performance vs targets and standards?
To identify variances and take corrective action
What percentage of covers did Val's Donut Shop record a loss in during Week 4?
-10.49%
How can a Sales Forecast be valuable for decision-making?
By guiding owners in making business decisions
What system can be used to determine actual sales for a current time period?
Point of Sales (POS) system
Why is it important to establish specific, measurable, and realistic sales targets?
To operate a viable and profitable business
Test your knowledge on monitoring performance against targets, analyzing variances, and taking corrective actions based on revenue and expense figures. Practice computing percentages to determine profit/loss and expense percentages.
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