Question 1

____________________ ____________________ is the sales revenue minus variable costs.

Accepted Answer

The answer of ____________________ ____________________ is the sales revenue minus...

Question 2

Each food service operator must know how to determine the amount of sales dollars needed to show a profit or a loss. This is referred to as the ____________________ ____________________ ____________________.

Accepted Answer

The answer of Each food service operator must know how...

Question 3

Adding together the cost of goods sold and the serving expenses results in the ____________________ cost.

Accepted Answer

The answer of Adding together the cost of goods sold...

Question 4

The contribution rate percentage is calculated by dividing the contribution rate by the ____________________.

Accepted Answer

The answer of The contribution rate percentage is calculated by...

Question 5

The ____________________ ____________________ is the amount of money that is left after the variable costs are subtracted from the sales.

Accepted Answer

The answer of The ____________________ ____________________ is the amount of...

Question 6

____________________ ____________________ ____________________ is a mathematical method for finding the dollar amount needed for a food service operation to break even.

Accepted Answer

The answer of ____________________ ____________________ ____________________ is a mathematical method...

Question 7

____________________ is a plan for adjusting expenditures to probable income for a calendar or fiscal year.

Accepted Answer

The answer of ____________________ is a plan for adjusting expenditures...

Question 8

____________________ ____________________ refers to money the food service operation owes for purchases made.

Accepted Answer

The answer of ____________________ ____________________ refers to money the food...

Question 9

Match between columns
                        Premises: Ownership

Accepted Answer

The Answer of fiscal year and straight line method and is...

Question 10

____________________ ____________________ ____________________ calculates the level of economic activity where the operation neither makes a profit nor incurs a loss.

Accepted Answer

The answer of ____________________ ____________________ ____________________ calculates the level of...

Question 11

____________________ expenses are additional expenses incurred as a result of serving customers.

Accepted Answer

The answer of ____________________ expenses are additional expenses incurred as...

Question 12

Match between columns
                        Premises: Things of value; all the property of a person, company, or estate that may be used to pay debts

Accepted Answer

The Answer of liability and assets and final inventory and is...

Question 13

Total variable profit is calculated by subtracting the variable cost from ____________________ ____________________.

Accepted Answer

The answer of Total variable profit is calculated by subtracting...

Question 14

____________________ expenses, also called the cost of ownership, are those that continue whether or not the restaurant is operating.

Accepted Answer

The answer of ____________________ expenses, also called the cost of...

Question 15

____________________ cost is the changeable cost or expenses that will increase or decrease with the level of sales volume.

Accepted Answer

The answer of ____________________ cost is the changeable cost or...

Question 16

In a budget, the areas listed under the two major components, ____________________ and expenditures, will vary, depending on the size of the overall operation.

Accepted Answer

The answer of In a budget, the areas listed under...

Question 17

____________________ expenses are expenses such as utilities, basic staff (preparation, service, etc.), telephone service, repairs and maintenance, licenses, and exterminating costs.

Accepted Answer

The answer of ____________________ expenses are expenses such as utilities,...

Question 18

____________________ ____________________ is the expense that remains constant, regardless of the amount of goods that are sold.

Accepted Answer

The answer of ____________________ ____________________ is the expense that remains...

Question 19

____________________ ____________________ is the money received from the sale of all products, food, beverages, and so forth.

Accepted Answer

The answer of ____________________ ____________________ is the money received from...

Question 20

Examples of ____________________ expenses are replacement costs for china, laundry, paper supplies, and payroll or labor costs.

Accepted Answer

The answer of Examples of ____________________ expenses are replacement costs...

Quiz 15: Personal Taxes, Payroll, and Financial Statements

is the sales revenue minus variable costs.

Each food service operator must know how to determine the amount of sales dollars needed to show a profit or a loss. This is referred to as the .

Adding together the cost of goods sold and the serving expenses results in the ____________________ cost.

The contribution rate percentage is calculated by dividing the contribution rate by the ____________________.

The is the amount of money that is left after the variable costs are subtracted from the sales.

is a mathematical method for finding the dollar amount needed for a food service operation to break even.

____________________ is a plan for adjusting expenditures to probable income for a calendar or fiscal year.

refers to money the food service operation owes for purchases made.

Match the following chapter terms with their definition.

calculates the level of economic activity where the operation neither makes a profit nor incurs a loss.