Cost Control
What is the process of managing how much money a restaurant spends?
What is cost control?
What percentage compares the amount spent on food to total food sales?
What is food cost percentage?
What is it called when a restaurant runs out of a product?
What is a stockout?
What is the process of arranging and optimizing employee workloads?
What is scheduling?
What does P&L stand for?
What is Profit and Loss?
Name two major controllable costs in a restaurant
What are food and labor costs?
Name one thing a restaurant should consider when setting menu prices.
What are competitors' prices, food cost percentage, or supply and demand?
What is extra inventory kept on hand to prevent running out?
What is safety stock?
Name one factor managers can use when forecasting sales.
What are past sales, weather, holidays, or community events?
What is the basic formula for calculating profit?
What is Revenue − Expenses = Profit?
Which type of cost can managers adjust based on the operation?
What is a controllable cost?
What type of pricing charges more when a product is in high demand?
What is supply and demand pricing?
What are the three main types of food storage?
What are dry, refrigerated, and frozen storage?
Why might a restaurant schedule fewer employees on a slow Tuesday?
What is to reduce unnecessary labor costs?
What does revenue mean?
What is the money a business receives from its products and services?
Give one example of something that can cause a restaurant's profit margin to decrease.
What are food spoilage, improper portioning, or employee theft?
A restaurant raises the price of a popular menu item because many customers want it. What pricing concept is this?
What is supply and demand pricing?
What should employees do when a delivery arrives?
What is inspect and compare the delivery with what was ordered?
What is productivity-based scheduling based on?
What are anticipated revenue and expected customers (covers)?
Why is a P&L statement important to restaurant managers?
What is it shows sales and costs so managers can evaluate the restaurant's financial performance?
Why is controlling costs important for a restaurant?
What is to increase profitability and prevent unnecessary spending?
What is pricing based on how much a guest is willing to pay rather than what the item costs to produce?
What is perceived value pricing?
Why is proper food storage important?
What is to prevent spoilage and keep food safe and usable?
A restaurant expects a huge crowd on a holiday weekend. What should the manager do?
What is forecast higher sales and schedule enough employees to handle the expected demand?
Starbucks charges more for customized drinks because customers value the experience and customization. What concept does this demonstrate?
What is perceived value pricing?