Management
controls
controls
Money that is borrowed and must be repaid
What is Debt?
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
What is a Balance sheet?
A metric used to measure the cost of labor as a percentage of total sales.
What is a labor cost percentage?
Money owed to a company by its debtors.
What are accounts receivable?
An economic resource that is expected to provide future benefit. ex. property, cars, investments
What is an Asset?
Costs that can be influenced or controlled by management. EX Rent
What is a Controllable Expense?
A financial report that shows how much your business has spent and earned over a specified time
What is Profit and Loss Statement?
A metric used to measure the cost of food sold as a percentage of total sales.
What is Food cost percentage?
The economic costs that a business incurs through its operations to earn revenue. ex. rent, food, labor
What are Expenses?
A commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
What is a Purchase order?
Financial metrics used to assess a company's operational efficiency.
What are Operating Ratios?
Hardware and software systems used for processing sales transactions. ex. card reader
What is a Point-of-sale systems (POS)?
A metric used to measure the cost of beverages sold as a percentage of total sales. Average 20%-30%
What is beverage cost percentage?
Business expenses that vary in proportion to the level of production or sales.
What are Variable costs?
An inventory valuation method where the oldest inventory items are recorded as sold first.
What is First-in-first-out (FIFO)?
A company's legal financial debts or obligations that arise during the course of business operations.
What is Liability?
A financial statement that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.
What is an Income statement?
The cost of anything extra required in the production and service of the menu item. Complementary items chips, salsa, bread. 5% is the standard
What is a Q-Factor?
Business expenses that remain constant regardless of the level of production or sales.
What are fixed costs?
A financial statement that shows the inflow and outflow of cash within a company.
What is a Cash flow statement?
Long-term tangible assets that a company owns and uses in its operations to generate income. ex. equipment, property
What is a Fixed Asset?
Documents used to track and manage the production process.
What is a Production control sheet?
(THIS IS NOT A %)
The value of an owner's interest in a property or business, after all liabilities have been deducted.
What is Equity?
Money owed by a company to its creditors.
What are accounts payable?
Detailed description of the design, materials, and quality standards of a product.
What is Product specification?