Question 1

The fundamental accounting formula is

Accepted Answer

A)  beginning inventory + purchases - ending inventory = food used 
B)  assets = liability + equity 
C)  current ratio = current assets to current liabilities 
D)  net profit = gross profit - expenses 
A)  beginning inventory + purchases - ending inventory = food used 
B)  assets = liability + equity 
C)  current ratio = current assets to current liabilities 
D)  net profit = gross profit - expenses B

Question 2

Using the following information from a cafeteria, answer questions 
 
-Zero-based budgeting is used to develop capital budgets in a hospital. The director of Food and Nutrition wants to request a blast chiller. Which of the following is the best quantifiable evidence to submit with the request to support the need?

Accepted Answer

A)  temperature data from existing refrigeration units 
B)  testimonials from dietitians that patients are complaining about cold food 
C)  the list price for the desired blast chiller 
D)  claims from the manufacturer regarding the speed of cooling in the blast chiller 
A)  temperature data from existing refrigeration units 
B)  testimonials from dietitians that patients are complaining about cold food 
C)  the list price for the desired blast chiller 
D)  claims from the manufacturer regarding the speed of cooling in the blast chiller A

Question 3

Which of the following best represents a volume indicator for a Child Nutrition Program in a public school?

Accepted Answer

A)  number of meals served 
B)  number of meal equivalents produced per labor hour 
C)  number of students district-wide eligible for free and reduced meals 
D)  number of full time employees 
A)  number of meals served 
B)  number of meal equivalents produced per labor hour 
C)  number of students district-wide eligible for free and reduced meals 
D)  number of full time employees A

Question 4

What is the value of the food used in June?

Accepted Answer

A)  $11,327 
B)  $10,958 
C)  $8496 
D)  $8865 
A)  $11,327 
B)  $10,958 
C)  $8496 
D)  $8865

Question 5

Match between columns
                        Premises: revenue
operating
capital
zero-based
statistics

Accepted Answer

The Answer of long term plan to estimate or predict is...

Question 6

A budget is translated into operational functions during the justification phase of the budget planning process.

Accepted Answer

A) True 
 B)False

Question 7

Using the following information from a cafeteria, answer questions 
$ \begin{array}{ll}\text { Meals sold: } & 1722 \ \text { Sales average: } & \$ 2.50 \text { each } \ \text { Labor costs: } & \$ 1000\end{array} $
-Calculate the labor cost percent of total revenue.

Accepted Answer

A)  2.3% 
B)  1.23% 
C)  12.3% 
D)  23% 
A)  2.3% 
B)  1.23% 
C)  12.3% 
D)  23%

Question 8

Patient census records can be used during the budget planning process to project volume for the fiscal year.

Accepted Answer

A) True 
 B)False

Question 9

Using the following information from a cafeteria, answer questions 
$ \begin{array}{ll}\text { Meals sold: } & 1722 \ \text { Sales average: } & \$ 2.50 \text { each } \ \text { Labor costs: } & \$ 1000\end{array} $
-Calculate the total revenue.

Accepted Answer

A)  $3305 
B)  $4305 
C)  $5305 
D)  $6305 
A)  $3305 
B)  $4305 
C)  $5305 
D)  $6305

Question 10

Calculate the average total cost per resident per day for the month of June

Accepted Answer

A)  $5.23 
B)  $7.20 
C)  $7.63 
D)  $8.17 
A)  $5.23 
B)  $7.20 
C)  $7.63 
D)  $8.17

Question 11

Using the following information, calculate the monthly net profit. Sales for the month: $ \quad \$ 73,904 $
Food and labor costs $ \quad 70 \% $ of sales
Rent and Insurance: $ \quad \$ 1500 $ /month
Supplies: $ \quad \$ 2217 / $ month
Other overhead: $ \quad \$ 3791 / $ month

Accepted Answer

A)  $ \$ 51,733 $ 
B)  $ \$ 22,171 $ 
C)  $ \$ 7508 $ 
D)  $ \$ 14,663 $ 
A)  $ \$ 51,733 $ 
B)  $ \$ 22,171 $ 
C)  $ \$ 7508 $ 
D)  $ \$ 14,663 $

Question 12

Calculate the average raw food cost per resident per day for the month of June.

Accepted Answer

A)  $.80 
B)  $1.25 
C)  $2.40 
D)  $7.20 
A)  $.80 
B)  $1.25 
C)  $2.40 
D)  $7.20

Question 13

An operating statement indicates that $64,751 was budgeted for supplies and that $66,250 was actually spent. Calculate the percent variance.

Accepted Answer

A)  12.3% 
B)  1.23% 
C)  .23% 
D)  2.3% 
A)  12.3% 
B)  1.23% 
C)  .23% 
D)  2.3%

Question 14

An objective of the budget planning process should be to identify financial standards for comparison with actual transactions.

Accepted Answer

A) True 
 B)False

Question 15

Budget variances need to be reconciled only if the line item is over budget for the report period.

Accepted Answer

A) True 
 B)False

Question 16

Labor minutes per meal is an example of a productivity indicator.

Accepted Answer

A) True 
 B)False

The fundamental accounting formula is

Which of the following best represents a volume indicator for a Child Nutrition Program in a public school?

What is the value of the food used in June?

A budget is translated into operational functions during the justification phase of the budget planning process.

Using the following information from a cafeteria, answer questions Meals sold: 1722 Sales average: \ 2.50 each Labor costs: \ 1000 -Calculate the labor cost percent of total revenue.

Patient census records can be used during the budget planning process to project volume for the fiscal year.

Using the following information from a cafeteria, answer questions Meals sold: 1722 Sales average: \ 2.50 each Labor costs: \ 1000 -Calculate the total revenue.

Calculate the average total cost per resident per day for the month of June

Using the following information, calculate the monthly net profit. Sales for the month: $\quad \$ 73,904$ Food and labor costs $\quad 70 \%$ of sales Rent and Insurance: $\quad \$ 1500$ /month Supplies: $\quad \$ 2217 /$ month Other overhead: $\quad \$ 3791 /$ month

Calculate the average raw food cost per resident per day for the month of June.

An operating statement indicates that $64,751 was budgeted for supplies and that $66,250 was actually spent. Calculate the percent variance.

An objective of the budget planning process should be to identify financial standards for comparison with actual transactions.

Budget variances need to be reconciled only if the line item is over budget for the report period.

Labor minutes per meal is an example of a productivity indicator.

The Foodservice Industry

The Systems Approach

Food Safety

Facility Sanitation and Safety

The Menu

Purchasing

Receiving, Storage, and Inventory

Production

Service

Facilities Planning and Design

Equipment and Furnishings

Resource Conservation

Organizational Design

Leadership

Human Resource Management

Performance Improvement

Marketing

Filters

Exam 17: Financial Management

The fundamental accounting formula is

Which of the following best represents a volume indicator for a Child Nutrition Program in a public school?

What is the value of the food used in June?

A budget is translated into operational functions during the justification phase of the budget planning process.

Using the following information from a cafeteria, answer questions Meals sold: 1722 Sales average: \ 2.50 each Labor costs: \ 1000 -Calculate the labor cost percent of total revenue.

Patient census records can be used during the budget planning process to project volume for the fiscal year.

Using the following information from a cafeteria, answer questions Meals sold: 1722 Sales average: \ 2.50 each Labor costs: \ 1000 -Calculate the total revenue.

Calculate the average total cost per resident per day for the month of June

Calculate the average raw food cost per resident per day for the month of June.

An operating statement indicates that $64,751 was budgeted for supplies and that $66,250 was actually spent. Calculate the percent variance.

An objective of the budget planning process should be to identify financial standards for comparison with actual transactions.

Budget variances need to be reconciled only if the line item is over budget for the report period.

Labor minutes per meal is an example of a productivity indicator.

The Foodservice Industry

The Systems Approach

Food Safety

Facility Sanitation and Safety

The Menu

Purchasing

Receiving, Storage, and Inventory

Production

Service

Facilities Planning and Design

Equipment and Furnishings

Resource Conservation

Organizational Design

Leadership

Human Resource Management

Performance Improvement

Marketing

Filters