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Chapter 2

Definitions

TermDefinition
Break even point Minimum amount of sales an establishment must generate in sales to cover all costs
Budget A plan that indicates an operations financial objectives or financial standards
Budgeting process The way managers go about developing a budget.
Capitol expenditure budget Allows an establishment to plan for the replacement of high cost equipment that wears out, and to purchase new types of equipment that may come on the market
controllable profit primarily indicator of a managers effectiveness in meeting operational and financial standards
Cost of sales Cost of the food and beverage products to a given operation
Fixed budget Based on certain level of sales revenue
Flexible budget Also known as variable budget, is prepped based on several levels of sales activity
Forecasting Integral part of the planning process, but also one of the most difficult for managers
Income statement Reports an operation's sales, expenses, and profits or losses for a period of time, such a month, a quarter or a year.
Long term budget Plans from one year to 5 years in the future
Operating budget A formal one-year operations plan to achieve the financial goals of an organization
Percentage of sales method Estimating expenses for a future period as a percentage of the sales forecast
Return on investment Profit resulting from specific investments made in the operation
Sales forecast Process of using historical information nod knowledge to predict future sales
Short term budget Strategic plans that usually influence day-to-day operation of the business
Shrinkage Some of the weight of the meat will decrease during cooking or trimming
Simple markup method Based on expenses being increased by a predetermined amount, normally a percentage of last years expense.
Utilization factor Percentage of an amount of a food item served to a guest
Variance Difference between the budgeted amount and the actual result
Created by: Og_nenaa
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