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Chapter one
Key terms
| Term | Definition |
|---|---|
| Controllable cost | costs, chargeable to a budget or cost centre, which can be influenced by the actions of the persons in whom control is vested. |
| Control | take into account (an extraneous factor that might affect results) when performing an experiment |
| Corrective action | are improvements to an organization's processes taken to eliminate causes of non-conformities or other undesirable situations. |
| Cost structure | Cost structure refers to the types and relative proportions of fixed and variable costs that a business incurs. The concept can be defined in smaller units, such as by product, service, product line, customer, division, or geographic region. |
| Cover | (of a sum of money) be enough to pay (a bill or cost). |
| Fixed costs | expenses that do not change as a function of the activity of a business, within the relevant period. |
| Line item review | Every item on budget should be checked against actually figures and the difference should be noted. |
| Loss | When expenses are greater than sells. |
| Noncontrolable | Noncontrolable costs are costs over which the manager hat little or no control |
| Operational standards | Measures established for making comparisons and judgments about the degree of excellence in operations. |
| Prime cost | Is an operations total for cost, beverage cost, and make cost, and labor cost for a specific time period. |
| Profit | What remains after all expenses are paid |
| Quality standards | Set degree of excellence of raw materials, finished products, and preduction for employees. |
| Quantity standards | Refer to weight, count, or volume, measure. |
| Sales | Dollar amount the establishment has taken in for food and beverages. |
| Semi variable | Semivariable cost are are costs that increase and decrease as sales increase and decrease but not in direct proportion. |
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Og_nenaa