Hospitality Financial Management: Expense Tracking, Revenue Analysis, and Accounting Periods

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(73)

What term describes bills for food and other expenses that must be paid out?

What are costs that managers can influence in the short term called?

What is a report of revenue and expenses for a specific accounting period known as?

What term refers to the money left over after subtracting all expenses from revenue before taxes?

What is the process of recording, summarizing, and analyzing business transactions called?

What is any specific length of time for which financial records are prepared called?

What are costs that managers have little or no control over, such as rent and interest?

What is the term for money that is owed to the business?

What is the evaluation of financial records for misstated information or irregularities called?

What is the term for the profit calculated by subtracting costs from total sales?

What is the proportion of food sales spent on food called?

What is the proportion of beverage sales spent on alcoholic beverages called?

What is the portion of total sales spent on food and beverages known as?

What is the proportion of total sales spent on salaries, wages, and employee benefits?

What is the proportion of sales spent on food, beverages, and labor called?

What is the proportion of total sales that represents a profit or loss before taxes?

What financial statement provides detailed information about a company's assets, liabilities, and shareholders' equity?

What is another name for owner's equity in a corporation, representing the value of corporate stock and retained earnings?

What term describes anything a company owns that has value, such as physical property or cash?

What are cash and other assets that can be converted into cash within one year called?

What are amounts payable beyond a year known as?

What term describes amounts of money that a business owes to others?

What are amounts payable within one year called?

What are tangible, permanent resources of the business, such as equipment and furniture, called?

What is essentially what would be left for the owners from company assets after paying off all liabilities?

What is the comparison of total liabilities with total assets called?

What is a period of 12 months that may or may not coincide with the calendar year called?

What is money set aside to make major expenditures, such as a new dish machine or renovation, called?

What are costs that remain the same regardless of business activity called?

What are costs that fluctuate in response to changes in sales or production levels called?

What is an income statement line item that does not generate revenue and often incurs costs?

What is a component of an organization that contributes to the bottom line on the income statement?

What is the length of time required to earn back the value of an investment from profits or savings?

What is the point at which sales equal the combined variable and fixed costs, covering costs but not generating profit?

What is the percent of sales left over after paying for variable expenses called?

What is a measure of efficiency that shows how effectively inputs are converted into outputs?

What is the activity and process for creating, communicating, delivering, and exchanging offerings of value?

What document describes a business' marketing objectives, strategies, and tactics?

What is the specific group of consumers to whom a company plans to market its products/services?

What is the set of controllable marketing tools used to produce a desired response from the target market?

What marketing strategy helps consumers distinguish your product/service from others?

What are the 4Ps of marketing?

What includes communications by marketers that inform, remind, and/or persuade potential buyers?

What is promoting a product or service by building good relationships with the public and potential consumers called?

What term describes corporations giving the impression of being environmentally conscious?

What document explains why a proposed project is important and describes its goals?

What section outlines how much funding is needed and how it will be used?

What includes detailed information on your target market and an analysis of competing businesses?

What describes the industry, including its growth, maturity, or decline, and analyzes competition?

What section includes details about the location, menu, and operations of the business?

What includes a description of the business, its mission, vision, and key products or services?

What examines the start-up costs for a new business or renovation costs for an existing business?

What is the process by which managers use motivation and skills to guide others to accomplish goals?

What encompasses the traits, skills, and behaviors leaders use when interacting with subordinates?

What leadership style involves making almost all decisions and directing subordinates closely?

What leadership style involves guiding and coaching employees while encouraging participation in decision-making?

What leadership style gives complete freedom to employees to complete tasks without feedback?

What type of leadership emphasizes work methods and directing work?

What type of leadership emphasizes interpersonal relationships and personal interest in employees' needs?

What leadership model considers traits, behaviors, and the situation in which a leader is working?

What model involves leaders selecting behaviors best suited to followers' needs and the working environment?

What leadership model involves choosing styles based on followers' readiness levels?

What theory focuses on the quality of exchanges between a leader and each follower?

What type of leader uses social exchanges and rewards to motivate followers?

What type of leader inspires followers to work toward a shared vision and extraordinary goals?

What type of leader creates and communicates an energizing vision of the future?

What type of leader shares power with employees and prioritizes their needs?

What type of leadership involves sharing power by empowering employees to act independently?

What type of leader uses their personality to motivate and inspire high performance?

What type of leader is genuine, open, and trusted by followers, leading by example?

What type of leadership involves leading followers from all cultures?

What is it called when a manager asks a subordinate to accomplish a task and gives them responsibility and authority?

What is a discussion in which two parties try to reach an acceptable agreement called?

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