FSU HFT 3424 - In Class Review Test Questions

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HFT3424Don FarrFall 2012In Class Review Test Questions from EXAM 1 for FINAL8. Determine the total alcohol cost of goods sold when which beer= 20% Wine= 10% and total Sales= $1000.a. 25%b. 45%c. 75%d. Not Enough Info to tell9. What is the single most important number you need to complete a rooms budget?a. Last Year’s Salesb. Last Year’s rooms soldc. Projected room sales for the budgeted periodd. The Sales data from your competition10. A line item for Electricity would be found on an income statement?a. Trueb. False11. A line item for Green Fee revenue would be found on an income statement?a. Trueb. False12. A line item for Capital Expenses would be found on an income statement?a. Trueb. False13. A line item for interest expense would be found on an income statement?a. Trueb. False14. Liabilities + Equity = Assets?a. Trueb. False15. Beer Sales= $1000 Beer COGS= $200Wine Sales = $2000 Wine COGS= $600Liquor Sales = $2000 Liquor COGS= $600Determine the Cost of Goods Sold for total Alcohol.a. 20%b. 24%c. 28%d. Not Enough Info to tell16. A food Cost of 8% would be a reasonable benchmark for most restaurants?a. Trueb. False17. Which of the following is usually the largest expense for most restaurants?a. Energy and Laborb. Energy and Cost of Goods Soldc. Health insurance and labord. Labor and Cost of Goods Sold18. Is it the GM’s responsibility to check every line on the financial statement to prove its accuracy?a. True b. False19. If Mr. Farr had a choice between realizing a higher profit percentage or higher profit in dollars, he would choice the higher dollars?a. Trueb. False20. If a restaurant had 300 covers in an evening and were open for 4 hours they would have realized 65 cover per hour right?a. Trueb. False21. If a restaurant sold 300 covers in a 100 seat restaurant in a four hour period with an average price of $25 per meal, the turn rate would be?a. 1.7b. 2.6c. 3.0d. 4.0e. 4.722. If a restaurant sold $1000 of meals, (123.4% fish), (34.8% Steak), (32.8% Chicken), and (20% pasta), how much of their sales were steak and chicken combined?a. $467b. $676c. Can’t tell because the dollar amount is not listedd. Can’t tell because we do not know the cost of goods sold24. What is the breakeven if a hotel has monthly fixed costs of $40,500, rooms sell for $200 each and the variable costs for each room is $50?a. 150 roomsb. 200 roomsc. 225 roomsd. 270 rooms25. Return on Equity = Sales/Total Members Equitya. Trueb. False26. Which financial statement is owner’s equity reported on?a. Income Statementb. Balance Sheetc. Cash Flow Statementd. Daily Sales Report27. What is the Debt Ratio when a Firm’s liabilities = $5,000,000 and its members equity= $15,000,000?a. 33.3%b. 50%c. 66.6%d. Cannot tell from above information28. When forecasting at a hotel to determine future occupancy levels, which is the most important piece of information to know?a. Forecasted room revenuesb. Forecasted number of rooms during the period of time you are looking atc. Last year’s forecasted numbers during that same period of timed. Last year’s actually occupancy level is during the same period of time29. Operations producing numbers is the first step in the first step in the financial management cycle?a. Trueb. False30. Numbers have to be compared to other numbers to have meaning?a. Trueb. FalseIn Class Review Questions from EXAM 2 for FINAL1. How much is the prime cost for Ciara’s Hot House?a. $650,000b. $775,000c. $835,000d. $1,000,0002. If the Other costs category increases by 40%, how much would profits for Ciara’s hot house be, assuming that all other items do not change?a. $60,000b. $77,000c. $80,000d. $141,0003. If the desired profit is 15%, what is the ideal total expense?a. $150,000b. $720,000c. $850,000d. $900,0004. If the budget for food and beverage costs drops to $300,000 and the budget for total revenue remains at $1,000,000, What is the new food and beverage cost as percentage of sales?a. 30%b. 35%c. 37%d. 70%5. If revenues are expected to increase by 3% and total expenses by 2%, what is the budgeted profit for next year?a. $98,500b. $142,700c. $178,300d. $196,5006. Who is in charge of developing product specifications?a. Suppliersb. Customersc. Managersd. Produce Growers8. To whome is a purchase order sent?a. The supplierb. The front-of-the-house managerc. The Chefd. New Employees9. Which two key documents should be compared during receiving by the receiving agent?a. Purchase order and delivery invoiceb. Product specification and purchase orderc. Purchase order and product requisition d. Product specification and product requisition10. Inventory represents the dollar value ofa. Items ordered in a given time periodb. Items purchased in a given time periodc. Food products used in a given time periodd. Food products in storage for a given time period11. A Production schedule is based ona. Knowing the percentage of each item’s salesb. The number of servers working that dayc. Recipe yield testsd. Knowing each item’s food cost15. Using the chart above, Please calculate the projected revenue forecast for July?a. $1902b. $38,489c. $63,225d. $67,89016. Using the Chart above, Please calculate the total 3 months forecast for July September?a. $119,493b. $178,327c. $223,564d. $8,675,30917. Actual food Cost= Opening inventory + Purchases- Ending Inventorya. Trueb. False24. The Departmental profit and loss statement provides a detailed account of operations for the entire hotel?a. Trueb. False25. An internal management report is a report that contains detailed operating information covering a specific time for a specific product, customer, department, or for the entire hotel or restaurant. It can contain the operational results for the previous day or week, or it can contain the information required to plan the next day or week.a. Trueb. False26. The two most important daily reports provide information on assets and liabilities?a. Trueb. False27. The labor productivity report is a type of daily report?a. Trueb. False28. Which of the following reports is most likely to be a weekly report?a. Balance Sheetb. Income Statementc. Daily Sales Reportd. Profitability Forecasting Reporte. Capital Budget

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FSU HFT 3424 - In Class Review Test Questions

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