HFT3424 Don Farr Fall 2012 In Class Review Test Questions from EXAM 1 for FINAL 8 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 tell 9 What is the single most important number you need to complete a rooms budget Last Year s Sales Last Year s rooms sold a b c Projected room sales for the budgeted period d The Sales data from your competition 10 A line item for Electricity would be found on an income statement 11 A line item for Green Fee revenue would be found on an income statement 12 A line item for Capital Expenses would be found on an income statement 13 A line item for interest expense would be found on an income statement a True b False a True b False a True b False a True b False a True b False 14 Liabilities Equity Assets 15 Beer Sales 1000 Wine Sales 2000 Liquor Sales 2000 Beer COGS 200 Wine COGS 600 Liquor COGS 600 Determine the Cost of Goods Sold for total Alcohol a 20 b 24 c 28 d Not Enough Info to tell 16 A food Cost of 8 would be a reasonable benchmark for most restaurants 17 Which of the following is usually the largest expense for most restaurants a Energy and Labor b Energy and Cost of Goods Sold c Health insurance and labor d Labor and Cost of Goods Sold 18 Is it the GM s responsibility to check every line on the financial statement to prove its accuracy 19 If Mr Farr had a choice between realizing a higher profit percentage or higher profit in dollars he would choice the higher dollars 20 If a restaurant had 300 covers in an evening and were open for 4 hours they would have realized 65 cover per hour right 21 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 True b False a True b False a True b False a True b False a 1 7 b 2 6 c 3 0 d 4 0 e 4 7 22 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 467 b 676 c Can t tell because the dollar amount is not listed d Can t tell because we do not know the cost of goods sold 24 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 rooms b 200 rooms c 225 rooms d 270 rooms 25 Return on Equity Sales Total Members Equity 26 Which financial statement is owner s equity reported on a True b False Income Statement a b Balance Sheet c Cash Flow Statement d Daily Sales Report 15 000 000 a 33 3 b 50 c 66 6 d Cannot tell from above information piece of information to know 27 What is the Debt Ratio when a Firm s liabilities 5 000 000 and its members equity 28 When forecasting at a hotel to determine future occupancy levels which is the most important a Forecasted room revenues b Forecasted number of rooms during the period of time you are looking at c d Last year s forecasted numbers during that same period of time Last year s actually occupancy level is during the same period of time 29 Operations producing numbers is the first step in the first step in the financial management cycle a True b False a True b False 30 Numbers have to be compared to other numbers to have meaning In Class Review Questions from EXAM 2 for FINAL 1 How much is the prime cost for Ciara s Hot House 2 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 3 If the desired profit is 15 what is the ideal total expense 4 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 5 If revenues are expected to increase by 3 and total expenses by 2 what is the budgeted profit for next year a 650 000 b 775 000 c 835 000 d 1 000 000 a 60 000 b 77 000 c 80 000 d 141 000 a 150 000 b 720 000 c 850 000 d 900 000 a 30 b 35 c 37 d 70 a 98 500 b 142 700 c 178 300 d 196 500 9 Which two key documents should be compared during receiving by the receiving agent 6 Who is in charge of developing product specifications a Suppliers b Customers c Managers d Produce Growers 8 To whome is a purchase order sent a The supplier b The front of the house manager c The Chef d New Employees a Purchase order and delivery invoice b Product specification and purchase order c Purchase order and product requisition d Product specification and product requisition 10 Inventory represents the dollar value of Items ordered in a given time period a Items purchased in a given time period b c Food products used in a given time period d Food products in storage for a given time period 11 A Production schedule is based on a Knowing the percentage of each item s sales b The number of servers working that day c Recipe yield tests d Knowing each item s food cost 15 Using the chart above Please calculate the projected revenue forecast for July a 1902 b 38 489 c 63 225 d 67 890 16 Using the Chart above Please calculate the total 3 months forecast for July September a 119 493 b 178 327 c 223 564 d 8 675 309 a True b False a True b False a True b False a True b False 17 Actual food Cost Opening inventory Purchases Ending Inventory 24 The Departmental profit and loss statement provides a detailed account of operations for the entire hotel 25 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 True b False 26 The two most important daily reports provide information on assets and liabilities 27 The labor productivity report is a type of daily report 28 Which of the following reports is most likely to be a weekly report a Balance Sheet b Income Statement c Daily Sales Report d Profitability Forecasting Report e Capital …