HNF 444 Exam 1 Questions With Complete
Solutions
What is the importance of financial information and statements? -
| | | | | | | | | |
CORRECT ANSWER✔✔-- effective management of financial resources is
| | | | | | | |
critical to the success of any foodservice (or other) operation
| | | | | | | | | |
- use accounting and financial management concepts to analyze
| | | | | | | | |
financial performance |
who cares about financial performance? - CORRECT ANSWER✔✔--
| | | | | | | |
owners |
- board of directors
| | | |
- employees
| |
- managers
| |
- creditors
| |
- governmental agencies
| | |
- financial analysis
| |
why would a clinical dietitian care about financial performance? -
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CORRECT ANSWER✔✔-This can affect their salary and the quality of
| | | | | | | | | |
care that they can give to patients, especially in the hospital setting.
| | | | | | | | | | |
, describe a balance sheet, including assets, liabilities, and owner's equity
| | | | | | | | |
- CORRECT ANSWER✔✔-- balance sheet: a sheet that goes into depth
| | | | | | | | | | | |
over the income and expenditure of an operation
| | | | | | | |
- assets: any intangible or tangible item that produces positive value for
| | | | | | | | | | | |
a company
| |
- liabilities: what a business owes
| | | | | |
- owner's equity:the portion of a company's assets that an owner can
| | | | | | | | | | | |
claim
Describe an income statement (profit and loss statement) including
| | | | | | | | |
revenues/income and expenses/costs (food, beverage, labor, overhead) | | | | | |
- CORRECT ANSWER✔✔-- income statement: a primary managerial tool
| | | | | | | | |
reporting the revenues, expenses, and profit or loss as a result of
| | | | | | | | | | | | |
operations for a period of time | | | | | |
- revenues/income: the cash receipts or funds allocated to the operation
| | | | | | | | | |
for the period
| | | |
- expenses/cost: the costs of products sold that generated the revenue.
| | | | | | | | | | |
This includes food, beverage, labor, and overhead.
| | | | | |
what are ratio analysis?| | |
- are increased sales always a good thing?
| | | | | | | |
- calculate operating ratios - CORRECT ANSWER✔✔-Ratio analysis are
| | | | | | | | |
useful for comparing present performance to a previous time period, to
| | | | | | | | | | |
another company's performance, to industry average, and/or budgeted
| | | | | | | |
figures. |
Solutions
What is the importance of financial information and statements? -
| | | | | | | | | |
CORRECT ANSWER✔✔-- effective management of financial resources is
| | | | | | | |
critical to the success of any foodservice (or other) operation
| | | | | | | | | |
- use accounting and financial management concepts to analyze
| | | | | | | | |
financial performance |
who cares about financial performance? - CORRECT ANSWER✔✔--
| | | | | | | |
owners |
- board of directors
| | | |
- employees
| |
- managers
| |
- creditors
| |
- governmental agencies
| | |
- financial analysis
| |
why would a clinical dietitian care about financial performance? -
| | | | | | | | | |
CORRECT ANSWER✔✔-This can affect their salary and the quality of
| | | | | | | | | |
care that they can give to patients, especially in the hospital setting.
| | | | | | | | | | |
, describe a balance sheet, including assets, liabilities, and owner's equity
| | | | | | | | |
- CORRECT ANSWER✔✔-- balance sheet: a sheet that goes into depth
| | | | | | | | | | | |
over the income and expenditure of an operation
| | | | | | | |
- assets: any intangible or tangible item that produces positive value for
| | | | | | | | | | | |
a company
| |
- liabilities: what a business owes
| | | | | |
- owner's equity:the portion of a company's assets that an owner can
| | | | | | | | | | | |
claim
Describe an income statement (profit and loss statement) including
| | | | | | | | |
revenues/income and expenses/costs (food, beverage, labor, overhead) | | | | | |
- CORRECT ANSWER✔✔-- income statement: a primary managerial tool
| | | | | | | | |
reporting the revenues, expenses, and profit or loss as a result of
| | | | | | | | | | | | |
operations for a period of time | | | | | |
- revenues/income: the cash receipts or funds allocated to the operation
| | | | | | | | | |
for the period
| | | |
- expenses/cost: the costs of products sold that generated the revenue.
| | | | | | | | | | |
This includes food, beverage, labor, and overhead.
| | | | | |
what are ratio analysis?| | |
- are increased sales always a good thing?
| | | | | | | |
- calculate operating ratios - CORRECT ANSWER✔✔-Ratio analysis are
| | | | | | | | |
useful for comparing present performance to a previous time period, to
| | | | | | | | | | |
another company's performance, to industry average, and/or budgeted
| | | | | | | |
figures. |
