NRA HSPM 333 Exam Study Guide
Questions and Answers10
Charging the guest - ANSWERS-- Undercharging: server Charges less than the correct amount or
does not collect at all
- Overcharging: charging more than the amount that should have been charged
Collecting Revenue - ANSWERS-- Three steps for revenue:
- Identify the employee collecting the money
- Collect the correct amount of money
- Properly record the transaction
Protecting the Operation's Cash Assets - ANSWERS-- Charging the guest and collecting revenue ,
and protecting cash and assets
Credit Card Processing - ANSWERS-- Should be entered at the point of sale then credit card is
processed
Open tab at a Bar (When do customers pay for their drinks) - ANSWERS-- Customers pay after
ordering and consuming drinks
- A Temporary guest charge account that allows guest to purchase and consume products
before paying for them
Merchant Account - ANSWERS-- A designated account where funds from guest credit card
payments can be sent
Account Payable - ANSWERS-- The amount of money that an operation owes suppliers
, Audit - ANSWERS-- A Financial examination of an organization's accounts
Food Cost % Formula & Calculation - ANSWERS-- Formula: Food cost / Sale
- Calculation: Sale x Food cost %
Prime Cost - ANSWERS-- Food, beverage and labor cost combined
Prime Cost Three Components - ANSWERS-- Food Cost
- Beverage Cost
- Labor Cost
Line Item Review - ANSWERS-- Every item on the budget should be checked against actual
figures, and the difference, or variance, should be noted
Variable Cost - ANSWERS-- Cost that increase and decrease in direct proportion to sales
Ex: as sales increase, more food is produced to replenish inventory & vice versa
Fixed Cost - ANSWERS-- Cost that remain the same regardless of sales volume
Ex: Rent: $400.00 each month no matter what
Semi-Variable Cost - ANSWERS-- Costs that increase and decrease as sales increase and
decrease but in direct proportion
Ex: Management salary: remains the same regardless of the sales volume
Hourly Staff Wage: Increases as sales increase and decreases as sales decrease, with direct
proportion to sales
Questions and Answers10
Charging the guest - ANSWERS-- Undercharging: server Charges less than the correct amount or
does not collect at all
- Overcharging: charging more than the amount that should have been charged
Collecting Revenue - ANSWERS-- Three steps for revenue:
- Identify the employee collecting the money
- Collect the correct amount of money
- Properly record the transaction
Protecting the Operation's Cash Assets - ANSWERS-- Charging the guest and collecting revenue ,
and protecting cash and assets
Credit Card Processing - ANSWERS-- Should be entered at the point of sale then credit card is
processed
Open tab at a Bar (When do customers pay for their drinks) - ANSWERS-- Customers pay after
ordering and consuming drinks
- A Temporary guest charge account that allows guest to purchase and consume products
before paying for them
Merchant Account - ANSWERS-- A designated account where funds from guest credit card
payments can be sent
Account Payable - ANSWERS-- The amount of money that an operation owes suppliers
, Audit - ANSWERS-- A Financial examination of an organization's accounts
Food Cost % Formula & Calculation - ANSWERS-- Formula: Food cost / Sale
- Calculation: Sale x Food cost %
Prime Cost - ANSWERS-- Food, beverage and labor cost combined
Prime Cost Three Components - ANSWERS-- Food Cost
- Beverage Cost
- Labor Cost
Line Item Review - ANSWERS-- Every item on the budget should be checked against actual
figures, and the difference, or variance, should be noted
Variable Cost - ANSWERS-- Cost that increase and decrease in direct proportion to sales
Ex: as sales increase, more food is produced to replenish inventory & vice versa
Fixed Cost - ANSWERS-- Cost that remain the same regardless of sales volume
Ex: Rent: $400.00 each month no matter what
Semi-Variable Cost - ANSWERS-- Costs that increase and decrease as sales increase and
decrease but in direct proportion
Ex: Management salary: remains the same regardless of the sales volume
Hourly Staff Wage: Increases as sales increase and decreases as sales decrease, with direct
proportion to sales
