HMGT Final, set 2 – Flashcards
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The _____ says that a company who chooses to use the LIFO method for valuing their inventory must use that same method each year.
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Consistency principle
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The financial statement that shows financial position at a point in time is the
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balance sheet
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Assets and liabilities are a part of which financial statement?
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balance sheet
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Cash, marketable securities, and accounts receivable are all categorized as _____ on a balance sheet.
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Current assets
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Calculation of the current ratio would involve which two pieces of data?
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Current assets and current liabilities
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Which of the following statements is true?
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Total fixed costs do not vary with changes in sales volume
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Typically the first step in the budget process is to compile the?
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sales budget or data
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A pro forma income statement ?
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forecasts revenue and expenses for a future period
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One difference between a for-profit and a not-for-profit organization is
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excess revenue over expenses, in a for-profit organization can go to the organization's owners, in a not-for-profit organization this excess goes back into the organization
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Accumulated depreciation is applied to which balance sheet category?
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Plant assets, property, equipment
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Perception of value?
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is what customers believe a menu item is worth
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The menu pricing method that uses desired food cost percentage in determining the menu sales price is termed the ______ pricing method
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factor
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The marketing environment is defined as the
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forces outside the organization that influence marketing activities
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Having an effective marketing concept usually places primary emphasis on
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serving the customer
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A foodservice operation's target market is
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a group of people for whom a company develops a product or service
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A person's ethnicity, income, and education are referred to as
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demographic
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Natural resources, population density, and subcultural values that influence customer's product needs are referred to as _____ variables
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geographic
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Companies who have developed frozen, individual meals to be sold in supermarkets are responding to
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behavioristic variables
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Which of the following is an accurate comparison of products and services?
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services cannot be stored for future sale; products can
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Heterogeneity of service means that?
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There is a lack of uniformity in the performance of people
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A strategic business unit is?
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Are businesses or divisions owned by a firm that operates as independent profit centers. Each SBU is in certain product or product portfolio
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Identifying marketing opportunities and potential problems confronting the organization is known as
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Situation analysis
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The four Ps of marketing are
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Product, price, promotion, place
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Market segmentation means?
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The process of diving a market into meaningful, relatively similar, and identifiable segments or groups
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A manager of a cook-chill commissary operation is interested in determining the optimum storage time for chilled soups and has decided to use sensory evaluation to gather needed product evaluation information. The preferred sensory testing would be
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Preference or acceptance testing by a trained panel
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If a menu item is categorized as highly popular but low in contribution to profit, the foodservice manager should
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consider increasing the price of this item
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Menu engineering?
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focuses on the popularity of menu items and their contribution to profit
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The job descriptive index was designed to measure
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employee job satisfaction
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Which of the following is thought to have the greatest influence on an employee's level of job satisfaction
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Values
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Evaluation of the taste and juiciness of a product is termed
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sensory evaluation
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Customer satisfaction is part of which component in the foodservice systems model?
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output also includes meal quantity/quality, financial accountability, and customer/employee satisfaction
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Which of the following is not true about a mystery shopper?
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Mystery shoppers are typically managers in the organization
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In a menu engineering analysis, items that are categorized as puzzlers are ones that are
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Items that are profitable but not popular
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