Module 9 - Actual Vs. Standard Food Costs

QuizÂ by Hoshedar Batliwalla

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14 questions
• Q1
Standard cost is the agreed-upon cost of services against which to compare costs.
False
True
30s
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• Q2
A standard portion cost is the amount that a standard portion should cost, given the standards and standard procedure for its production.
True
False
30s
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• Q3
Management should use actual sales records to determine what the standard food cost percentage should have been.
False
True
30s
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• Q4
The Menu Pre-Cost and Abstract is divided in two parts. The section on the right (the forecast section) is based on sales forecast and the section on the left (the abstract) is based on the historic sales.
False
True
30s
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• Q5
The abstract portion of the menu pre-cost and abstract form is prepared before sales have taken place.
True
False
30s
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• Q6
The actual cost percentage for a given day is the ratio of actual costs of sales to total sales for a given day.
True
False
30s
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• Q7
Typically, if the actual costs today and the to date are greater than the standard cost today and to date, the difference should be considered waste or other excessive costs.
True
False
30s
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• Q8
Potential savings are only recorded as dollars.
False
True
30s
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• Q9
The difference between the actual costs and the standard costs is called variance.
True
False
30s
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• Q10
If the actual cost was \$17,324 and the standard cost was \$16,978, then the potential savings would be \$446.
False
True
30s
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• Q11
A large favorable variance between actual costs and standard costs is never worth investigating.
True
False
30s
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• Q12
Managers need to regularly compare actual costs with standard cost, determining the causes of any excess cost over standard cost and taking appropriate corrective action.
True
False
30s
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• Q13
If sales for a test period at the Local were \$32,282, the actual cost was \$8,356 and the standard cost was \$8,587, what would the potential savings be?
\$ 266
\$ 103
\$ 259
\$ 231
30s
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• Q14
The sales in the Local coffee shop for a test period of 30 days were \$28,840, the actual cost was \$6,958.25, and the standard cost was \$6,616.37. What are the potential savings as a percentage of sales?
1.185%
2.412%
11.85%
2.294%
30s
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