[HTM 2030] - Final Exam Guide - Everything you need to know! (60 pages long)

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 2030
• Professor: William Murray

Document Summary

Study guide: {09. 12. 16} chapter 1: cost and sales concepts. A year: our business spent . 29 million means nothing. Relationship: income and expenses: numbers can be expressed in absolute terms or in relative terms, absolute term = an amount, e. g. : relative term = comparative amount, e. g. I"m not making as much money as my mother. Average sale per server: average sales per server are compared with each other. Of the 66 items that were sold, 13 steaks (absolute) were sold, which is 19. 7% (comparative) of the lot: popularity index and menu mix are related. Costs: expenses incurred when goods are consumed or services rendered. Like sales, costs can be expressed in either dollar values or quantities (weight, volume, etc. ) Changes: note: this relationship does not always hold true. The cost-to-sales ratio: cost percent: raw dollar figures only become significant when expressed in relation to sales volume, usually described as a percentage.