MDP Short P & L - Level 2

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    1/23 Questions

  • The short P&L is a consolidated report that shows trending and measurable information that helps us understand our successes and failures of our business.

    • True
    • False
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Business Quizzes & Trivia
About This Quiz

The 'MDP Short P & L - Level 2' quiz assesses understanding of key business performance metrics, including prime costs, inventory targets, and revenue centers in beverage revenue. It is crucial for learners aiming to enhance their skills in financial reporting and business success analysis.

Questions and Answers
  • 2. 

    What is the targeted inventory percentage for each store?

    • 17%-21%

    • 19%-23%

    • 18%-22%

    Correct Answer
    A. 18%-22%
    Explanation
    The targeted inventory percentage for each store is 18%-22%. This means that the ideal amount of inventory to have on hand in each store should fall within this range. Having too little inventory can lead to stockouts and lost sales, while having too much inventory can tie up capital and lead to increased carrying costs. Therefore, maintaining inventory levels within the 18%-22% range ensures a balance between meeting customer demand and managing costs effectively.

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  • 3. 

    A Declining Checkbook should be used to run a sucessful total operating expense.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Using a declining checkbook can be beneficial for managing total operating expenses effectively. A declining checkbook system involves setting a predetermined budget and deducting expenses from it as they occur. This helps in keeping track of expenses, avoiding overspending, and ensuring that the total operating expenses stay within the allocated budget. Therefore, using a declining checkbook can contribute to the success of managing total operating expenses.

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  • 4. 

    What 3 things make up your prime costs?

    • Food cost

    • Beverage cost

    • Occupancy cost

    • Guest cost

    • Labor cost

    Correct Answer(s)
    A. Food cost
    A. Beverage cost
    A. Labor cost
    Explanation
    The prime costs of a business refer to the direct costs involved in the production of goods or services. In the context of this question, the three things that make up the prime costs are food cost, beverage cost, and labor cost. These costs directly contribute to the creation and delivery of the products or services offered by the business. The other options mentioned, such as occupancy cost and guest cost, may be important expenses for the business but are not considered prime costs as they are not directly involved in the production process.

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  • 5. 

    What are the four revenue centers in beverage revenue?

    • Tap beer

    • Bottled beer

    • NA beverage

    • Liquor

    • Wine

    Correct Answer(s)
    A. Tap beer
    A. Bottled beer
    A. Liquor
    A. Wine
    Explanation
    The four revenue centers in beverage revenue are tap beer, bottled beer, liquor, and wine. These categories represent different types of alcoholic beverages that generate revenue for the business. Tap beer refers to beer served directly from a keg or tap system. Bottled beer refers to beer served in bottles. Liquor refers to distilled alcoholic beverages such as vodka, whiskey, or rum. Wine refers to fermented grape juice. These four categories cover a range of alcoholic beverage options that contribute to the overall revenue of the business.

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  • 6. 

    Labor trackers is a tool used to successfully manage labor.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Labor trackers are indeed a tool used to successfully manage labor. These tools can help businesses keep track of employee work hours, monitor productivity, and allocate resources effectively. By using labor trackers, organizations can improve efficiency, reduce costs, and ensure that labor is being utilized optimally. Therefore, the statement "Labor trackers is a tool used to successfully manage labor" is true.

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  • 7. 

    IROP is occupancy costs - IBO

    • True

    • False

    Correct Answer
    A. False
    Explanation
    IROP is actually IBO - occupancy costs

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  • 8. 

    M&R Log is a tool we use to help control our M&R cost.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement suggests that M&R Log is a tool that helps in controlling M&R (Maintenance and Repair) costs. Therefore, the correct answer is true, indicating that M&R Log is indeed used for controlling M&R costs.

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  • 9. 

    What is the targeted food purchasing percentage?

    • 28%

    • 28.5%

    • 29%

    Correct Answer
    A. 28.5%
    Explanation
    The targeted food purchasing percentage is 28.5%. This can be inferred from the given options, where 28% and 29% are the closest values to 28.5%. Since 28.5% falls between these two options, it is the most accurate answer.

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  • 10. 

    The formula for calculating beverage cost is: beginning inventory + ending inventory - beverage sales

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The formula is actually: beginning inventory + purchases - ending inventory / beverage sales

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  • 11. 

    Add on's and upselling is the best way to increase your PPA.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Add-ons and upselling refer to the practice of offering additional products or services to customers in addition to their initial purchase. By doing so, businesses can increase their average revenue per customer (PPA). This is because customers are more likely to spend more money when they are presented with additional options or upgrades. Therefore, it can be concluded that add-ons and upselling are indeed effective strategies for increasing PPA.

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  • 12. 

    What 2 types of waste are on the beer waste report?

    • Tap waste and bottle beer waste

    • Tap waste and production waste

    • Brewery waste and tap waste

    Correct Answer
    A. Tap waste and production waste
    Explanation
    The correct answer is tap waste and production waste. This means that the beer waste report includes information about the waste generated from taps as well as waste generated during the production process.

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  • 13. 

    The formula for food cost is: beginning inventory + purchases - ending inventory / sales

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. The formula for calculating food cost is beginning inventory plus purchases minus ending inventory divided by sales. This formula helps determine the cost of the food used or sold during a specific period. By taking into account the beginning and ending inventory, as well as the purchases and sales, the formula provides an accurate calculation of the food cost.

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  • 14. 

    Time in Motion is designed to increase productivity?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Time in Motion is designed to increase productivity by providing a systematic approach to managing and optimizing time. It focuses on identifying and eliminating time-wasting activities, streamlining processes, and improving efficiency. By analyzing how time is being spent and making necessary adjustments, individuals and organizations can make better use of their time, leading to increased productivity and effectiveness.

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  • 15. 

    What is calculated in SPLH?

    • AMP

    • Training

    • Manager

    Correct Answer
    A. Training
    Explanation
    The SPLH calculates the training.

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  • 16. 

    What group of sales do you use to calculate productivity in the BOH?

    • Total sales

    • Total food sales

    • Total food sales - NA bev

    Correct Answer
    A. Total food sales - NA bev
    Explanation
    The group of sales used to calculate productivity in the BOH is "Total food sales - NA bev". This means that the calculation of productivity only takes into account the sales of food items and excludes non-alcoholic beverages. By subtracting the sales of non-alcoholic beverages from the total food sales, the calculation focuses specifically on the revenue generated from food sales, providing a more accurate measure of productivity in the back of house operations.

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  • 17. 

    Which tab or tabs can you find turnover information?

    • Execution Stats

    • Prime Costs

    • Theoretical Costs

    Correct Answer
    A. Execution Stats
  • 18. 

    When should your brunch tracker be completed and turned in?

    • Every Sunday

    • Every Monday

    • Every Saturday

    Correct Answer
    A. Every Sunday
    Explanation
    The brunch tracker should be completed and turned in every Sunday. This suggests that there is a regular schedule or deadline for submitting the brunch tracker.

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  • 19. 

    What tools make up the Guest Value percentages on the guest value tab of the short P&L?

    • Quarterly shop scores

    • Marketing report

    • Quarterly guest survey scores

    • Total operating tab

    Correct Answer(s)
    A. Quarterly shop scores
    A. Quarterly guest survey scores
    Explanation
    The guest value percentages on the guest value tab of the short P&L are determined by the Quarterly shop scores and the Quarterly guest survey scores. These tools provide insights into the satisfaction and perception of guests, which are important factors in determining the value they bring to the business. The Quarterly shop scores assess the performance of the business in terms of customer experience, while the Quarterly guest survey scores gather feedback directly from guests to gauge their satisfaction. By considering these scores, the business can understand the value guests bring and make informed decisions to improve their experience.

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  • 20. 

    What reason would you do a paid out for office supplies?

    • If you run out of necessary supplies.

    • If your order has not come in on time

    • You wouldn't because you should order them online through our purveyor

    Correct Answer
    A. You wouldn't because you should order them online through our purveyor
    Explanation
    The correct answer states that you wouldn't do a paid out for office supplies because you should order them online through the purveyor. This implies that the company has a specific process in place for ordering office supplies and using the paid out option is not the recommended method.

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  • 21. 

    We want to avoid paid outs to ensure consistency and cost.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement suggests that avoiding paid outs is important in order to maintain consistency and minimize costs. This implies that paying out money can lead to inconsistency and higher expenses. Therefore, the correct answer is true.

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  • 22. 

    Where do we track kids promotions?

    • Weekly promotions tab

    • Marketing report and marketing tab

    • Food cost tab

    Correct Answer
    A. Marketing report and marketing tab
    Explanation
    The correct answer is Marketing report and marketing tab. This is because tracking kids promotions is a marketing-related task, and the marketing report and marketing tab are the most suitable places to keep track of such promotions. The food cost tab is not relevant to tracking promotions specifically.

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  • 23. 

    What day do you start running daily OT reports?

    • Monday

    • Thursday

    • Friday

    • Everyday

    Correct Answer
    A. Everyday
    Explanation
    The correct answer is "Everyday" because running daily OT reports means generating reports every day, without any specific day of the week designated for this task. This implies that the reports need to be generated consistently on a daily basis, regardless of the specific day of the week.

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  • Current Version
  • Aug 07, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 04, 2011
    Quiz Created by
    Granite City

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