{"id":367,"date":"2019-06-24T18:55:27","date_gmt":"2019-06-24T18:55:27","guid":{"rendered":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/back-matter\/key-terms\/"},"modified":"2020-09-29T15:40:00","modified_gmt":"2020-09-29T15:40:00","slug":"key-terms","status":"publish","type":"back-matter","link":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/back-matter\/key-terms\/","title":{"raw":"Glossary","rendered":"Glossary"},"content":{"raw":"
\r\n \t
as purchased (AP) weight<\/dfn><\/dt>\r\n \t
The gross weight.<\/dd>\r\n \t
average cover<\/dfn><\/dt>\r\n \t
The average amount spent by a customer in a meal period or month.<\/dd>\r\n \t
baker\u2019s percentage<\/dfn><\/dt>\r\n \t
A formula that states the ingredients in relation to the amount of flour.<\/dd>\r\n \t
breakeven point<\/dfn><\/dt>\r\n \t
The point at which cost and revenue are equal.<\/dd>\r\n \t
capital<\/dfn><\/dt>\r\n \t
Physical assets or money used in the production of goods and services.<\/dd>\r\n \t
closing inventory<\/dfn><\/dt>\r\n \t
The amount of product on hand at the end of the inventory period.<\/dd>\r\n \t
contribution margin<\/dfn><\/dt>\r\n \t
Portion of sales that can be applied against fixed costs; gross sales minus variable costs.<\/dd>\r\n \t
count<\/dfn><\/dt>\r\n \t
1. Number of items in stock\r\n2. Number of items in a case or to the pound or kilogram<\/dd>\r\n \t
directs<\/dfn><\/dt>\r\n \t
Products purchased and used as soon as they arrive or on the same day.<\/dd>\r\n \t
edible product (EP) weight<\/dfn><\/dt>\r\n \t
The amount of usable product after cleaning or portioning.<\/dd>\r\n \t
extending<\/dfn><\/dt>\r\n \t
Calculating the total value of goods on hand after taking a physical inventory.<\/dd>\r\n \t
FIFO<\/dfn><\/dt>\r\n \t
First in, first out; a system of managing inventory so that the product received first gets used first.<\/dd>\r\n \t
fixed cost<\/dfn><\/dt>\r\n \t
Costs which do not change based on the volume of business.<\/dd>\r\n \t
food cost<\/dfn><\/dt>\r\n \t
The direct cost of food.<\/dd>\r\n \t
inventory<\/dfn><\/dt>\r\n \t
Total goods in stock at any one time.<\/dd>\r\n \t
invoice<\/dfn><\/dt>\r\n \t
A document indicating the amount owed for goods or services.<\/dd>\r\n \t
labour cost<\/dfn><\/dt>\r\n \t
The cost of labour required for a fixed period of time; usually reflected as a percentage of sales<\/dd>\r\n \t
menu engineering<\/dfn><\/dt>\r\n \t
1. To maximize profitability by encouraging customers to buy what you want them to buy\r\n2. Structuring of a menu to balance low- and high-profit items to achieve overall target food costs and profit<\/dd>\r\n \t
opening inventory<\/dfn><\/dt>\r\n \t
The amount of product on hand at the start of the inventory period.<\/dd>\r\n \t
overhead<\/dfn><\/dt>\r\n \t
The ongoing expenses required to operate a business that are not direct costs of producing goods or services.<\/dd>\r\n \t
par stock<\/dfn><\/dt>\r\n \t
Maximum amount of an item that should be in stock at any one time.<\/dd>\r\n \t
perpetual inventory<\/dfn><\/dt>\r\n \t
A system of tracking product as it is received and used, thereby keeping a running total of items on hand<\/dd>\r\n \t
physical inventory<\/dfn><\/dt>\r\n \t
A physical inventory requires that all items in storage be counted periodically.<\/dd>\r\n \t
point-of-sale (POS) system<\/dfn><\/dt>\r\n \t
A computerized system that coordinates customer purchases, sales, and costs through various linked terminals in a business.<\/dd>\r\n \t
portion cost<\/dfn><\/dt>\r\n \t
The cost of a single portion.<\/dd>\r\n \t
productivity<\/dfn><\/dt>\r\n \t
A measure of the amount of work done in a fixed period.<\/dd>\r\n \t
profit<\/dfn><\/dt>\r\n \t
Any revenue left over after all costs have been covered.<\/dd>\r\n \t
profitability<\/dfn><\/dt>\r\n \t
The amount of profit a business generates compared to sales, usually reflected in a percentage.<\/dd>\r\n \t
purchase order<\/dfn><\/dt>\r\n \t
A document indicating the approval of a quantity of goods ordered from a supplier.<\/dd>\r\n \t
ratio<\/dfn><\/dt>\r\n \t
The proportion between two amounts, usually with one item being referred to as 1.<\/dd>\r\n \t
receiver<\/dfn><\/dt>\r\n \t
The individual responsible for accepting and checking deliveries.<\/dd>\r\n \t
rotate<\/dfn><\/dt>\r\n \t
To rearrange inventory so that the oldest product is placed in front of newly acquired product.<\/dd>\r\n \t
sales<\/dfn><\/dt>\r\n \t
Total revenue received for goods or services in a fixed period.<\/dd>\r\n \t
specific gravity<\/dfn><\/dt>\r\n \t
The density of a substance (mass for a given volume), when compared against a reference substance, such as water.<\/dd>\r\n \t
specifications<\/dfn><\/dt>\r\n \t
Purchase criteria such as size, grade, packaging, market form.<\/dd>\r\n \t
standardized recipe<\/dfn><\/dt>\r\n \t
Consistent, tested recipe that is used by everyone in the kitchen to prepare the same product.<\/dd>\r\n \t
stores<\/dfn><\/dt>\r\n \t
Goods taken from the storage area and used.<\/dd>\r\n \t
turnover<\/dfn><\/dt>\r\n \t
1. Number of times in a period that inventory is turned into revenue.\r\n2. Number of times in a day that a seat is filled.<\/dd>\r\n \t
volume<\/dfn><\/dt>\r\n \t
1. Quantity of product or business.\r\n2. A type of measurement that measures the space taken up by a substance.<\/dd>\r\n \t
yield<\/dfn><\/dt>\r\n \t
Amount of usable product.<\/dd>\r\n \t
yield test<\/dfn><\/dt>\r\n \t
A test to determine the net or edible product (EP) weight from the gross or as purchased (AP) weight.<\/dd>\r\n<\/dl>","rendered":"
\n
as purchased (AP) weight<\/dfn><\/dt>\n
The gross weight.<\/dd>\n
average cover<\/dfn><\/dt>\n
The average amount spent by a customer in a meal period or month.<\/dd>\n
baker\u2019s percentage<\/dfn><\/dt>\n
A formula that states the ingredients in relation to the amount of flour.<\/dd>\n
breakeven point<\/dfn><\/dt>\n
The point at which cost and revenue are equal.<\/dd>\n
capital<\/dfn><\/dt>\n
Physical assets or money used in the production of goods and services.<\/dd>\n
closing inventory<\/dfn><\/dt>\n
The amount of product on hand at the end of the inventory period.<\/dd>\n
contribution margin<\/dfn><\/dt>\n
Portion of sales that can be applied against fixed costs; gross sales minus variable costs.<\/dd>\n
count<\/dfn><\/dt>\n
1. Number of items in stock
\n2. Number of items in a case or to the pound or kilogram<\/dd>\n
directs<\/dfn><\/dt>\n
Products purchased and used as soon as they arrive or on the same day.<\/dd>\n
edible product (EP) weight<\/dfn><\/dt>\n
The amount of usable product after cleaning or portioning.<\/dd>\n
extending<\/dfn><\/dt>\n
Calculating the total value of goods on hand after taking a physical inventory.<\/dd>\n
FIFO<\/dfn><\/dt>\n
First in, first out; a system of managing inventory so that the product received first gets used first.<\/dd>\n
fixed cost<\/dfn><\/dt>\n
Costs which do not change based on the volume of business.<\/dd>\n
food cost<\/dfn><\/dt>\n
The direct cost of food.<\/dd>\n
inventory<\/dfn><\/dt>\n
Total goods in stock at any one time.<\/dd>\n
invoice<\/dfn><\/dt>\n
A document indicating the amount owed for goods or services.<\/dd>\n
labour cost<\/dfn><\/dt>\n
The cost of labour required for a fixed period of time; usually reflected as a percentage of sales<\/dd>\n
menu engineering<\/dfn><\/dt>\n
1. To maximize profitability by encouraging customers to buy what you want them to buy
\n2. Structuring of a menu to balance low- and high-profit items to achieve overall target food costs and profit<\/dd>\n
opening inventory<\/dfn><\/dt>\n
The amount of product on hand at the start of the inventory period.<\/dd>\n
overhead<\/dfn><\/dt>\n
The ongoing expenses required to operate a business that are not direct costs of producing goods or services.<\/dd>\n
par stock<\/dfn><\/dt>\n
Maximum amount of an item that should be in stock at any one time.<\/dd>\n
perpetual inventory<\/dfn><\/dt>\n
A system of tracking product as it is received and used, thereby keeping a running total of items on hand<\/dd>\n
physical inventory<\/dfn><\/dt>\n
A physical inventory requires that all items in storage be counted periodically.<\/dd>\n
point-of-sale (POS) system<\/dfn><\/dt>\n
A computerized system that coordinates customer purchases, sales, and costs through various linked terminals in a business.<\/dd>\n
portion cost<\/dfn><\/dt>\n
The cost of a single portion.<\/dd>\n
productivity<\/dfn><\/dt>\n
A measure of the amount of work done in a fixed period.<\/dd>\n
profit<\/dfn><\/dt>\n
Any revenue left over after all costs have been covered.<\/dd>\n
profitability<\/dfn><\/dt>\n
The amount of profit a business generates compared to sales, usually reflected in a percentage.<\/dd>\n
purchase order<\/dfn><\/dt>\n
A document indicating the approval of a quantity of goods ordered from a supplier.<\/dd>\n
ratio<\/dfn><\/dt>\n
The proportion between two amounts, usually with one item being referred to as 1.<\/dd>\n
receiver<\/dfn><\/dt>\n
The individual responsible for accepting and checking deliveries.<\/dd>\n
rotate<\/dfn><\/dt>\n
To rearrange inventory so that the oldest product is placed in front of newly acquired product.<\/dd>\n
sales<\/dfn><\/dt>\n
Total revenue received for goods or services in a fixed period.<\/dd>\n
specific gravity<\/dfn><\/dt>\n
The density of a substance (mass for a given volume), when compared against a reference substance, such as water.<\/dd>\n
specifications<\/dfn><\/dt>\n
Purchase criteria such as size, grade, packaging, market form.<\/dd>\n
standardized recipe<\/dfn><\/dt>\n
Consistent, tested recipe that is used by everyone in the kitchen to prepare the same product.<\/dd>\n
stores<\/dfn><\/dt>\n
Goods taken from the storage area and used.<\/dd>\n
turnover<\/dfn><\/dt>\n
1. Number of times in a period that inventory is turned into revenue.
\n2. Number of times in a day that a seat is filled.<\/dd>\n
volume<\/dfn><\/dt>\n
1. Quantity of product or business.
\n2. A type of measurement that measures the space taken up by a substance.<\/dd>\n
yield<\/dfn><\/dt>\n
Amount of usable product.<\/dd>\n
yield test<\/dfn><\/dt>\n
A test to determine the net or edible product (EP) weight from the gross or as purchased (AP) weight.<\/dd>\n<\/dl>\n","protected":false},"author":90,"menu_order":2,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"back-matter-type":[37],"contributor":[],"license":[],"class_list":["post-367","back-matter","type-back-matter","status-publish","hentry","back-matter-type-glossary"],"_links":{"self":[{"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter\/367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter"}],"about":[{"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/wp\/v2\/types\/back-matter"}],"author":[{"embeddable":true,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/wp\/v2\/users\/90"}],"version-history":[{"count":5,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter\/367\/revisions"}],"predecessor-version":[{"id":442,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter\/367\/revisions\/442"}],"metadata":[{"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter\/367\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/wp\/v2\/media?parent=367"}],"wp:term":[{"taxonomy":"back-matter-type","embeddable":true,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/pressbooks\/v2\/back-matter-type?post=367"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/wp\/v2\/contributor?post=367"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/opentextbc.ca\/basickitchenandfoodservicemanagement\/wp-json\/wp\/v2\/license?post=367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}