Exam 15: Personal Taxes, Payroll, and Financial Statements

The profit and loss statement is a summary or report of the business operation for a given period of time.

Which of the following is considered a state tax?

____________________ ____________________ are collected for the purpose of operating all the state functions and agencies.

There are situations in the food service industry where an employee is paid a salary plus a commission.

____________________ ____________________ is the expense that remains constant, regardless of the amount of goods that are sold.

____________________ ____________________ is the sales revenue minus variable costs.

Adding together the cost of goods sold and the serving expenses results in the ____________________ cost.

____________________ expenses, also called the cost of ownership, are those that continue whether or not the restaurant is operating.

Variable cost is the changeable cost or expenses that will increase or decrease with the level of sales volume.

In a budget, the areas listed under the two major components, ____________________ and expenditures, will vary, depending on the size of the overall operation.

Which of the following is not considered a local tax?

The ____________________ ____________________ ____________________ ____________________ is a summary or report of the business operation for a given period of time.

Percentage of cost of food sold plus percentage of gross margin will equal 100%.

____________________ cost is the changeable cost or expenses that will increase or decrease with the level of sales volume.

The catering manager at Elegant Fare Catering Company receives a basic salary of $1,070 per month, plus a 2% commission on all the catered business. Last month, the catered business amounted to $31,700. What was her gross wage? $_______________

____________________ ____________________ ____________________ are the sum of all the expenses incurred during the period or month that the P&L statement covered.