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1. Joan borrowed $10,000 from a relative to start her own coffee shop. Assuming she takes all responsibility for the shop's financial risks, the shop is most likely a
A. sole proprietorship. C. corporation.
B. limited partnership. D. partnership.
2. Many quick-serve restaurants are required to follow specific health and sanitation laws to ensure that the
A. business is subject to lawsuits. C. food is safe for consumption.
B. facility receives tax deductions. D. ingredients meet nutritional needs.
3. What aspect of distribution is of major importance to cafeterias?
A. Volume discount C. Buying process
B. Inventory control D. Vendor selection
4. Exclusive dealing is considered illegal in all of the following situations except if the
A. sales revenue involved is sizable.
B. exclusive arrangement is violated; then shipments are cut off.
C. manufacturer is much larger and more intimidating than the dealer.
D. exclusive deal blocks competitors from as much as 10% of the market.
5. Why is it important for a quick-serve restaurant supply company's sales department to coordinate shipping arrangements with its transportation manager?
A. Because the transportation manager needs to obtain a sales forecast report to determine delivery routes
B. So the sales department can arrange for call tags to be issued to pick up merchandise
C. So the transportation manager can advise the sales department to order higher levels of inventory
D. Because sales personnel work directly with customers and understand their delivery requirements
6. To identify the best combination of transportation routes and modes for optimal distribution effectiveness and costs, a supply chain manager would use a(n) __________ model.
A. distribution B. inventory C. queuing D. game theory
7. A large wholesaler might have greater influence in its distribution channel if it selects suppliers that are
A. smaller in size. C. internationally based.
B. financially stable. D. competitive in nature.
8. To contribute to a discussion in a useful way, you avoid
A. paying attention when others are speaking. C. talking about what's on your mind.
B. letting others know if you're stating a fact or opinion. D. blurting out statements without thinking.
9. Which of the following is the beginning step in preparing a complex written report:
A. Outline the text. C. Organize materials.
B. Gather information. D. Define the purpose.
10. What is a good technique for buffet-style restaurant managers to use in order to conduct effective staff meetings?
A. Developing audiovisuals C. Limiting discussion
B. Preparing an agenda D. Providing notebooks
11. A customer has asked how to find a particular location but the coffee shop employee is not sure s/he knows. The most appropriate response for the employee to make would be to
A. tell the customer honestly that s/he doesn't know.
B. ask the customer to wait while s/he gets the information.
C. ask the customer to check with the manager's office.
D. send the customer to the most likely location.
12. As quick-serve restaurant employees go about their daily activities, their actions should be driven by whether the actions will
A. benefit the restaurant. C. result in customer satisfaction.
B. result in additional sales. D. be witnessed by customers.
13. What should you do when you greet ice-cream shop customers courteously but are answered rudely?
A. Remain positive and pleasant with them. C. Answer rudeness with rudeness.
B. Walk away, and wait for them to come to you. D. Stay with the customers, and try to talk with them.
14. Why do sandwich shop employees inspect canned foods and other packaged items during the receiving process?
A. To calculate the weight C. To read the label
B. To verify the temperature D. To check for damage
15. What kind of activities are buffet-style restaurant servers usually expected to perform in order to maintain the side stand?
A. Cleaning condiment bottles C. Clearing customer tables
B. Removing soiled tablecloths D. Replacing flower arrangements
16. Before counting inventory, quick-serve restaurant supply businesses usually make sure that the items to be counted are put
A. in their proper places. C. randomly on tables.
B. where customers can see them. D. in large shipping crates.
17. Employees should help to prevent inventory shrinkage because losses from shrinkage may mean the quick-serve restaurant supply business is unable to
A. provide salary increases. C. train employees.
B. purchase security equipment. D. hire security personnel.
18. Determine whether the following statement is true or false: The utility of a coffee shop menu item is the same for all consumers.
A. False, utility varies from one consumer to another.
B. False, utility depends upon the consumer's income.
C. True, each menu item has the same utility for consumers.
D. True, consumers see menu items in the same light.
19. A characteristic of trade industries is that the services they offer
A. may be limited or full line. C. are always full line.
B. vary from day to day. D. are always limited.
20. A hamburger restaurant announced that it was having a $.99 sale next week. At the same time, another hamburger restaurant announced a $.95 sale. This is an example of
A. differentiation. C. clearance sale.
B. price competition. D. unethical marketing.
21. What federal government agency is responsible for preventing false advertising?
A. Consumer Product Safety Commission C. Environmental Protection Agency
B. Food and Drug Administration D. Federal Trade Commission
22. One way the central banking system regulates the nation's money supply is by changing the
A. inflation rate. C. banks' reserve requirements.
B. public stock-exchange policies. D. tax policies.
23. What category of goods and services which make up gross domestic product includes the money businesses invest in buildings, equipment, vehicles, and furniture?
A. Gross private domestic investment C. Net exports of goods and services
B. Government purchases of goods and services D. Personal consumption expenditures
24. Which of the following negotiating strategies is appropriate to use when you won't see the other person again:
A. Compromising C. Collaborative
B. Accommodating D. Combative
25. When a group confronts a conflict, it is a good idea to
A. apologize for disagreeing. C. compromise on some points.
B. remain judgmental. D. establish boundaries.
26. Which of the following is a negative effect that can occur when a person is unwilling to adapt to new circumstances:
A. Solved problems C. Enhanced relationships
B. Decreased stress levels D. Missed opportunities
27. Any two (or more) things are said to be interdependent if they __________ each other.
A. cooperate C. rely upon
B. know about D. conflict with
28. When establishing investment goals, one of the first steps is to determine how to
A. spend the money. C. pay the bills.
B. obtain the money. D. eliminate the risks.
29. Which of the following presents the steps in the accounting process in the correct order:
A. Summarize, organize, record C. Summarize, record, organize
B. Record, summarize, organize D. Record, organize, summarize
30. Which of the following phrases effectively describes a quick-serve restaurant's income statement:
A. Cash-flow report C. Financial picture
B. Budget estimate D. Income preview
31. Given the following information from a profit-and-loss statement, compute the net profit:
|Net sales |$4,321 |
|Cost of goods sold |$2,875 |
|Operating expenses |$634 |
A. $7,830 B. $1,446 C. $3,687 D. $812
32. Why do quick-serve restaurant chains review job applications/résumés and contact the individuals listed as references?
A. To determine training needs C. To verify accuracy of information
B. To obtain personal data D. To compare job descriptions
33. Which of the following is the major purpose of interviewing job applicants:
A. To determine the applicant's qualifications C. To fulfill legal requirements
B. To identify job duties D. To determine job descriptions
34. Management of a coffee shop chain should realize the importance of accepting responsibility to train and develop human resources because
A. the chain has a legal responsibility to provide training.
B. human resources are the most important asset of the chain.
C. employees expect their employers to provide training.
D. schools do not provide the type of training chains need.
35. Management by objectives, in which the sandwich shop and employees set goals together, provides a basis for evaluating an employee according to
A. how well the employee compares with coworkers. C. how well the employee has met the established goals.
B. the volume of work done by the individual employee. D. whether the objectives were realistic and attainable.
36. What does a quick-serve restaurant need in order to understand why a product that has been a strong seller for a long time is now losing popularity?
A. Sales records C. Secondary data
B. Marketing information D. Purchasing documents
37. When all of the data in a marketing-research project have been collected and analyzed, the next step for the researcher is to
A. evaluate the results of the research. C. tell the business what it should do.
B. make recommendations based on the findings. D. decide whether the project should be continued.
38. What type of information is often included in a salesperson's lost-business reports that a quick-serve restaurant supply business might use to change its marketing strategy?
A. Why customers no longer buy C. Reasons for local unemployment
B. Design of competitors' products D. Quality of promotional materials
39. One reason coffee shops often avoid using open-ended questions as a method of obtaining results from a marketing survey is because the results may be difficult to
A. enter into a database. C. code for evaluation.
B. store for future use. D. distribute to management.
40. The most common way for a quick-serve restaurant to establish serving forecasts for each menu item is by
A. multiplying the desired yield percentage by two.
B. dividing the annual cost of ingredients by total volume.
C. doubling the total sales of each item from the previous quarter.
D. averaging the servings previously sold during similar time periods.
41. Successful quick-serve restaurants know that their main responsibility is to market
A. the lowest priced items. C. what consumers want.
B. what is easiest for them to make. D. all the items they can produce.
42. Which of the following is a psychographic characteristic that pizza restaurants often use to identify market segments:
A. Type of dining habits C. Quality of health
B. Number of family members D. Style of living
43. What is one question that a buffet-style restaurant must answer when identifying a potentially profitable target market?
A. What are monthly variable expenses? C. Is the market responsive?
B. Does the product have form utility? D. What is the reach and frequency of the advertising medium?
44. Which of the following is an important part of a coffee shop's marketing plan:
A. Purchasing policies C. Operating systems
B. Human resources D. Promotional activities
45. Which of the following is an internal strength that a chain of hamburger restaurants might identify during a SWOT analysis:
A. Increased expenses C. Financial resources
B. Extensive regulations D. Limited competition
46. Which of the following is a reason why many coffee shop chains assess global trends and opportunities:
A. To enter the international market C. To locate warehouse space
B. To set up shipping routes D. To identify foreign intermediaries
47. Which of the following would not affect the accuracy of a sales forecast:
A. Population changes C. Changes in demand
B. Location of the cafeteria D. New competitors
48. If a quick-serve restaurant supply business currently has 325 customers who each spend $25,000 a year and develop a marketing plan to increase the number of customers by 8%, by what amount will the business's income increase?
A. $675,500 B. $625,500 C. $600,000 D. $650,000
49. One way to evaluate the performance of a taco restaurant's marketing plan is to compare the marketing objectives with the
A. actual results. C. possible options.
B. market conditions. D. sales policies.
50. Which of the following is a typical reason why sandwich shops keep promotional records:
A. To answer employees' questions C. To keep each promotion under budget
B. To prepare for lawsuits in advance D. To time each promotion appropriately
51. A reason that restaurants use steam tables to keep food hot is that steam tables
A. hold several layers of pans. C. require no maintenance.
B. provide even heat. D. provide overnight storage.
52. Buffet-style restaurants can reduce loss due to check-writing fraud artists by training employees to
A. ask customers if the checks are legitimate.
B. make sure the personal information on the check matches the photo identification.
C. make exceptions to the check acceptance policy with supervisor approval.
D. ask for a credit card to verify identity.
53. Why do many restaurants have procedures that require employees to remove a specified amount of money from the registers when the money reaches a certain limit?
A. To count currency C. To wrap bills
B. To safeguard cash D. To make deposits
54. Which of the following often is part of a sandwich shop's pest control program:
A. Storing leftovers C. Washing vegetables
B. Using chemicals D. Buying detergents
55. Which of the following situations is an example of a hazard that affects the safety of the quick-serve restaurant's employees and customers:
A. Proper lighting throughout the building C. Wide aisles to accommodate foot traffic
B. Boxes stacked in front of a fire exit D. Secure locks on the building's exterior doors
56. Purchasing can help pizza restaurants to sharpen their competitive edge by
A. promoting products to customers. C. limiting delivery of ingredients.
B. maximizing inventory investment. D. keeping their prices down.
57. What do quick-serve restaurant managers need to do to develop and maintain the level of quality that customers expect?
A. Monitor all aspects of the restaurant C. Consider the type of competition
B. Obtain industry information D. Prepare an operating budget
58. In relation to unexpected events, which of the following is a true statement about project planning:
A. Plans should change if necessary.
B. Plans should be made right before the project starts.
C. Plans should always stay the same.
D. Plans should be monitored.
59. The quick-serve restaurant supply business employee covered the computer keyboard at night, did not eat while working on the keyboard, and avoided dropping heavy objects on it. The employee's careful handling of the keyboard helped the company to
A. increase sales. C. purchase advertising.
B. control expenses. D. promote employees.
60. Why is it important for coffee shop employees to keep the facilities clean and attractive for customers?
A. To maintain sales C. To display stock
B. To monitor inventory D. To satisfy vendors
61. What are people often relying on when they use the sleep-on-it technique to generate ideas?
A. Internal curiosity C. Natural ability
B. Personal intelligence D. Subconscious mind
62. Prioritizing activities helps you to make the most efficient use of your
A. tact. C. product knowledge.
B. disposable income. D. time.
63. What information should appear in the first paragraph of a letter of application?
A. Job applying for C. Telephone number
B. Salary requirements D. Name of applicant
64. A characteristic of the modern quick-serve restaurant industry is that the industry is largely controlled by
A. private owners. C. major chains.
B. lodging operators. D. nonprofit groups.
65. Can a quick-food restaurant's prices be set too low?
A. No, the lower the price, the greater the bargain.
B. Yes, customers may feel product quality is also low.
C. Yes, customers may be offended by prices that are too low.
D. No, the lower the price, the greater the product's appeal.
66. Which of the following is an example of price fixing:
A. Two different types of quick-serve restaurant supply businesses export goods and sell the items below cost.
B. One quick-serve restaurant supply business agrees to sell a brand item to a customer for 10 percent less than its competitor.
C. One quick-serve restaurant supply business acquires another business so that it can expand its product line.
D. Two competing quick-serve restaurant supply businesses agree to set the same price for similar items in their product lines.
67. One way for a sandwich shop to accomplish its goal of selling a large volume of specialty desserts is to charge __________ prices.
A. high C. low
B. moderate D. competitive
68. What pricing strategy is a quick-serve restaurant using when all of its menu prices end in a "9"?
A. Rounding C. Discount
B. Multiple-unit D. Odd-cent
69. The quick-serve restaurant supply company manager added together the cost of purchasing the goods, the cost of transporting them to the business, and the cost of getting them ready to sell to determine the __________ the company.
A. overhead expenses owed by C. final cost of the product to
B. gross margin of profit for D. prime interest rate for
70. Many food products carry labels that show the U.S. Recommended Daily Allowances, or RDAs. RDAs help cafeterias to
A. reduce cholesterol. C. plan healthy meals.
B. be better cooks. D. lose weight.
71. During the introductory stage of a product's life cycle, a quick-serve restaurant supply business is most likely to
A. develop and implement intensive distribution strategies.
B. promote the product aggressively to create product awareness.
C. earn high profits and gain the desired reputation.
D. price the product to effectively penetrate the market.
72. Which of the following is an example of a quick-serve restaurant supply business behaving ethically in an effort to protect consumers:
A. Explaining the new manufacturing process
B. Wrapping products in plain paper
C. Placing informative commercials on television
D. Using tamper-resistant packaging
73. Many quick-serve restaurants are adding salad and fruit to their menus to accommodate health-conscious people. This is an example of market opportunity driven by
A. persistence. C. supply.
B. trends. D. indifference.
74. Todd recently purchased a refrigerator for his ice-cream shop from ABC Supply Company. After two weeks of normal use, the refrigerator broke. ABC had promised Todd that it would refund his entire purchase price if the refrigerator did not perform as expected. This promise would be classified as a
A. limited guarantee. C. limited warranty.
B. warranty. D. guarantee.
75. If a quick-serve restaurant supply company's follow-up activities indicate that a customer had a positive buying experience, the company is likely to obtain
A. sales quotas. C. free advertising.
B. unfavorable publicity. D. repeat sales.
76. Quick-serve restaurant chains often identify a product to fill customer needs or wants in order to appeal to a certain
A. advertiser. C. investor group.
B. sponsor. D. market segment.
77. A sandwich shop that decides to add certain breakfast items to its regular menu is increasing its
A. customer service. C. product mix.
B. cooking capacity. D. sales revenue.
78. What do hamburger restaurant chains need to define and write out before building their brand?
A. Expectations C. Guidelines
B. Core values D. Unique name
79. After a quick-serve restaurant supply business plans the amount of profit desired, the next item to be decided in the merchandise plan is planned
A. purchases. C. salaries.
B. sales. D. reductions.
80. A small sandwich shop that is well known for its homemade chocolate cheesecake suddenly runs short on several ingredients. To order the items quickly, the shop uses the __________ buying method.
A. cost-plus C. formal
B. blank-check D. informal
81. A candy shop mailing free samples to customers is an example of a(n) __________ promotional technique.
A. nonpersonal C. individual
B. internal D. personal
82. In which stage of a quick-serve restaurant supply product's life cycle do promotional activities focus on differences between competing products?
A. Introductory C. Declining
B. Growth D. Introduction
83. Which of the following terms describes a technology function that allows customers to view video and hear audio about a product on a quick-serve restaurant's web site:
A. Webcast C. Opt-in e-mail
B. Broadband D. Media-byte
84. A local coffee shop is having a sale on breakfast items. Which of the following advertising media would be most effective in promoting the sale to the shop's clientele:
A. Direct mail B. Broadcast C. Magazine D. Out-of-home
85. A positive result of suggestion selling is that it can increase a quick-serve restaurant's
A. expenses. B. gross sales. C. stockouts. D. ending inventory.
86. Which of the following promotional activities would be most likely to increase dinner-hour business for a quick-serve restaurant located near a theater:
A. Offer free parking to theatergoers C. Offer a discount to large groups
B. Advertise the restaurant's daily specials D. Give a discount to theater ticket holders
87. One reason why sandwich shops write menu descriptions that appeal to the senses is to help customers
A. order correctly. C. identify nutrients.
B. visualize the items. D. calculate the cost.
88. A local buffet-style restaurant has set an amount to spend on advertising, established a promotional goal to increase sales, and scheduled its ads. This restaurant is engaged in creating a(n)
A. promotional plan. C. balance sheet.
B. marketing mix. D. activity quota.
89. When is a quick-serve restaurant supply salesperson's job done?
A. When the customer is satisfied C. After the deal has closed
B. After the sales presentation D. When the item can no longer be returned
90. A quick-serve restaurant supply business that has built a loyal clientele is at an advantage because its
A. customers will always be loyal to the business. C. selling costs are usually reduced.
B. vendors offer better discounts. D. salespeople have more time to take care of stock.
91. In sales ethics, when quick-serve restaurant supply salespeople answer questions they don't really know the answers to, they are
A. displaying arrogance. C. acting aloof.
B. simply guessing. D. plainly deceiving.
92. A customer is more likely to buy a product when the quick-serve restaurant supply salesperson is able to
A. translate the product's features into benefits. C. explain obvious product features effectively.
B. obtain product information quickly. D. offer product discounts and service warranties.
93. Follow-up calls or letters to sandwich shop owners are a part of the step in the selling process known as
A. reaffirming the buyer-seller relationship. C. discovering needs.
B. establishing a positive tone. D. reaching closure.
94. A direct-mail campaign is often more successful when the pizza restaurant verifies that the information that it has about recipients, or the target market, is
A. conventional. B. extensive. C. accurate. D. unusual.
95. Which of the following is an example of a quick-serve restaurant employee recommending additional menu items to a customer:
A. "Do you want to order the large order of hot chicken wings or the small one?"
B. "Would you like to order anything else?"
C. "Would you like to try our tasty frozen chocolate yogurt for dessert?"
D. "Do you want Italian, French, or Ranch dressing with your salad?"
96. What would be the total dinner bill if the dinner was $11.50 and sales tax was 4%?
A. $12.01 B. $11.96 C. $12.43 D. $15.73
97. To determine if a cafeteria customer's credit card is current, you should
A. check the bad card list. C. obtain an authorization number.
B. check the expiration date on the card. D. verify the signature on the card.
98. One reason why it is important for quick-serve restaurants to fill customers' drive-up orders promptly is because those customers usually expect
A. fast service. B. quality food. C. high prices. D. long lines.
99. Which of the following represents the major functions of management:
A. Researching, collecting information, reporting C. Evaluating, motivating, training
B. Planning, organizing, staffing, directing, controlling D. Budgeting, scheduling, developing procedures, delegating
100. Which of the following parts of a business plan lists all of the document's sections with their page numbers:
A. Product(s) offered B. Appendices C. Table of contents D. Financial plan
1. A
Sole proprietorship. A sole proprietorship is owned and operated by one individual. Although Joan obtained a loan, she is still the sole owner/operator. A partnership is owned and operated by two or more persons. A limited partnership exists when some (but not all) partners have limited legal liability for the business. A corporation is a form of business ownership in which the business is owned by stockholders who have purchased shares of stock.
SOURCE: BL:003
SOURCE: BA LAP 7—Own It Your Way
2. C
Food is safe for consumption. Quick-serve restaurants are in business to provide customers with prepared food to eat on-site or off-site. The restaurants are responsible for making sure that the food is safe to eat. Unsafe or contaminated food can result in serious illness if consumed. Governments often develop strict guidelines for restaurants to follow so that foods are maintained at appropriate temperatures, employees engage in appropriate hygiene habits, and that the facility is clean. Many governments inspect restaurants on a regular basis and require the facilities to gain certification. Restaurants do not necessarily receive tax deductions by following health and sanitation laws. Health and sanitation laws might help reduce the number of lawsuits that customers file. Customers often file lawsuits when they become ill or incapacitated from restaurant food or from injuries obtained on the restaurant's premises. Every ingredient is not added to food to provide nutrition. Often, ingredients (e.g., spices) are added to food to enhance the flavor of the dish.
SOURCE: BL:066
SOURCE: Mill, R.C. (1998). Restaurant management: Customers, operations, and employees
(pp. 241, 243-247). Upper Saddle River, NJ: Prentice Hall.
3. B
Inventory control. Inventory control is a distribution activity that involves keeping track of how much stock is on hand, how much has been sold or used, and how much is on order. Inventory control is so important that it has been called the watchdog of the distribution system. A volume discount is a discount which is based on the quantity of a purchase. The buying process is a series of sequential steps taken by industrial or retail buying personnel to purchase goods and services. Vendor selection is the process of identifying dependable and responsible suppliers of goods and services.
SOURCE: CM:001
SOURCE: DS LAP 1—Distribution
4. B
Exclusive arrangement is violated; then shipments are cut off. Typically, exclusive dealing provides considerable market protection for manufacturers. As long as they do not block 10% or more of the competitors, the sales revenues are small, and the manufacturer is not using its size to intimidate—exclusive dealing is legal. Manufacturers are free to cut off shipments if the dealer violates the exclusive arrangement.
SOURCE: CM:005
SOURCE: Pride, W.M., & Ferrell, O.C. (2000). Marketing: Concepts and strategies (2000e)
[pp. 366-367]. Boston: Houghton Mifflin.
5. D
Because sales personnel work directly with customers and understand their delivery requirements. Sales representatives communicate directly with the customers and can relay information regarding delivery dates and acceptable shipping modes. For example, a customer who needs an item in three days tells the sales representative that s/he is willing to pay the extra charge for the item to be shipped via air freight. The transportation manager receives the information from the sales representative and makes the arrangements to have the order shipped in a timely, appropriate manner. The transportation manager coordinates shipping activities and the purchasing department generally orders the inventory, not the sales department. Transportation does not need a sales forecast report to determine delivery routes. Generally, the transportation manager or staff arranges for product pickups, not the sales department.
SOURCE: CM:007
SOURCE: Coyle, J., Bardi, E. & Langley, C. (2003). The management of business logistics: A supply chain perspective (7th ed.) [pp. 51-52]. South-Western.
6. A
Distribution. A distribution model is used to determine the best pattern of distribution across different carrier routes. It indicates the most cost-effective and fastest method of moving goods from one location to another. Inventory models aid in determining proper inventory levels. Queuing models involve the amount of time that customers wait in line. Game theory is used to predict how a competitor will react to various activities of a business.
SOURCE: CM:009
SOURCE: Griffin, R. (2002). Management (7th ed.) [pp. 724-725]. Boston: Houghton Mifflin.
7. A
Smaller in size. A large company generally has more buying power than a smaller company. In addition, the smaller supplier might depend on a large company for the bulk of its business. Therefore, the large company might possess a greater influence in determining how the smaller company or supplier operates and responds to its larger customer. The supplier does not want to risk losing the larger company's business. For optimal service levels, the selection of all the members of a distribution channel should be financially stable. Therefore, company size in terms of selecting financially stable channel members does not necessarily yield greater influence. In addition, selecting suppliers that are internationally based or competitive in nature does not necessarily mean that the larger company will have greater influence in its distribution channel.
SOURCE: CM:010
SOURCE: Monczka, R., Trent, R., & Handfield, R. (2002). Purchasing and supply chain management (2nd ed.) [p. 250]. Mason, OH: South-Western.
8. D
Blurting out statements without thinking. To contribute to a discussion in a useful way, you avoid blurting out statements without thinking. You take a moment to decide what you'll say—and the best way to say it. You do let others know if you're stating a fact or opinion. You do talk about what's on your mind. And, you do pay attention when others are speaking.
SOURCE: CO:053
SOURCE: QS LAP 29—Put In Your Two Cents
9. D
Define the purpose. One of the first steps in preparing a complex written report is defining the purpose of the report. Complex reports can have many purposes such as providing background information, summarizing a problem, or offering recommendations. The person preparing the report first needs to have a clear understanding of the purpose of the report before gathering information, organizing materials, or outlining the text.
SOURCE: CO:009
SOURCE: Lesikar, R.V., Pettit, J.D., Jr., & Flatley, M.E. (1999). Lesikar's basic business communication (8th ed.) [p. 278]. Boston: Irwin/McGraw-Hill.
10. B
Preparing an agenda. An agenda is a list of topics that will be discussed at the staff meeting. It is the plan that managers follow in order to cover all the issues in a timely manner. Buffet-style restaurant managers usually develop an agenda in advance and give it to staff members so that they will be prepared to discuss the topics during the meeting. Managers usually encourage discussion during staff meetings. It is not necessary for managers to develop audiovisuals or provide notebooks in order to conduct effective staff meetings.
SOURCE: CO:140
SOURCE: Hyden, J.S., Jordan, A.K., Steinauer, M.H., & Jones, M.J. (1999). Communicating for success (2nd ed.) [pp. 553-554]. Cincinnati: South-Western Educational.
11. B
Ask the customer to wait while s/he gets the information. The coffee shop employee should make an effort to obtain the information for the customer from other employees or the manager's office. Customers do not appreciate being sent somewhere on the chance that it might be the correct location. Telling the customer s/he doesn't know is honest but is also poor customer service.
SOURCE: CO:073
SOURCE: Ancona, P. (2002). SuccessAbilities! (pp. 100-101). Indianapolis: JIST Works.
12. C
Result in customer satisfaction. Making customers feel important is a goal of demonstrating a customer-service mindset. Customers should feel welcome and that their satisfaction is important to everyone concerned. By focusing on the customers' needs, quick-serve restaurant employees can increase sales and benefit the business. The customer-service mindset should be practiced by all employees regardless of whether employees have direct contact with customers.
SOURCE: CR:004
SOURCE: HR LAP 32—Customer-Service Mindset
13. A
Remain positive and pleasant with them. Try to remember that ice-cream shop customers are individuals who have their own problems, and their rudeness should not be taken personally. Customers who are rude or disagreeable often are calmed by employees who are courteous and remain positive and pleasant. Staying with them when they don't want help can make matters worse. Being rude or abandoning the customer can lose sales.
SOURCE: CR:009
SOURCE: EI LAP 1—Making Mad Glad (Handling Difficult Customers)
14. D
To check for damage. During the receiving process, sandwich shop employees inspect canned foods and other packaged items to check for possible damage to the cans or packaging. If the cans or packaged items are damaged in any way, it might indicate that the contents are spoiled or contaminated and no longer safe. Employees often reject damaged canned or packaged foods because the sandwich shop does not want to use food that may no longer be safe for customers to consume. Canned foods and many types of packaged items are kept at room temperature so it is not necessary to verify the temperature. Employees do not read labels during the receiving process. Meats and fresh produce are often weighed, but canned foods and most packaged items are not.
SOURCE: DS:061
SOURCE: Mill, R.C. (1998). Restaurant management: Customers, operations, and employees
(pp. 198-199). Upper Saddle River, NJ: Prentice Hall.
15. A
Cleaning condiment bottles. Buffet-style restaurant servers usually are expected to maintain the side stand, which often involves performing such tasks as cleaning condiment bottles. Servers should keep the side stands clean and fully stocked at all times. Restaurant servers should clean the outside of condiment bottles and the neck areas before giving them to customers to use. If servers combine the contents of several partially used condiment bottles, they should clean the bottle caps as well as the bottles and neck areas. Restaurant servers also might be expected to clear customer tables, remove soiled tablecloths, and replace flower arrangements; but these activities do not maintain the side stand.
SOURCE: DS:017
SOURCE: Kirkham, M., Weiss, P., & Crawford, B. (2000). The waiting game: The ultimate guide to waiting tables (pp. 4-5). Austin, TX: Twenty Per Cent.
16. A
In their proper places. Quick-serve restaurant supply businesses usually sort all the items to be counted and put them in their proper places before starting the inventory. Making sure that all the items are in the right place helps the counting process to go faster and be more accurate. Putting items where customers can see them, randomly on tables, or in large shipping crates would not create an efficient process for counting.
SOURCE: DS:024
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 508-511).
New York: Glencoe/McGraw-Hill.
17. A
Provide salary increases. Quick-serve restaurant supply businesses that lose profits because of additional expenses for systems to prevent inventory shrinkage often are unable to provide salary increases. The money spent on preventing inventory shrinkage cannot be used for employee benefits, such as salary increases. Purchasing security equipment, training employees, and hiring security personnel are examples of how businesses spend money to prevent inventory shrinkage.
SOURCE: DS:026
SOURCE: DS LAP 4—Inventory Shrinkage
18. A
False, utility varies from one consumer to another. Utility is usefulness or the ability to satisfy consumer needs and wants. Since needs and wants vary from one consumer to another, the utility of a coffee shop menu item also varies. For example, one customer might want an omelet, but another customer does not like eggs so an omelet would not be useful to that customer. Utility depends upon the consumer's needs and wants, not his/her income.
SOURCE: EC:004
SOURCE: EC LAP 13—Use It
19. A
May be limited or full line. Each trade industry must decide how broad the range of services it offers to customers will be. They are not always limited or full line, but they are not changed on a daily basis as this would be confusing to customers and cause problems for the business.
SOURCE: EC:070
SOURCE: MB LAP 6—Business and Society
20. B
Price competition. This is the lowering of prices by two or more competitors to attract customers. Price competition is a basic component in the free enterprise system and is not considered unethical. Although these stores are having sales, it is not stated that clearance merchandise is being sold.
SOURCE: EC:012
SOURCE: EC LAP 8—Ready, Set, Compete!
21. D
Federal Trade Commission. Other objectives of the FTC are to promote free competition, prevent price discrimination, and to enforce truthful labeling. The Environmental Protection Agency enforces antipollution laws and strives to conserve our natural resources. The Food and Drug Administration regulates food, drug and cosmetic products sold throughout our country. The Consumer Product Safety Commission sets and enforces safety standards for various kinds of consumer products.
SOURCE: EC:008
SOURCE: EC LAP 16—Government and Business
22. C
Banks' reserve requirements. The Federal Reserve System (Fed) is the central banking organization of the United States that monitors and regulates the flow of credit and money. The Fed requires all commercial banks to keep a certain percentage of money in reserve. The Fed monitors economic activities, such as inflation and unemployment, to determine if it should increase or lower the required reserve percentage. Increasing the required reserves tends to slow down the economy because banks do not have as much money to loan. One reason the Fed increases the reserve requirements is to slow the inflation rate. Decreasing the required reserves provides banks with more money to loan, which stimulates spending. The Fed does not change public stock-exchange or tax policies. By changing the reserve requirements, the Fed can influence the inflation rate, but it cannot change it by a specific measure.
SOURCE: EC:098
SOURCE: Miller, R.L. (2005). Economics: Today and tomorrow (pp. 412-413). New York: Glencoe/McGraw-Hill.
23. A
Gross private domestic investment. Gross private domestic investment includes investment in both residential and nonresidential buildings and equipment, as well as changes in the value of business inventories. Personal consumption expenditures include the final market value of all services and new and used goods purchased for consumption by individuals and nonprofit institutions. Government purchases include everything purchased by local, state, and federal governments. Net exports are the difference between what the country buys from other countries and what it sells to other countries.
SOURCE: EC:017
SOURCE: EC LAP 1—Gross Domestic Product
24. D
Combative. A person who uses the combative negotiating style considers only her/his interests, and is ready to fight to achieve a desired outcome at any cost. This negotiating style is appropriate to use when the relationship is not important and you won't see the other person again. When a person uses the accommodating negotiating style, s/he agrees to a certain course of action that benefits someone else, even though s/he does not equally benefit from the transaction. A person who uses the collaborative negotiating style wants an outcome in which everyone is satisfied. Compromising is not a negotiating style but a tactic that involves giving on some points and gaining on others.
SOURCE: EI:062
SOURCE: EI LAP 8—Make It a Win-Win (Negotiation in Business)
25. D
Establish boundaries. When a group meets to confront a conflict, it is a good idea to establish boundaries (rules). Boundaries are guidelines that provide each person with an opportunity to express his/her feelings, concerns, and ideas about the disagreement in a nonjudgmental way. When people are defining the conflict resolution, they must often compromise. Apologizing is appropriate if people make mean-spirited comments during the conflict resolution process.
SOURCE: EI:015
SOURCE: EI LAP 7—Stop the Madness (Conflict Resolution in Business)
26. D
Missed opportunities. An opportunity is a circumstance that presents itself as a favorable means to meeting an objective. By resisting or refusing to adapt to new circumstances, a person risks missing or losing a positive outcome. A person's stress level often increases when s/he does not adapt to new circumstances. Enhanced relationships and solved problems are positive effects of adapting to new circumstances.
SOURCE: EI:006
SOURCE: QS LAP 15—Stuff Happens
27. C
Rely upon. Any two (or more) things are interdependent if they rely upon each other. Knowing about each other or ignoring each other would not be enough to create interdependence. Being in conflict would indicate some degree of independence rather than interdependence.
SOURCE: EI:037
SOURCE: EI LAP 5 — Can You Relate? (Positive Working Relationships)
28. B
Obtain the money. When establishing investment goals, it is necessary to determine how to obtain the money to invest before it is possible to start investing. Individuals should review all of their sources of income to determine how much will be available to invest. Also, they should review their expenses to determine if there are ways to cut back so more funds will be available to invest. Establishing investment goals is not useful unless there is money to invest. Determining how to spend the money is often part of the investment goal. Determining how to pay the bills and eliminate the risks are not the first steps in establishing investment goals.
SOURCE: FI:079
SOURCE: Kapoor, J.R., Dlabay, L.R., Hughes, R.J., & Hoyt, W.B. (2005). Business and personal finance (pp. 239-241). New York: Glencoe/McGraw-Hill.
29. D
Record, organize, summarize. Business transactions must be recorded in a journal, then sorted and posted into the appropriate ledger, and finally summarized into a form or report that makes the data usable.
SOURCE: FI:085
SOURCE: FI LAP 5—Show Me the Money (Nature of Accounting)
30. C
Financial picture. A quick-serve restaurant's income statement summarizes where the restaurant's money came from and where it went. It is an entire financial picture that lists all revenues and expenses for a certain time period, usually one year. An income statement includes information used in budgets and cash-flow reports. It is a picture of a restaurant's financial status, rather than a prediction of the financial future.
SOURCE: FI:094
SOURCE: FI LAP 4—Watch Your Bottom Line (Income Statements)
31. D
$812. Net profit is computed by subtracting cost of goods sold and total expenses from net sales. In this situation, $4,321 (net sales) - $3,509 (cost of goods sold + operating expenses) = $ 812 (net profit).
SOURCE: FI:102
SOURCE: Stull, W.A. (1999). Marketing and essential math skills: Teacher's edition (pp. 237-239). Cincinnati: South-Western Educational.
32. C
To verify accuracy of information. Quick-serve restaurant chains review, or screen, job applications/résumés to identify the best candidates to interview. Part of the screening process usually involves contacting the individuals listed as references to verify the accuracy of the information provided. By contacting references, such as former employers, chains can find out if applicants did the type of work they said they did. Chains do not contact the individuals listed as references to obtain personal data, determine training needs, or compare job descriptions.
SOURCE: HR:354
SOURCE: Lussier, R.N. (2003). Management fundamentals: Concepts, applications, skill development (2nd ed.) [p. 241]. Mason, OH: South-Western.
33. A
To determine the applicant's qualifications. Interviewing job applicants gives employers the opportunity to evaluate the applicant's background, interests, goals, and personal characteristics. The interviewer can also answer any questions the applicant may have about the business. There is no law requiring job interviews. Job descriptions and identification of job duties are completed prior to interviewing prospective candidates.
SOURCE: HR:356
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 812, 817-818). New York: Glencoe/McGraw-Hill.
34. B
Human resources are the most important asset of the chain. Management of a coffee shop chain should try to increase the value of its most important asset—human resources—by accepting the responsibility to provide training and development. This is true even though companies are not legally required to provide training programs, and many employees have already received quality instruction and training in school.
SOURCE: HR:362
SOURCE: MN LAP 42—Training/Human Resource Development
35. C
How well the employee has met the established goals. Management by objectives involves the joint setting of goals and the periodic evaluation of how well the employee has met those goals. The goals might include a certain volume of work, but that would not be true in all cases. The evaluation does not compare the employee with others. Setting goals that are realistic and attainable is important to the success of MBO.
SOURCE: HR:368
SOURCE: Daft, R.L., & Marcic, D. (2001). Understanding management (3rd ed.) [pp. 147-148]. Cincinnati: Thomson/South-Western.
36. B
Marketing information. Marketing information is all of the marketing-related data available inside and outside the quick-serve restaurant. This includes information about customers, competitors, demographics, etc. Quick-serve restaurants need marketing information in order to understand why a product that has been a strong seller for a long time is now losing popularity. For example, marketing information might tell a quick-serve restaurant that the target market for the product is decreasing in size because of age, or that a competitor has introduced a similar product that sells for less. Once the quick-serve restaurant understands the reason for the loss in popularity, it can take steps to correct the problem. Sales records are a type of marketing information, but they usually indicate only the decrease in sales rather than the reason for the decrease. Secondary data is a type of marketing information that has been collected for purposes other than the project at hand. It may not be useful in determining why a product is now losing popularity. Purchasing documents are documents a quick-serve restaurant uses to purchase goods and services.
SOURCE: IM:012
SOURCE: Zikmund, W., & d'Amico, M. (2001). Marketing: Creating and keeping customers in an
e-commerce world (7th ed.) [pp. 124-125]. Mason, OH: South-Western.
37. B
Make recommendations based on the findings. When the research efforts are complete, researchers are expected to prepare a report of their findings and make recommendations to the business based on those findings. It is then up to the business to decide whether more research needs to be done and exactly what it should do. The business evaluates the results of the research after the recommendations are implemented.
SOURCE: IM:010
SOURCE: IM LAP 5—Nature of Marketing Research
38. A
Why customers no longer buy. Quick-serve restaurant supply businesses usually require their salespeople to complete a variety of sales reports including lost-business reports. Quick-serve restaurant supply businesses monitor lost-business reports because they usually contain an explanation of why customers no longer buy from the business. The reports might indicate that customers are dissatisfied with the product, dissatisfied with the business's credit policies, or are getting better prices and more service from competitors. A quick-serve restaurant supply business might use this information to make changes to its marketing strategy in an attempt to regain customers or to prevent other customers from taking their business elsewhere. The more information that a quick-serve restaurant supply business obtains from lost-business reports, the better able it is to make useful and effective marketing decisions. Lost-business reports do not include information about the design of competitors' products, reasons for local unemployment, or quality of promotional materials.
SOURCE: IM:184
SOURCE: Kotler, P. (2000). Marketing management (10th ed.) [pp. 47, 633-634]. Upper Saddle River, NJ: Prentice Hall.
39. C
Code for evaluation. Coffee shops assign codes to survey responses in an effort to use the information in a numerical mode. Open-ended questions are designed so that respondents react to questions in a manner that requires more than "yes" or "no" as an answer. Because possible responses are not controlled or limited, coding is often more difficult. If businesses are not able to assign codes to the responses, the survey results may be extremely difficult to evaluate. The results of surveys that contain open-ended questions are not difficult to store for future use, to enter into a database, or to distribute to management.
SOURCE: IM:062
SOURCE: Hair, J.F., Jr., Bush, R.P., & Ortinau, D.J. (2000). Marketing research: A practical approach for the new millennium (p. 488). Boston: Irwin/McGraw-Hill.
40. D
Averaging the servings previously sold during similar time periods. Quick-serve restaurants use forecasts to determine how many servings of each menu item they need to prepare to satisfy customer demand. If the quick-serve restaurant prepares too many servings, the food is wasted and profits are lost. If the quick-serve restaurant prepares too few servings, there is not enough food to satisfy its customers and sales are lost. A quick-serve restaurant often looks to its previous sales for similar time periods to determine how many servings of an item it should prepare. Dividing the annual cost of ingredients by total volume, doubling the total sales of each item from the previous quarter, and multiplying the desired yield percentage by two are not methods that quick-serve restaurants use to establish menu-item serving forecasts.
SOURCE: IM:201
SOURCE: Mill, R.C. (2001). Restaurant management (2nd ed.) [p. 211]. Upper Saddle River, NJ: Prentice Hall.
41. C
What consumers want. Quick-serve restaurants have found that it is just plain good business to base their decision making on customer needs and wants. They have learned that it is much better to determine what the customer wants and offer that item, than to develop or prepare an item and then try to sell it. It is better for restaurants to find out what the consumer is willing to buy instead of trying to market what is easiest to make. Successful restaurants know that the quantity of items they can produce is greater than consumer demand. It is not always effective to market the lowest priced items.
SOURCE: MK:001
SOURCE: BA LAP 11—Have It Your Way!
42. D
Style of living. Psychographic segmentation is the division of a market on the basis of consumers' lifestyles and personalities. Many pizza restaurants identify market segments based on psychographics in order to understand the way in which people lead their daily lives, which often is determined by their income, interests, and activities. By identifying these various market segments, businesses will be able to understand their different wants and needs. The number of family members, quality of health, and type of dining habits are demographic characteristics.
SOURCE: MP:004
SOURCE: Boone, L.E., & Kurtz, D.L. (2004). Contemporary marketing (11th ed.) [p. 235]. Mason, OH: Thomson/South-Western.
43. C
Is the market responsive? It is important for a buffet-style restaurant to know whether customers would, in fact, be interested in its products and also be willing to buy them. If it is a responsive market that has interest and the ability to buy, the restaurant has a better chance of being profitable. Considering form utility, variable expenses, and advertising media are important; but these questions do not specifically pertain to identifying a target market.
SOURCE: MP:005
SOURCE: Meyer, E.C., & Allen, K.R. (2000). Entrepreneurship and small business management: Teacher's manual (2nd ed.) [pp. 93-94]. New York: Glencoe/McGraw-Hill.
44. D
Promotional activities. A marketing plan is a set of procedures or strategies for attracting the target customer to a coffee shop. An important part of a marketing plan is the promotional activities that a shop will use to inform, persuade, or remind customers of its products. Shops need to identify these activities, which may include advertising, sales promotion, personal selling, and publicity. Human resources are the people who work to produce goods or services. Purchasing policies are guidelines that direct purchasing decisions. An operating system involves the activities needed to run the coffee shop on a day-to-day basis.
SOURCE: MP:007
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2002). Marketing essentials (3rd ed.) [p. 650]. Woodland Hills, CA: Glencoe/McGraw-Hill.
45. C
Financial resources. A SWOT analysis is the systematic evaluation of a hamburger restaurant chain's internal strengths and weaknesses and external opportunities and threats. SWOT stands for strengths, weaknesses, opportunities, and threats. One of the internal strengths that a SWOT analysis might identify is a chain's financial resources. Having sufficient financial resources to develop new products and services is an internal strength that a chain can use to grow and prosper. Extensive regulations is an external threat, while limited competition is an external opportunity. Increased expenses is an internal weakness.
SOURCE: MP:010
SOURCE: Churchill, G.A., Jr., & Peter, J.P. (1998). Marketing: Creating value for customers (2nd ed.) [pp. 88-90]. Boston: Irwin/McGraw-Hill.
46. A
To enter the international market. Before coffee shop chains decide to enter the international market, they assess global trends and opportunities to make sure there is a market for their products in other countries. Chains want to find out if foreign countries have prosperous economies which will allow citizens to buy products. They also want to find out what consumers in other countries want and need. Once they assess the situation, chains can decide if they will be successful in the international market. Once chains make the decision to enter the international market, they might set up shipping routes, locate warehouse space, and identify foreign intermediaries.
SOURCE: MP:011
SOURCE: Boone, L.E., & Kurtz, D.L. (2004). Contemporary marketing (11th ed.) [pp. 102-105]. Mason, OH: Thomson/South-Western.
47. B
Location of the cafeteria. Location should not affect the sales forecast. Factors that do affect a sales forecast include increases or decreases in the population of a cafeteria's market, changes in the demand for products that often follow the product's life cycle, and the entry or departure of new competitors from the market.
SOURCE: MP:013
SOURCE: IM LAP 3—Nature of Sales Forecasts
48. D
$650,000. Quick-serve restaurant supply businesses often develop marketing plans that are intended to attract more customers and lead to an increase in revenue. When preparing its marketing plan, a business develops specific objectives to follow that should be clear and measurable, such as increasing the number of customers by 8%. If a business attracts more customers, it probably will earn more income. To determine the amount of increase in this example, first determine the current level of sales by multiplying the amount each customer spends by the number of customers ($25,000 x 325 = $8,125,000). Then, multiply the number of current customers by the proposed increase and add that number to the current number (325 x 8% or .08 = 26; 325 + 26 = 351). Next, multiply the increased number of customers by the amount each spends ($25,000 x 351 = $8,775,000). Subtract the current amount of income from the projected amount of income to determine the amount of increase ($8,775,000 - $8,125,000 = $650,000).
SOURCE: MP:018
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 745-748).
New York: Glencoe/McGraw-Hill.
49. A
Actual results. Taco restaurants evaluate the performance of their marketing plans by comparing the actual results with the marketing objectives. A restaurant would consider its marketing plan to be successful if its performance meets or exceeds the objectives. If the objectives were not met, a restaurant would take corrective measures to solve the problem. Options are alternatives or other ways of accomplishing tasks. Market conditions are the economic circumstances of the market in which a restaurant does business. Sales policies are the general rules concerning selling activities.
SOURCE: MP:022
SOURCE: Churchill, G.A., Jr., & Peter, J.P. (1998). Marketing: Creating value for customers (2nd ed.) [pp. 543-545]. Boston: Irwin/McGraw-Hill.
50. D
To time each promotion appropriately. A typical reason sandwich shops keep promotional records is to time each promotion effectively. They also want to evaluate the effectiveness of each promotion. Shops do not keep promotional records to prepare for lawsuits in advance, although the information may come in handy if there's a dispute about something. Sandwich shops do not keep promotional records for the purpose of answering employees' questions, although the records may be useful in a discussion. Although keeping a promotion within budget is important, it is not the typical reason shops keep the records in the first place.
SOURCE: NF:001
SOURCE: NF LAP 1—Record It (Business Records)
51. B
Provide even heat. Steam tables are filled with water to a certain level. The water is heated by electrical units that automatically keep the water at the temperature required to maintain food safely. Steam tables do require a certain amount of maintenance, such as regular draining and cleaning. They hold one single layer of pans. Food is not left in steam tables overnight, as keeping it hot for an extended period of time would ruin its quality.
SOURCE: NF:059
SOURCE: Ninemeier, J.D. (2000). Management of food and beverage operations (3rd ed.)
[pp. 262, 310-311]. Weimar, TX: Culinary and Hospitality Industry Publications Services.
52. B
Make sure the personal information on the check matches the photo identification. Buffet-style restaurants are able to reduce bad-check losses by training employees to verify the identity of the customer who is paying with a personal check. Employees should never make exceptions to the restaurant's check acceptance policy. Asking customers if the checks are legitimate or asking for a credit card will not help to reduce bad-check losses.
SOURCE: OP:114
SOURCE: Stull, W.A. (1999). Marketing and essential math skills: Teacher's edition (p. 143). Cincinnati: South-Western Educational.
53. B
To safeguard cash. Many restaurants develop procedures that regulate the amount of cash that can be kept in a register at any one time. The purpose of the procedure is to safeguard cash. For example, a restaurant might specify that no more than $200 can be in a cash register. When the amount hits that limit, an employee is required to remove a certain amount. Reducing the amount of cash in the register is one way to safeguard cash because there is only a limited amount of money in the register in the event of a robbery. Restaurants usually make deposits after closing rather than throughout the day. Employees are not required to remove a specified amount of money when the money reaches a certain limit in order to count currency or wrap bills.
SOURCE: OP:100
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 345-347).
New York: Glencoe/McGraw-Hill.
54. B
Using chemicals. Most sandwich shops use a combination of techniques to control and eliminate pest problems. The main method is to keep the shop clean by removing food and garbage quickly. In addition, many shops use some type of chemical, such as slow-killing poisons, to make sure that any remaining pests will be eliminated. Shops also use chemicals to sanitize the kitchen and storage areas so pests will not be attracted to those areas. Storing leftovers, washing vegetables, and buying detergents are not part of a sandwich shop's pest control program.
SOURCE: OP:106
SOURCE: Mill, R.C. (2001). Restaurant management: Customers, operations, and employees (2nd ed.) [p. 137]. Upper Saddle River, NJ: Prentice Hall.
55. B
Boxes stacked in front of a fire exit. Nothing should ever block a fire exit. If a fire breaks out and the building's fire exit is blocked, employees and customers may not be able to vacate the quick-serve restaurant. Proper lighting, wide aisles, and secure locking systems promote workplace safety rather than present a workplace hazard.
SOURCE: OP:008
SOURCE: Ryerson College. (n.d.). Ensuring a safe work environment. Retrieved November 2, 2007, from
56. D
Keeping their prices down. Purchased items, such as supplies, services, or raw materials, add to the final cost of a food product. Purchasing can help to keep prices down by keeping costs down. Purchasing is not responsible for product promotion. Limiting delivery of ingredients might cause customer complaints. Maximizing inventory investment would increase expenses and make the pizza restaurant less competitive.
SOURCE: OP:015
SOURCE: PU LAP 1—Purchasing
57. A
Monitor all aspects of the restaurant. It is important for a quick-serve restaurant's management team to monitor all aspects of the business so it can maintain or exceed the quality level that its customers expect. Monitoring business activities will enable managers to identify and correct potential problems before they have a negative impact on the level of quality. If quality decreases, the restaurant may lose customers to its competitors. Obtaining industry information, considering the type of competition, and preparing an operating budget will not help a restaurant to develop and maintain the level of quality that customers expect.
SOURCE: OP:020
SOURCE: Daft, R.L., & Marcic, D. (2001). Understanding management (3rd ed.) [p. 514]. Cincinnati: Thomson/South-Western.
58. A
Plans should change if necessary. Because events sometimes surprise us, we should change our plans when necessary. Plans aren't set in stone. They should not always stay the same. Projects are monitored, not plans. And, planning early is much more helpful than planning right before the project starts.
SOURCE: OP:001
SOURCE: QS LAP 28—From Here to Done
59. B
Control expenses. The proper use and maintenance of equipment is one way that employees can help control expenses for a quick-serve restaurant supply company. Repairing and replacing abused equipment can be costly, particularly if funds were not budgeted for that purpose. The employee's handling of company equipment does not have an effect on increasing sales, purchasing advertising, or promoting employees.
SOURCE: OP:025
SOURCE: MN LAP 56—Employee Role in Expense Control
60. A
To maintain sales. An important reason for completing regular housekeeping activities is to keep the coffee shop clean and attractive for customers in order to maintain sales. Customers expect coffee shops to be clean and comfortable and may take their business elsewhere if the facilities are not well maintained. Housekeeping activities are not completed in order to satisfy vendors, monitor inventory, or display stock.
SOURCE: OP:032
SOURCE: Berman, B., & Evans, J.R. (2004). Retail management: A strategic approach (9th ed.)
[pp. 318-320]. Upper Saddle River, NJ: Prentice Hall.
61. D
Subconscious mind. The sleep-on-it technique involves putting an idea aside for a day or two and sleeping on it at night. The subconscious mind keeps working even after people are asleep and will give them answers in any way it can. The dreams or nightmares that develop in the subconscious mind during sleep often provide answers to problems or generate new ideas for dealing with difficult situations. An individual's intelligence, natural ability, and curiosity are traits that often contribute to creativity during the day rather than during sleep.
SOURCE: PD:012
SOURCE: PD LAP 2—Creativity
62. D
Time. Prioritizing means to rank things in the order of their importance. This step will help you to make the most efficient use of your time because the most important things will be taken care of first. Disposable income is the amount of income people have left to spend, or dispose of, after they have paid their taxes. Deciding how to dispose of income is an activity that could be prioritized. Product knowledge is information about a specific good or service that can be used in sales presentations. Tact is the skill of avoiding doing or saying things offensive to others.
SOURCE: PD:019
SOURCE: OP LAP 1—About Time (Time Management in Business)
63. A
Job applying for. The first paragraph of a letter of application should include the name of the job for which you are applying. A letter of application should come right to the point and immediately let the business know why you are writing. Stating the exact name of the job is important because there may be several similar jobs available within the business. Salary requirements generally are not included but, if they are, they should be mentioned towards the end of the letter of application. A telephone number where the applicant may be reached is often listed in the last paragraph. The name of the applicant may appear in a letterhead or in the signature of the letter.
SOURCE: PD:030
SOURCE: Bailey, L.J. (2003). Working: Career success for the 21st century (3rd ed.) [pp. 54-55]. Mason, OH: South-Western.
64. C
Major chains. Large quick-serve restaurant chains account for the majority of sales in the industry. Major chains, such as McDonald's and Burger King, have thousands of stores across the country and throughout the world. The major chains are a dominant factor in the industry and make it difficult for small, independently owned restaurants to be competitive. Through franchising agreements, private owners operate many quick-serve restaurants; however, they are controlled by the chain. The quick-serve restaurant industry is not controlled by lodging operators or nonprofit groups.
SOURCE: PD:110
SOURCE: Morrison, A.M. (2002). Hospitality and travel marketing (3rd ed.) [pp. 259-261]. Albany, NY: Delmar/Thomson Learning.
65. B
Yes, customers may feel product quality is also low. Quality and price are often considered the same by customers. For example, higher-priced items are usually perceived as higher-quality products. Customers are not necessarily offended by low prices, but those who feel low prices reflect low quality will not buy more of that product or feel it is a bargain.
SOURCE: PI:001
SOURCE: PI LAP 2—Pricing
66. D
Two competing quick-serve restaurant supply businesses agree to set the same price for similar items in their product lines. Price fixing is an illegal business agreement in which businesses agree on prices of their goods or services resulting in little choice for the consumer. Selling a brand item for less than a competitor sells the item, acquiring another business, and two businesses selling different products below cost are not examples of price fixing.
SOURCE: PI:017
SOURCE: Kotler, P., & Armstrong, G. (1999). Principles of marketing (8th ed.) [p. 344]. Upper Saddle River, NJ: Prentice Hall.
67. C
Low. One way for a sandwich shop to increase its volume of sales is to charge low prices. The shop will generate more total income because it sells more specialty desserts. Low prices probably will attract more customers who will buy the desserts, thereby increasing sales and profits. Charging high prices may increase the dollar value of sales, but not the volume of sales. Charging competitive or moderate prices might make it more difficult to increase the volume of sales because prices are similar to those of competitors.
SOURCE: PI:002
SOURCE: PI LAP 3—Factors Affecting Selling Price
68. D
Odd-cent. Odd-cent is a pricing strategy that involves setting prices below even-dollar amounts to suggest a bargain. Psychologically, customers think they are getting a discount if a price ends in an odd number such as "9." Quick-serve restaurants use this pricing strategy so customers will think they are receiving a good value for their money. Although customers may think of this as a discount, it is not an example of a discount pricing strategy. Multiple-unit pricing involves setting prices so that an item is sold in quantity lots for a single price, such as two sandwiches for $2. Rounding involves increasing the price to the next highest cent or dollar, such as rounding $2.99 up to $3.
SOURCE: PI:045
SOURCE: Mill, R.C. (2001). Restaurant management: Customers, operations, and employees (2nd ed.) [p. 132]. Upper Saddle River, NJ: Prentice Hall.
69. C
Final cost of the product to. Quick-serve restaurant supply businesses determine the final or total cost of products by adding together the gross cost of the goods sold and the costs of preparing and selling the goods and subtracting the cash discounts. That figure is the final cost of the product to the company. Gross margin of profit is the money left after cost of merchandise expense is subtracted from total income. Prime interest rate is the rate of interest banks charge their best customers. Overhead expenses are a form of operating expenses that include rent, utilities, and insurance costs.
SOURCE: PI:019
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (p. 767).
New York: Glencoe/McGraw-Hill.
70. C
Plan healthy meals. RDAs show how much of each nutrient an individual should consume each day in order to be in good health. This information helps cafeterias to be more knowledgeable about nutrition and to plan healthy meals based on the RDAs. Healthy meals may also help consumers to lose weight or to reduce cholesterol, but that is not the basic purpose of RDAs. RDAs are not related to cooking skills.
SOURCE: PM:001
SOURCE: PP LAP 5—Product/Service Planning
71. B
Promote the product aggressively to create product awareness. During the introduction phase of a product, a quick-serve restaurant supply business is more likely to lose money than to make it. This is because the business tends to aggressively promote the product in order to generate product awareness and to get consumers to try the product. Sometimes, businesses use pricing strategies that generate low profit margins to encourage people to try the product and to create product awareness. A business is most likely to use intensive distribution strategies during a product's growth and maturity phases. A business usually generates the highest profits for a product during the product's maturity phase. A business often uses penetration pricing during the growth stage of a product's life cycle.
SOURCE: PM:024
SOURCE: Kotler, P., & Armstrong, G. (1999). Principles of marketing (8th ed.) [p. 293]. Upper Saddle River, NJ: Prentice Hall.
72. D
Using tamper-resistant packaging. Many quick-serve restaurant supply businesses produce or supply products (e.g., condiment packets) that might be harmful to consumers if the products are tampered with or become contaminated. To protect consumers, businesses often use tamper-resistant packaging which makes it extremely difficult for someone to get to the product without damaging the packaging. As a result, customers are able to easily determine if this type of packaging has been tampered with, which warns them not to buy the products. Using tamper-resistant packaging is an ethical procedure that businesses follow in an effort to protect their products and ensure the safety of their customers. Products usually are not wrapped in plain paper. Placing informative commercials on television and explaining the new manufacturing process are not ways of protecting consumers.
SOURCE: PM:040
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2002). Marketing essentials (3rd ed.)
[pp. 574-577]. Woodland Hills, CA: Glencoe/McGraw-Hill.
73. B
Trends. A trend refers to the general direction in which people or events are moving. Entrepreneurs often develop ideas for products by considering trends. Because some people are increasingly concerned about health issues, they are becoming more selective in their dietary options. To respond to the trend, some quick-serve restaurants are adding healthy food options to their menus to accommodate the market and stay competitive. Supply is a general term that refers to the amount of products available at a given time. To persist means to endure. To respond with indifference is to be apathetic or unresponsive.
SOURCE: PM:127
SOURCE: PM LAP 11—Unleash Your Oh! Zone
74. D
Guarantee. A guarantee is a promise made by the seller to the consumer that the purchase price will be refunded if the product does not perform as expected. These are sometimes referred to as money-back guarantees. A warranty is a promise by the seller to repair or replace a product that is not performing as expected. Limited describes warranties that cover only certain repairs or specific parts.
SOURCE: PM:020
SOURCE: PP LAP 4—Warranties and Guarantees
75. D
Repeat sales. Quick-serve restaurant supply companies evaluate their customers' experiences to determine how well they are satisfying their customers' needs and wants. If a company is not providing the customers with positive experiences, the business can take corrective action. If a company is providing its customers with positive experiences, the customers are more likely to buy again from the company. When customers buy from the same business again, it is called repeat sales. A company that is providing positive customer experiences will be likely to receive favorable rather unfavorable publicity. Advertising is a promotional media for which a business pays. Sales quotas are specific sales goals.
SOURCE: PM:138
SOURCE: Armstrong, G., & Kotler, P. (2000). Marketing: An introduction (5th ed.) [pp. 8-9]. Upper Saddle River, NJ: Prentice Hall.
76. D
Market segment. Some quick-serve restaurant chains appeal to a certain market segment such as teenagers, married couples with young children, or senior citizens. As a result, the quick-serve restaurant chain identifies products that fill the needs of these specific customers. The quick-serve restaurant chain does not sell products that do not fit the needs or wants of its market segment. Quick-serve restaurants do not identify a product to fill customer need in order to appeal to a certain sponsor, investor group, or advertiser.
SOURCE: PM:130
SOURCE: Boone, L.E., & Kurtz, D.L. (2004). Contemporary marketing (11th ed.) [pp. 332-333]. Mason, OH: Thomson/South-Western.
77. C
Product mix. The product mix is the particular assortment of goods and services that a sandwich shop offers in order to meet its market's needs and its company's goals. If a sandwich shop decides to add additional items to its regular menu, it is increasing its product mix because now there will be a wider assortment of menu items to chose from. The shop is not increasing customer service because it is adding tangible food items rather than more service. Adding additional items will not necessarily increase cooking capacity unless the shop buys additional equipment. In most cases, shops plan to use existing equipment to prepare additional items. Sales revenue may, or may not, increase depending on the number of customers who purchase the additional items. However, increasing sales usually is the reason for increasing the product mix.
SOURCE: PM:006
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2002). Marketing essentials (3rd ed.)
[pp. 547-550]. Woodland Hills, CA: Glencoe/McGraw-Hill.
78. B
Core values. The first step that a hamburger restaurant chain takes to build and protect its brand is to define and write out core values. Core values are what a chain stands for and what the chain should do. They are what the chain must be. Writing down the core values helps a chain to crystallize its thoughts and gives the values, themselves, added importance. Once a chain has defined its core values, it can develop how it will deliver those values to meet customers' expectations. A chain must define its core values before it can develop a unique name or develop guidelines for employees to follow.
SOURCE: PM:126
SOURCE: PM LAP 10—Building Your Business's Brand
79. B
Sales. Since profit is crucial to the success of the quick-serve restaurant supply business, setting profit goals should be the first step in preparing the merchandise plan. Sales needed to reach the profit goal should then be set. Salaries, reductions, purchases, expenses, and markup are other categories in a merchandise plan.
SOURCE: PM:061
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 485-486).
New York: Glencoe/McGraw-Hill.
80. D
Informal. The informal method usually involves placing an order over the telephone with a reliable vendor. In most cases, the vendor is one that the shop uses regularly and trusts to provide food products at reasonable prices. The advantage of using the informal method is that the sandwich shop can obtain the needed ingredients quickly without filling out a lot of paperwork. The blank-check method allows vendors to deliver certain items and bill the restaurant. The formal buying method involves obtaining bids from several vendors. The cost-plus method involves paying a certain percent over cost.
SOURCE: PM:203
SOURCE: Mill, R.C. (1998). Restaurant management: Customers, operations, and employees
(pp. 193-194). Upper Saddle River, NJ: Prentice Hall.
81. A
Nonpersonal. Nonpersonal promotional techniques are types of promotions that do not require the sellers to have direct contact with the buyers. Activities such as offering free samples to customers are types of nonpersonal promotional techniques. Free samples often are mailed to consumers; therefore, there is no personal contact between buyer and seller. Personal promotional techniques involve direct contact between buyer and seller. Internal and individual are not types of promotional techniques.
SOURCE: PR:001
SOURCE: PR LAP 2—Promotion
82. B
Growth. In the growth stage, competing quick-serve restaurant supply products appear on the market, and promotional activities focus on pointing out differences between competing products. When a product is first placed on the market, it is in the introductory stage, and it is promoted to gain customer awareness. Little product promotion occurs during the declining stage; rather, money is invested in promotional activities to maintain a positive company image.
SOURCE: PR:003
SOURCE: PR LAP 1—Promotional Mix
83. A
Webcast. A webcast is video and/or sound bytes that people can view via the Internet. Quick-serve restaurants often use Internet webcasts to communicate or demonstrate their products' attributes so they can stimulate sales. Broadband is a method of accessing the Internet via cable or DSL. Opt-in e-mail is electronic promotional messages that businesses send with a recipient's permission and allow the recipient to request removal from the subscriber list at any time. Media-byte is a fictitious term.
SOURCE: PR:100
SOURCE: (n.d.). Webcast definition. Retrieved November 6, 2007, from
84. A
Direct mail. Direct mail is a promotional medium that comes to consumers' homes in the form of letters, catalogs, postcards, and folders. Direct mail would be the most effective medium because the coffee shop can choose the clientele who will receive the promotional message. Broadcast and out-of-home media have limited selectivity. Magazine advertising is selective, but costly, and the timing of the message may not be appropriate.
SOURCE: PR:007
SOURCE: PR LAP 3—Ad-quipping Your Business (Types of Promotional Media)
85. B
Gross sales. Suggestion selling is a sales technique in which the quick-serve restaurant employee attempts to increase the customer's purchase by suggesting additional items after the original decision to buy has been made. Successful suggestion selling can increase the restaurant's total, or gross, sales. Expenses and stockouts may or may not increase, but increases in either one would be a negative result. Ending inventory would decrease when referring to the sale of a product.
SOURCE: SE:875
SOURCE: SE LAP 110—Using Suggestion Selling
86. D
Give a discount to theater ticket holders. This offer could be advertised in the newspaper and outside the quick-serve restaurant to attract theatergoers since people who go out for entertainment often plan to eat out as well. A discount for large groups would attract new customers but not necessarily at dinner time. Giving theatergoers free parking could tie up space in the restaurant's parking lot and cause the restaurant to lose business. The restaurant's daily specials would not necessarily attract theatergoers.
SOURCE: PR:066
SOURCE: Mill, R.C. (1998). Restaurant management: Customers, operations, and employees
(pp. 90-92). Upper Saddle River, NJ: Prentice Hall.
87. B
Visualize the items. Sandwich shops write menu descriptions to help customers visualize the items. An effective way to create a picture of the menu item in a customer's mind is to use words that appeal to the senses. Words such as fresh, crisp, or mouth-watering appeal to a customer's sense of taste and make the menu items more attractive. When customers can visualize an appealing dish, they are more likely to order it, which can lead to increases in sales. Sandwich shops do not write menu descriptions that appeal to the senses to help customers order correctly, identify nutrients, or calculate the cost.
SOURCE: PR:107
SOURCE: Mill, R.C. (2001). Restaurant management: Customers, operations, and employees (2nd ed.) [pp. 130-132]. Upper Saddle River, NJ: Prentice Hall.
88. A
Promotional plan. A promotional plan is a guide for a buffet-style restaurant to follow in promoting the restaurant and its goods and services. It includes an analysis of the restaurant's current situation, a description of the restaurant's promotional goals, the amount of money allocated to promotion, the promotional strategies and promotional mix the restaurant will use to achieve its promotional goals, and a timetable for the promotional plan. A marketing mix is the combination of the four elements of marketing—product, place, price, and promotion. An activity quota is a quota designed to control the ways that salespeople use their time and efforts. A balance sheet is a statement showing the financial status of the restaurant.
SOURCE: PR:073
SOURCE: PR LAP 12—Nature of Promotional Plans
89. A
When the customer is satisfied. A quick-serve restaurant supply salesperson's job isn't done until the customer is completely satisfied. Servicing the sale is one of a salesperson's most important tasks. Making the presentation and closing the sale are just the beginning of the long journey of generating and keeping loyal customers. Just because an item can no longer be returned does not mean that quality customer service should end.
SOURCE: SE:076
SOURCE: SE LAP 130—Go Beyond the Sale (Customer Service in Selling)
90. C
Selling costs are usually reduced. Clientele is a body of customers upon which an organization can rely for considerable repeat business. Selling costs for a quick-serve restaurant supply business with an established clientele are usually reduced because it costs less to make a repeat sale than the initial sale. Customers will not remain loyal to the business if factors such as customer service or physical facilities deteriorate. Freeing salespeople to care for stock is not a reason to build a clientele. Although building a clientele contributes to business success, it does not directly result in better discounts from vendors.
SOURCE: SE:828
SOURCE: SE LAP 115—Keep Them Loyal (Building Clientele)
91. B
Simply guessing. In sales ethics, when quick-serve restaurant supply salespeople answer questions they don't really know the answers to, they are simply guessing. Whether or not they are displaying arrogance or acting aloof is not within the main focus of sales ethics. Plainly deceiving a customer is a legal issue. Guessing may or may not be considered outright deception.
SOURCE: SE:106
SOURCE: SE LAP 129—Keep It Real—In Sales (Selling Ethics)
92. A
Translate the product's features into benefits. Knowing the facts (features) about a good or service is of little value unless the quick-serve restaurant supply salesperson has the ability to translate features into product benefits. In any selling situation, the salesperson must determine the benefits for which the customer is looking and then explain the appropriate benefits and features. When customers understand the advantages of having the product, they are more likely to buy. Obtaining product information quickly and explaining obvious product features may not facilitate a purchase if the salesperson does not explain the product's benefits. Discounts and warranties are possible benefits to the customer but are not always available.
SOURCE: SE:109
SOURCE: SE LAP 113—Find Features, Boost Benefits (Feature-Benefit Selling)
93. A
Reaffirming the buyer-seller relationship. Follow-up helps to reassure customers about their purchase decision and confirm the seller's interest in them. Establishing a positive tone is part of the initial step of establishing a relationship with the customer. Discovering the customer's needs is the next step in the selling process. Reaching closure is the step in which customers can be asked to buy the good or service.
SOURCE: SE:048
SOURCE: SE LAP 126—The Selling Process
94. C
Accurate. Direct mail is a form of advertising in which the promotional medium comes to consumers' homes or businesses. A pizza restaurant uses direct mail to target its messages to very specific audiences. The restaurant may use house (internal) mailing lists, external mailing lists that they purchase from brokers, or a combination of internal and external lists. Because direct mail is often an expensive way to promote a product, the restaurant wants to make sure that the mailing list is accurate—that the names and addresses on the list are correct (accurate). Incorrect information often results in returned or undeliverable mail, which costs the restaurant money. Mailing lists do not need to be extensive, conventional, or unusual.
SOURCE: PR:089
SOURCE: Wells, W., Burnett, J., & Moriarty, S. (2003). Advertising principles and practice (6th ed.)
[p. 408]. Upper Saddle River, NJ: Prentice Hall.
95. C
"Would you like to try our tasty frozen chocolate yogurt for dessert?" Recommending additional menu items, or suggestion selling, is one way that quick-serve restaurant employees can increase sales. When a quick-serve restaurant employee asks a customer if s/he would like to try a tasty item (e.g., frozen chocolate yogurt dessert) that wasn't part of the customer's original order, the employee is recommending an additional item for the customer to purchase. Asking someone if s/he wants to order anything else is not an example of suggesting or recommending a specific menu item. Asking a customer what chicken wing portion size s/he wants or which salad dressing s/he prefers are examples of an employee clarifying customers' orders.
SOURCE: SE:143
SOURCE: Greene, C. (2000). Selling: Business 2000 (pp. 146-147). Mason, OH: South-Western.
96. B
$11.96. The percent of tax must be converted to a decimal and multiplied by the price of the dinner to determine the amount of tax (4% = .04 x $11.50 = $.46). Tax and dinner price are then added together to determine total bill ($11.50 + $.46 = $11.96).
SOURCE: SE:116
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (p. 339).
New York: Glencoe/McGraw-Hill.
97. B
Check the expiration date on the card. Before accepting a credit card, check the expiration date on the front of the card to make sure the card represents an active account. Checking the bad card list or running the card through a validator helps to assure that the card is valid. Obtaining an authorization number verifies that the amount of the purchase does not exceed the customer's credit limit. Signatures should be verified to assure that the person making the purchase is the authorized cardholder.
SOURCE: SE:151
SOURCE: Farese, L.S., Kimbrell, G., & Woloszyk, C.A. (2006). Marketing essentials (pp. 335-337).
New York: Glencoe/McGraw-Hill.
98. A
Fast service. The reason most customers place drive-up orders is because they are in a hurry and want fast service. Quick-serve restaurants that take customers' drive-up orders correctly and fill them promptly are able to provide the fast service that most of their customers expect. Customers who must wait in long lines or wait a long time after placing an order are often dissatisfied with the speed of service and decide to visit other quick-serve restaurants in the future. Quick-serve restaurant customers are often more concerned with the quantity of the food rather than the quality. They expect low prices rather than high prices.
SOURCE: SE:358
SOURCE: Mill, R.C. (1998). Restaurant management: Customers, operations, and employees
(pp. 42-43). Upper Saddle River, NJ: Prentice Hall.
99. B
Planning, organizing, staffing, directing, controlling. The five main management functions involve planning, organizing, staffing, directing, and controlling. Budgeting, scheduling, developing procedures, and delegation are management tools. Evaluating, motivating, training, researching, collecting information, and reporting are some of the activities involved in performing the major functions of management.
SOURCE: SM:001
SOURCE: BA LAP 6—Manage This!
100. C
Table of contents. The table of contents lists all of the business plan's sections with corresponding page numbers, so that information is easily accessible. At the end of the document are the appendices—the extra bits of information that describe or lend support to a point made in the document. All of the goods and services of the company are described in the product(s) offered. The financial plan shows how the business has performed (or is likely to perform) financially.
SOURCE: SM:007
SOURCE: SM LAP 1—Plan Now, Succeed Later
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