Title: Unit 5 Glossary
Course: WVA 106 Local Food in Institutions > Section: WVA 106 Local Food in Institutions

Unit 5 Glossary

Terms

Term | Definitions
Balance Sheet | Financial summary of assets, liabilities and ownership equity, produced at the end of an organizations financial year. A balance sheet is a brief annual review of an organizations overall financia ...
Food Cost | Cost of raw food product
Food Cost Percentage | Calculation to determine a menu items selling price based on cost of raw food products
Institutional Standard Recipe | In non commercial food service operations, detailed formula for producing consistent items that can be produced for large scale institutional foodservice operations. Specific information in an ins ...
Margin | Difference between a product's selling price and the cost of production.
Operations Budget | Annual forecast of the sales revenue, production costs, overheads, cash flow, etc. of an organization, used to monitor its financial expenses and dealings.