Explain the components of a profit-and-loss statement.
Explanation should include
- sales vs. inventory
- overhead costs
- fixed costs
- variable costs
- labor costs
- food costs.
- What are the components of a profit-and-loss statement?
- How does a profit-and-loss statement affect a facility?
- How can a profit-and-loss statement be used to determine purchasing needs?
- How is profit or loss determined?
- Why is an inventory log necessary for a facility?
- Who controls fixed and variable costs?
- Who maintains an inventory log?
- Who is in charge of the profit-and-loss statement?
- Why are variable costs highly indicative of management performance?
- Why is cost control so important to a chef’s job?
Related Standards of Learning
The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
- Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
- Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
- Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
- Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
- Analyze false premises claims, counterclaims, and other evidence in persuasive writing.
History and Social Science
The student will apply social science skills to understand the role of government in the Virginia and United States economies by
- describing the provision of government goods and services that are not readily produced by the market;
- describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
- investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
- analyzing how Congress can use fiscal policy to stabilize the economy;
- describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
- evaluating the trade-offs in government decisions.
Other Related Standards
FCCLA National Programs
Career Connection: My Career
Career Connection: My Life
Career Connection: My Path
Career Connection: My Skills
Financial Fitness: Earning
Power of One: A Better You
Power of One: Working on Working
FCCLA: STAR Events (2019)
Check the national FCCLA portal.
Culinary Math Management
Hospitality, Tourism, and Recreation
National Standards for Family and Consumer Sciences Education
Demonstrate implementation of food service management and leadership functions.
Apply accounting procedures in planning and forecasting profit and loss.