# CTE Resource Center - Verso - Culinary Arts Specialization Task 420644046

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the components of a profit-and-loss statement.

Definition

Explanation should include

  • sales vs. inventory
  • waste
  • overhead costs
  • fixed costs
  • variable costs
  • labor costs
  • food costs.

Process/Skill Questions

Thinking
  • What are the components of a profit-and-loss statement?
  • How does a profit-and-loss statement affect a facility?
Communication
  • How can a profit-and-loss statement be used to determine purchasing needs?
  • How is profit or loss determined?
Leadership
  • Why is an inventory log necessary for a facility?
  • Who controls fixed and variable costs?
Management
  • 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

English

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. 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;
  3. 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;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. 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)

Career Investigation

 

Check the national FCCLA portal.

 

Culinary Math Management

 

Entrepreneurship

 

Hospitality, Tourism, and Recreation

 

Professional Presentation

 

National Standards for Family and Consumer Sciences Education

8.6

Demonstrate implementation of food service management and leadership functions.

8.6.3

Apply accounting procedures in planning and forecasting profit and loss.