Module 1

Question 1

What is the Four R Report?

Answer 1

This is a report which provides a graphical display of each items cost % vs. quantity sold

Question 2

What are the 5 categories of the Four R Report

Answer 2

1. Total Order $
2. Total Qty Sold
3. Cost %
4. Margin $ (price -cost= Margin)
5. Action (Good Combo or Reprice/Replace)

Question 3

What does the Flash Report Configurable Reveal?

Answer 3

Displays a customized view of the activity you want to compare. 12 metrics and custom dates

Question 4

What type of information does the Item Breakdown Chart display?

Answer 4

Displays pie or donut charts, items broken down by dollar amount

Question 5

What 3 things could missing or incorrect invoices result in?

Answer 5

1. Missed or incorrect payments to vendors
2. Inaccurate inventory numbers or values
3. Extra work for you, your GM, and AP Dept.

Question 6

What are two types of invoice that don’t get uploaded into Plate IQ?

Answer 6

U.S. Food and Fintech (wine and beer)

Question 7

What day of the week does account approve invoices and what day of the week does accounting cut checks?

Answer 7

Weds for approval and check are cut on Friday

Question 8

All invoices from the prior month, must be uploaded by the_____ of the following month and _________ by the 3rd

Answer 8

1st

3rd

Question 9

Inventory: Which term refers to items which are lost?

Answer 9

Shrinkage

Question 10

What could happen if your store is experiencing unacceptable levels of shrinkage?

Answer 10

A store could be placed on weekly or daily inventory cycles

Question 11

What is the most important measure of inventory?

Answer 11

COGS (Cost of Goods Sold)

Question 12

What is COGS?

Answer 12

The total cost of all goods that we have sold over a particular period of time

Question 13

What are the two calculations of COGS that CTUIT derives and compares

Answer 13

1. Actual COGS

2. Ideal COGS

Question 14

Define Actual COGS

Answer 14

Beginning Inventory + Purchases

- Ending Inventory = Actual COGS

Question 15

Define Ideal COGS

Answer 15

Ideal COGS =

The total cost of each item sold base on sales & a recipe

Question 16

How many people are needed for inventory

Answer 16

2 people. One to count and one to record

Question 17

What are tare weights?

Answer 17

The weight of a container that inventory item may reside in

Question 18

Do we count sample bottles as part of inventory?

Answer 18

No

Question 19

Do we count corked bottles as part of inventory?

Answer 19

Yes

Question 20

Why is important to be specific when calling inventory to somebody recording the information?

Answer 20

To know if you are counting bottles or cases? 1.5L or 750ml ounces or pounds

Question 21

What are the four inventory reports that need to be emailed to the support center?

Answer 21

1. Inventory Session Review
2. Summary Variance Report
3. Purchases by GL Code and location
4. Invoice Details

Question 22

What are 3 reasons Shinkage may occur

Answer 22

1. Miscounted inventory
2. Missing credits from vendors
3. Recipe incorrect
4. Over pouring or over portioning
5. Waste
6. Theft

Question 23

What are 3 reasons which Growth may occur

Answer 23

1. Miscounted inventory
2. Missing invoice from vendors
3. Sales not synced from POS
4. Incorrect Recipe
5. Under-pouring/ Under-Portioning

Question 24

What are the five common CTUIT Inventory mistakes

Answer 24

1. Unit of Measure error
2. Items missing from count report
3. Blank costs
4. Entire Categories missing
5. Price typo

Question 25

What are six steps you should take to prepare for inventory:

Answer 25

1. Make sure all required items are present in storage locations and prices are correct 2. Make sure all invoices and credits have been entered 3. Print taking sheets 4. COUNT 5. Enter inventory counts in CTUIT 6. Email reports to Accounting Dept.