| A | B |
|---|
| income statement | statement showing your revenue (sales) and expenses for a given period of time |
| expense | an item you spend money on during a period; these are categorized to help you track them better |
| budget | the amount of money you plan to take in or spend during a certain period |
| declining budget | the amount of money you have in your budget, expressed as how much you have left |
| control | the process of recognizing spending trends and adjusting them to achieve a profit |
| percentage | it is often useful to look at expenses and margins on your P&L as a __ of total sales |
| balance sheet | statement showing what the business owns (assets) and owes (liabilities) at a given point in time |
| technology | the restaurant industry aggressively uses this in all phases of the business; a Point-of-Sale (POS) is critical to operating the business |
| financial statements | road maps to your business, they can spell the difference between failure and success; the two most important are your income statement (P&L) and balance sheet |
