calculations
A gym has £18,000 fixed costs per year. VC per person per visit are £0.25. If there are 1000 visits in July what are the total costs that month ?
£1,750
Gibraltar's minimum wage is £8.10, an 8% increase from last year. What was the old minimum wage in Gibraltar?
£7.50
The average cost of making one unit or item
unit cost
When a business orders and receives supplies, but pays for them at a later date
trade credit
What is the formula for revenue?
price x quantity (units sold)
A gym has £18,000 fixed costs per year. VC per person per visit are £0.25. There are 1000 visits in July. Calculate the average cost per visit to the gym, in July
£1.75
How may euros is £1 worth? (+/- 1 euro cent)
1.15
To ensure that production in an economy can continue at the same level in the future
sustainability
setting up processes in production to ensure quality is achieved
quality assurance
What is the formula for margin of safety?
actual or budgeted sales - breakeven sales
Following a 20% increase in price, a pair of shoes costs £96. How much did the shoes cost before their price was increased?
£80
A business has total costs of £265,000 this quarter. Selling price is £10. Variable costs per unit are £7.65, and 20,000 units are made. Calculate fixed costs for this quarter
£112,000
All activities that are involved in getting a good or service to the customer
supply chain
the process of choosing a supplier
procurement
formula for closing balance
opening balance plus net cash flows
A university offered 6% of its applicants a place. The university accepted 540 students. How many students applied?
540/0.06 = 9,000
What is the total amount of interest charged on a business loan of £12,500 at a rate of 9.5%?
£1,187.50
Business objectives such as being ethical or environmentally friendly
social objectives
the package of pay and other rewards provided to an employee
remuneration
formula for interest on loans (in %)
(total repayment - borrowed amount) / borrowed amount x 100
a company makes average annual profits of £5,000 for 7 years, on an initial investment of £125,000. Calculate the ARR
4%
How well a business keeps the staff that it employs
retention
Where a business is started and owned by more than one person, who then share the profits and the responsibilities
Partnership
when a company raises finance through selling shares to the public via the stock market
stock market flotation
ARR formula
(average annual profit /cost of investment) x 100