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
passing responsibility to perform tasks to employees lower down the organisation
Delegation
The motivational theory that identified two factors: hygiene factors and motivators
Herzberg's two factor theory
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)
1.18
To ensure that production in an economy can continue at the same level in the future
sustainability
the production of very large quantities of identical goods, using a continuously moving process
Flow production
formula for labour productivity
total output/number of production employees
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
a measure of the efficiency of inputs in the production process, especially labour and capital
PRODUCTIVITY
formula for market share
sales of revenue of company/ total market revenue
A university offered 6% of its applicants a place. The university accepted 540 students. How many students applied?
540/0.06 = 9,000
dividing consumers in the market by factors such as age, gender, income
demographic segmentation
paying employees for each unit produced
piece rate
the package of pay and other rewards provided to an employee
remuneration
What is the formula for total costs
total costs = fixed costs + total variable costs
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
formual for average cost
total cost/ output