📚 Formula & Theorem Quick Reference Handbook for Year 12 WJEC Business | Year 12 WJEC 商务：公式定理速查手册
This quick reference handbook compiles all essential formulas, theorems, and key business concepts required for the Year 12 WJEC Business specification. Use it to master calculations, interpret financial relationships, and build confidence for your assessments. Each entry is explained with its practical significance to help you apply it effectively in data-response and extended-answer questions.
本速查手册汇集了 Year 12 WJEC 商务课程所需的所有基本公式、定理和关键商业概念。可利用它掌握计算方法、解读财务关系，并为考试树立信心。每个条目都解释了实际意义，帮助你有效运用于数据分析和拓展答题中。
1. Revenue, Costs and Profit | 收入、成本与利润
Total revenue (TR) is the income a business receives from selling its goods or services. It is the starting point for all profitability analysis.
总收入（TR）是企业从销售商品或服务中获得的收入，是所有盈利能力分析的起点。
Total Revenue = Selling Price per Unit × Quantity Sold
Total costs (TC) include fixed costs (FC), which remain constant regardless of output, and variable costs (VC), which change directly with production volume.
总成本（TC）包括不随产出变化的固定成本（FC）和直接随产量变化的变动成本（VC）。
Total Costs = Fixed Costs + Variable Costs
Profit is the financial surplus left after all costs are deducted from total revenue. It is a fundamental measure of business success, re-invested or distributed to owners.
利润是从总收入中扣除所有成本后的剩余财务增益，是衡量企业成功的基本指标，可用于再投资或分配给所有者。
Profit = Total Revenue − Total Costs
2. Break-even Analysis and Contribution | 盈亏平衡分析与贡献
Contribution per unit shows how much each item sold contributes towards covering fixed costs and generating profit after variable costs have been paid.
单位贡献表示每售出一件产品在支付变动成本后，对覆盖固定成本和创造利润的贡献额。
Contribution per Unit = Selling Price − Variable Cost per Unit
Break-even output is the number of units a business must sell so that total revenue equals total costs, resulting in zero profit or loss.
盈亏平衡产量是企业必须销售的单位数量，使总收入等于总成本，从而实现零利润或零亏损。
Break-even Output = Fixed Costs ÷ Contribution per Unit
Break-even analysis helps managers assess risk, set sales targets, and decide whether to launch a product. It can be shown on a chart where the TR and TC lines intersect.
盈亏平衡分析帮助管理者评估风险、设定销售目标并决定是否推出产品。它可以在图表上显示，其中 TR 线与 TC 线相交的点即为盈亏平衡点。
3. Margin of Safety and Target Profit | 安全边际与目标利润
Margin of safety measures how far actual sales can fall before the business reaches its break-even point. A larger margin provides greater security against unexpected demand drops.
安全边际衡量实际销量下降到盈亏平衡点之前还有多少缓冲。较大的安全边际为应对需求意外下降提供了更高的安全性。
Margin of Safety = Actual Output − Break-even Output
To determine the output level needed to achieve a specific profit target, managers combine fixed costs with the desired profit and divide by contribution per unit.
为确定达到特定目标利润所需的产出水平，管理者将固定成本与期望利润相加，再除以单位贡献。
Target Profit Output = (Fixed Costs + Target Profit) ÷ Contribution per Unit
4. Gross and Net Profit Margins | 毛利率与净利率
Gross profit is the difference between revenue and the cost of sales (direct costs of producing goods). The gross profit margin expresses this relationship as a percentage, showing how efficiently a business controls its production or purchasing costs.
毛利是销售收入与销售成本（生产商品的直接成本）之间的差额。毛利率以百分比表示这一关系，显示企业控制生产或采购成本的效率。
Gross Profit Margin = (Gross Profit ÷ Revenue) × 100%
Net profit is the surplus remaining after all operating expenses, interest and taxes are deducted. The net profit margin reveals overall profitability after all costs have been considered.
净利润是扣除所有运营支出、利息和税费后的剩余盈余。净利润率反映了考虑所有成本后的整体盈利水平。
Net Profit Margin = (Net Profit ÷ Revenue) × 100%
5. Return on Capital Employed (ROCE) | 运用资本回报率
ROCE evaluates the efficiency with which a business uses its long-term capital to generate operating profit. It is a key measure for investors comparing business performance.
ROCE 评估企业利用其长期资本产生运营利润的效率，是投资者比较企业绩效的关键指标。
ROCE = (Operating Profit ÷ Capital Employed) × 100%
Capital employed is often calculated as total assets minus current liabilities, or as equity plus non-current liabilities. A higher ROCE indicates more effective use of invested funds.
运用资本通常计算为总资产减去流动负债，或权益加上非流动负债。较高的 ROCE 表明资金运用更有效。
6. Current Ratio and Acid Test Ratio | 流动比率与速动比率
Liquidity ratios assess a firm's ability to meet short-term obligations. The current ratio compares all current assets to current liabilities.
流动性比率评估企业偿还短期债务的能力。流动比率将全部流动资产与流动负债进行比较。
Current Ratio = Current Assets ÷ Current Liabilities
The acid test ratio (quick ratio) excludes inventory from current assets, offering a stricter measure of immediate liquidity since stock may not be quickly converted into cash.
速动比率（酸性测试比率）从流动资产中剔除存货，提供了更严格的即时流动性衡量，因为存货可能无法快速变现。
Acid Test Ratio = (Current Assets − Inventory) ÷ Current Liabilities
7. Budgeting and Variance Analysis | 预算与差异分析
Budgets are financial plans for a future period. Variance analysis compares actual results against budgeted figures to identify where the business performed better or worse than expected.
预算是针对未来时期的财务计划。差异分析将实际结果与预算数字进行比较，以确定企业在哪些方面表现优于或差于预期。
Variance = Actual Figure − Budgeted Figure
A positive variance may be favourable (e.g. higher revenue) or adverse (e.g. higher costs), depending on context. Managers use variance reports to take corrective actions and improve future planning.
正差异可能是有利的（如更高的收入），也可能是不利的（如更高的成本），取决于具体情况。管理者利用差异报告采取纠正措施并改进未来规划。
8. Cash Flow Forecasting and Net Cash Flow | 现金流预测与净现金流
A cash flow forecast predicts the inflows and outflows of cash over a period. Net cash flow is the difference between total cash inflows and total cash outflows in a given month or period.
现金流预测是对一段时期内现金流入和流出的预估。净现金流是特定月份或时期内现金总流入与总流出之间的差额。
Net Cash Flow = Total Cash Inflows − Total Cash Outflows
The closing balance at the end of a period is found by adding the net cash flow to the opening balance. A positive closing balance ensures liquidity, while a negative one signals potential cash shortages.
期末余额通过将净现金流加上期初余额得出。正的期末余额确保流动性，负的则预示可能出现现金短缺。
Closing Balance = Opening Balance + Net Cash Flow
9. Labour Productivity, Absenteeism and Turnover | 劳动生产率、缺勤率与员工流动率
Labour productivity measures output per worker over a given period. Higher productivity often reduces unit costs and improves competitiveness.
劳动生产率衡量每名工人在给定时期内的产出。较高的生产率通常降低单位成本并提高竞争力。
Labour Productivity = Total Output per Period ÷ Number of Employees
Labour turnover reflects the proportion of staff leaving during a period. High turnover can indicate dissatisfaction and raise recruitment and training costs.
员工流动率反映了在特定时期内离职员工的比例。高流动率可能表明员工不满意，并增加招聘和培训成本。
Labour Turnover = (Number of Staff Leaving ÷ Average Number of Staff) × 100%
Absenteeism tracks the percentage of working days lost. It is often used alongside productivity data to assess workforce effectiveness.
缺勤率统计了损失的工作日百分比，通常与生产率数据一起用于评估劳动力效率。
Absenteeism = (Number of Days Lost ÷ Total Possible Working Days) × 100%
10. Market Size, Share and Growth | 市场规模、份额与增长率
Market size refers to the total volume or value of sales in a given market. It can be measured in units or currency terms.
市场规模是指特定市场的总销售量或总销售额，可以按单位或货币衡量。
Market share shows a firm's sales as a percentage of the total market. It is a critical indicator of competitive strength.
市场份额是企业销售额占市场总额的百分比，是衡量竞争优势的关键指标。
Market Share = (Firm's Sales ÷ Total Market Sales) × 100%
Market growth calculates how quickly a market is expanding or contracting. It helps businesses assess the attractiveness of the market.
市场增长率计算市场扩大或萎缩的速度，有助于企业评估市场的吸引力。
Market Growth = (Change in Market Size ÷ Original Market Size) × 100%
11. Law of Demand and Price Elasticity | 需求定律与价格弹性
The law of demand states that, ceteris paribus, as the price of a product rises, the quantity demanded falls, and vice versa. Price elasticity of demand (PED) quantifies this responsiveness.
需求定律指出，在其他条件不变的情况下，产品价格上升会导致需求量下降，反之亦然。需求价格弹性（PED）量化了这种反应程度。
PED = % Change in Quantity Demanded ÷ % Change in Price
If PED is greater than 1, demand is price elastic; a price cut increases total revenue. If PED is less than 1, demand is price inelastic; a price rise boosts revenue. Knowledge of PED guides pricing strategy.
如果 PED 大于 1，需求富有弹性；降价会增加总收入。若 PED 小于 1，需求缺乏弹性；涨价会提高收入。了解 PED 有助于指导定价策略。
12. Capacity Utilisation | 产能利用率
Capacity utilisation measures how efficiently a business uses its productive resources. It compares actual output to the maximum possible output if the firm operated at full capacity.
产能利用率衡量企业利用生产资源的效率，它将实际产出与企业满负荷运营时的最大可能产出进行比较。
Capacity Utilisation = (Actual Output ÷ Maximum Possible Output) × 100%
High capacity utilisation spreads fixed costs over more units, lowering average costs. However, operating too near 100% may strain resources and reduce quality. Low utilisation indicates idle resources and higher per-unit costs.
高产能利用率将固定成本分摊到更多单位上，降低平均成本。然而，接近 100% 运营可能使资源紧张并降低质量。低利用率则表明存在闲置资源，单位成本较高。
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