📚 Year 11 WJEC Business: Formulas and Key Concepts Quick Reference Guide | Year 11 WJEC 商务：公式定理速查手册
The WJEC GCSE Business specification requires you to apply a range of quantitative skills, from simple profit calculations to investment appraisal. This revision handbook pulls together all the essential formulas and ratios you need to memorise and use with confidence. Each section presents the key equation, explains its purpose and gives you a clear English – Chinese pairing so you can test yourself in both languages.
WJEC GCSE商务考试要求你运用从简单利润计算到投资评估的一系列量化技能。这本复习手册汇集了所有你必须牢记并能自信运用的关键公式和比率。每一节都给出核心方程、解释其用途，并提供清晰的英中对照，方便你用双语自测。
1. Revenue and Profit Formulas | 收入与利润公式
Revenue, often called sales turnover, is the money a business receives from selling its goods or services in a given period. It is the top line of an income statement and drives all other financial measures.
收入，常被称为销售额或营业额，是企业在特定时期内通过销售产品或服务所获得的资金。它是损益表的第一行，并影响着所有其他财务指标。
Total Revenue = Selling Price × Quantity Sold
Gross profit deducts only the direct costs of making sales – the cost of goods sold (COGS). It reveals how efficiently a business manages its production and purchasing.
毛利润仅扣除销售的直接成本——即销售成本。它反映企业管理生产和采购的效率。
Gross Profit = Sales Revenue − Cost of Sales
Net profit (or operating profit) strips away all other expenses, including rent, salaries, marketing and interest. It is often called the ‘bottom line’ because it shows the final reward for the owners.
净利润（或运营利润）扣除了所有其他费用，包括租金、工资、营销和利息。它常被称为“底线”，因为它呈现了企业主获得的最终回报。
Net Profit = Gross Profit − Total Operating Expenses
2. Costs: Fixed, Variable and Total | 成本：固定成本、可变成本与总成本
Fixed costs stay the same regardless of output, at least in the short term. Examples include factory rent, insurance premiums and management salaries.
固定成本至少在短期内不随产量变动。例如工厂租金、保险费和管理层工资。
Variable costs change directly with the number of units a business produces. They normally include raw materials, packaging and piece‑rate labour.
可变成本直接随企业的产量变动，通常包括原材料、包装和计件工资。
Variable Costs = Variable Cost per Unit × Quantity Produced
Total cost is simply the sum of fixed and variable costs. Knowing the total cost is the first step towards setting profitable prices and planning output levels.
总成本就是固定成本与可变成本之和。了解总成本是设定盈利价格和规划产量的第一步。
Total Costs = Fixed Costs + Variable Costs
3. Break‑Even Point | 盈亏平衡点
The break‑even point (BEP) is the level of output where total revenue equals total costs – the business makes neither a profit nor a loss. It is crucial for decision‑making about pricing, cost control and production targets.
盈亏平衡点是指总收入等于总成本时的产量水平——企业既不盈利也不亏损。它对定价、成本控制和产量目标的决策至关重要。
Break‑even Output (units) = Fixed Costs ÷ (Selling Price per Unit − Variable Cost per Unit)
A business can also express BEP in sales value. This shows the amount of revenue needed to cover all costs, which is especially useful for multi‑product firms.
企业也可以用销售收入来表示盈亏平衡点。这显示了覆盖所有成本所需的收入金额，对多产品企业尤其有用。
Break‑even Revenue = Break‑even Output × Selling Price per Unit
4. Contribution and Margin of Safety | 贡献利润与安全边际
Contribution per unit measures how much each sold unit contributes towards covering fixed costs after variable costs have been paid. Once fixed costs are covered, any remaining contribution becomes profit.
单位贡献利润衡量每售出一件产品在支付可变成本后能为覆盖固定成本做出多少贡献。一旦固定成本被完全覆盖，剩余的贡献就会转变为利润。
Contribution per Unit = Selling Price per Unit − Variable Cost per Unit
Total contribution can be used to calculate overall profit quickly: subtract total fixed costs from total contribution.
总贡献利润可以快速计算总利润：从总贡献中减去总固定成本。
Total Contribution = Contribution per Unit × Units Sold
Profit = Total Contribution − Fixed Costs
Margin of safety indicates how far sales can fall before the business starts making a loss. A high margin of safety means lower risk.
安全边际表明销售收入下降多少后企业会开始亏损。高安全边际意味着较低的风险。
Margin of Safety = Actual Output (or Sales) − Break‑even Output
5. Cash Flow Management | 现金流管理公式
Cash flow is the movement of money into and out of a business. Maintaining a positive net cash flow is vital for survival, as even profitable firms can fail if they run out of cash.
现金流是企业资金的流入和流出。保持正向净现金流对生存至关重要，因为即便是盈利企业，如果现金耗尽也可能倒闭。
Net Cash Flow = Total Cash Inflows − Total Cash Outflows
The closing balance at the end of a month becomes the opening balance for the next month. This rolling balance helps managers spot potential liquidity shortages in advance.
月末的期末余额会成为下月的期初余额。这种滚动余额有助于管理者提前发现潜在的流动性短缺。
Closing Balance = Opening Balance + Net Cash Flow
6. Profitability Ratios | 盈利能力比率
Gross profit margin shows what percentage of revenue remains after paying for the cost of goods sold. It is a key indicator of production and purchasing efficiency.
毛利率显示了收入中在支付销售成本后剩余的比例。它是评价生产和采购效率的关键指标。
Gross Profit Margin = (Gross Profit ÷ Revenue) × 100%
Net profit margin takes all expenses into account. A rising net profit margin suggests the business is controlling overheads well or gaining pricing power.
净利润率考虑了所有费用。净利润率上升意味着企业管理费用得力或议价能力增强。
Net Profit Margin = (Net Profit ÷ Revenue) × 100%
7. Liquidity Ratios | 流动性比率
Liquidity ratios measure a firm’s ability to pay short‑term debts as they fall due. The current ratio compares all current assets to current liabilities. A ratio of 1.5 – 2.0 is often considered healthy.
流动性比率衡量企业偿还到期短期债务的能力。流动比率将全部流动资产与流动负债进行比较。一般认为1.5至2.0的比率较为健康。
Current Ratio = Current Assets ÷ Current Liabilities
The acid test ratio (quick ratio) strips out inventory, which is the least liquid current asset. This gives a tougher test of immediate liquidity.
酸性测试比率（速动比率）剔除了流动性最差的存货。这提供了一个更严格的即时流动性测试。
Acid Test Ratio = (Current Assets − Inventory) ÷ Current Liabilities
8. Market Share and Market Growth | 市场份额与市场增长
Market share tells a business how much of the total market it controls. It is an essential measure of competitive position and branding strength.
市场份额告诉企业它控制着整个市场的多大比例。它是衡量竞争地位和品牌实力的基本指标。
Market Share = (Company’s Sales ÷ Total Market Sales) × 100%
Market growth shows whether the overall market is expanding or shrinking. High‑growth markets attract new entrants, while declining markets increase rivalry.
市场增长显示整个市场是在扩张还是在萎缩。高增长市场会吸引新进入者，而萎缩的市场则会加剧竞争。
Market Growth (%) = [(Market Size Year 2 − Market Size Year 1) ÷ Market Size Year 1] × 100%
9. Labour Productivity | 劳动生产率
Labour productivity measures output per employee over a period. Higher productivity usually means lower unit labour costs and can boost competitiveness.
劳动生产率衡量一定时期内每名员工的产出。更高的生产率通常意味着更低的单位劳动力成本，并能提升竞争力。
Labour Productivity = Total Output ÷ Number of Employees
Businesses may also want to know the labour cost per unit, which combines productivity and wage data to assess cost efficiency.
企业可能还想知道单位劳动力成本，它结合了生产率和工资数据以评估成本效益。
Labour Cost per Unit = Total Labour Cost ÷ Total Output
10. Average Rate of Return (ARR) | 平均回报率
The Average Rate of Return expresses the annual average profit of an investment as a percentage of its initial cost. It allows businesses to compare different projects on a consistent basis.
平均回报率将一个投资的年均利润表示为其初始成本的百分比。它使企业能够基于一致的标准比较不同的项目。
ARR = (Average Annual Profit ÷ Initial Investment Cost) × 100%
Average annual profit is calculated by taking the total profit over the project’s life and dividing by the number of years. The higher the ARR, the more attractive the investment.
年均利润通过将项目寿命期内的总利润除以年数得出。ARR越高，投资越具吸引力。
Average Annual Profit = Total Profit from Investment ÷ Number of Years
11. Payback Period | 回本周期
The payback period measures how long it takes for an investment to generate enough net cash flow to recover its initial cost. Businesses prefer projects with short payback periods because they reduce risk.
回本周期衡量一项投资需要多长时间才能产生足够的净现金流来收回初始成本。企业偏爱回收期短的项目，因为这样可以降低风险。
When annual net cash flows are constant, simply divide initial cost by annual net cash flow. When cash flows vary, identify the year before full recovery and apply the formula below.
当年均净现金流不变时，只需用初始成本除以年净现金流。当现金流变动时，先确定完全收回的前一年，然后应用下列公式。
Payback Period (years) = Year before full recovery + (Unrecovered cost at start of year ÷ Net cash flow during the year)
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