📚 AS Edexcel Business: Formula & Theorem Quick Reference Handbook | AS Edexcel 商务：公式定理速查手册
This comprehensive quick reference handbook brings together all key formulas, ratios and essential concepts required for AS Edexcel Business. Each entry is paired with a clear explanation in both English and Chinese, making it the perfect revision tool to master quantitative analysis and boost your exam performance.
这本速查手册汇总了 AS Edexcel 商务课程要求的所有核心公式、比率与重要概念。每个条目均配有清晰的中英文配对解释，是您攻克定量分析、提升考试表现的完美复习工具。
1. Profit, Costs & Revenue | 利润、成本与收入
Total costs are the sum of all fixed and variable costs a business incurs. Fixed costs remain constant within a relevant range of output, while variable costs change directly with the level of production.
总成本是企业发生的所有固定成本与变动成本之和。固定成本在相关产量范围内保持不变，变动成本则随生产水平直接变化。
Total Costs (TC) = Total Fixed Costs (TFC) + Total Variable Costs (TVC)
总成本 (TC) = 总固定成本 (TFC) + 总变动成本 (TVC)
Total variable costs are calculated by multiplying variable cost per unit by the number of units produced. This relationship helps managers predict how costs behave as output expands.
总变动成本由单位变动成本乘以产量计算得出。这一关系有助于管理者预测成本随产量扩大而变化的规律。
TVC = Variable Cost per Unit × Quantity (Q)
TVC = 单位变动成本 × 产量 (Q)
Total revenue is the income generated from selling goods or services. It is the starting point for measuring business performance and depends entirely on sales volume and selling price.
总收入是销售商品或服务产生的所得。它是衡量企业绩效的起点，完全取决于销量与售价。
Total Revenue (TR) = Selling Price per Unit × Quantity Sold
总收入 (TR) = 单位售价 × 销售数量
Profit is the residual after all costs are deducted from total revenue. Understanding the difference between gross profit, operating profit and profit for the year is essential for evaluating different levels of performance.
利润是从总收入中扣除所有成本后的剩余。理解毛利润、营业利润和年度净利润之间的区别对于评估不同层面的绩效至关重要。
Profit = Total Revenue − Total Costs
利润 = 总收入 − 总成本
Contribution is a pivotal concept in marginal costing. Contribution per unit reveals how much each sale contributes towards covering fixed costs and then making a profit.
边际贡献是边际成本法中的关键概念。单位边际贡献显示了每笔销售为覆盖固定成本并进而创造利润所作的贡献。
Contribution per Unit = Selling Price per Unit − Variable Cost per Unit
单位边际贡献 = 单位售价 − 单位变动成本
Total contribution can be computed either by multiplying per‑unit contribution by quantity or by subtracting total variable costs from total revenue. It serves as a bridge to break‑even and profit planning.
总边际贡献既可用单位边际贡献乘以数量计算，也可用总收入减去总变动成本得出。它是连接盈亏分析和利润规划的桥梁。
Total Contribution = Contribution per Unit × Q = Total Revenue − TVC
总边际贡献 = 单位边际贡献 × Q = 总收入 − 总变动成本
2. Break‑even Analysis | 盈亏平衡分析
Break‑even output tells managers the volume of sales needed to cover all costs exactly, with no profit or loss. It is calculated by dividing total fixed costs by the contribution each unit provides.
盈亏平衡产量告诉管理者需要达到的销售数量，以恰好覆盖所有成本，不盈不亏。它由总固定成本除以每单位提供的边际贡献得出。
Break‑even Output = Fixed Costs ÷ Contribution per Unit
盈亏平衡产量 = 固定成本 ÷ 单位边际贡献
To express the break‑even point in terms of sales revenue rather than units, the contribution margin ratio is used. This method is particularly useful for multi‑product businesses.
若要以销售收入而非实物单位表示盈亏平衡点，可使用边际贡献率。此法对多产品企业尤为实用。
Break‑even Sales Revenue = Fixed Costs ÷ (Contribution per Unit ÷ Selling Price per Unit)
盈亏平衡销售额 = 固定成本 ÷ (单位边际贡献 ÷ 单位售价)
The break‑even chart visually shows the intersection of total revenue and total cost lines. The vertical distance above the break‑even point represents profit; below it, loss.
盈亏平衡图直观地显示了总收入线与总成本线的交点。交点以上的垂直距离表示利润，以下则表示亏损。
3. Margin of Safety & Target Profit | 安全边际与目标利润
Margin of safety measures the cushion between actual sales and break‑even sales. A higher margin of safety indicates lower risk if demand falls unexpectedly.
安全边际衡量实际销售与盈亏平衡销售之间的缓冲空间。安全边际越高，表明需求意外下降时的风险越低。
Margin of Safety (units) = Actual or Budgeted Sales Volume − Break‑even Output
安全边际 (单位) = 实际或预算销售量 − 盈亏平衡产量
The margin of safety percentage expresses this buffer relative to current sales. It is often used to compare risk levels across different products or time periods.
安全边际率将这个缓冲量表示为当前销售的百分比。它常被用来比较不同产品或不同时期的风险水平。
Margin of Safety (%) = (Margin of Safety / Actual Sales Volume) × 100
安全边际率 (%) = (安全边际 / 实际销售量) × 100
Managers often need to know the output level required to achieve a target profit figure. By treating the target profit as a fixed financial commitment, they can adapt the break‑even formula accordingly.
管理者常常需要知道达到目标利润所需的产出水平。通过将目标利润视为一项固定的财务承诺，他们可以相应地调整盈亏平衡公式。
Output for Target Profit = (Fixed Costs + Target Profit) ÷ Contribution per Unit
实现目标利润的产量 = (固定成本 + 目标利润) ÷ 单位边际贡献
4. Budgeting & Variance Analysis | 预算与差异分析
A variance is simply the difference between actual and budgeted figures. It is labelled as favourable if it improves profit, and adverse if it reduces profit.
差异就是实际数与预算数之间的差额。若差异对利润有利则称为有利差异，减少利润则称为不利差异。
Variance = Actual Figure − Budgeted Figure
差异 = 实际数 − 预算数
Sales volume variance measures the impact on profit of selling a different quantity than planned, valued at the standard contribution or profit per unit.
销售数量差异衡量销售数量与计划不同对利润造成的影响，以标准边际贡献或每单位利润计价。
Sales Volume Variance = (Actual Quantity − Budgeted Quantity) × Budgeted Contribution per Unit
销售数量差异 = (实际数量 − 预算数量) × 预算单位边际贡献
Sales price variance isolates the effect of charging a different price. This highlights whether pricing strategies have been more or less effective than anticipated.
销售价格差异分离了收取不同价格所带来的影响。这凸显了定价策略是否比预期的更有效或更差。
Sales Price Variance = (Actual Price − Budgeted Price) × Actual Quantity Sold
销售价格差异 = (实际价格 − 预算价格) × 实际销售数量
Cost variances can be computed for materials and labour, taking both usage/efficiency and price/rate into account. These send early warning signals about operational inefficiencies.
材料与人工的成本差异可分别计算，同时考虑用量/效率和价格/工资率因素。这些差异能对运营低效发出早期预警信号。
Material Price Variance = (Actual Price − Standard Price) × Actual Quantity Purchased
材料价格差异 = (实际价格 − 标准价格) × 实际采购量
Labour Rate Variance = (Actual Rate − Standard Rate) × Actual Hours Worked
人工工资率差异 = (实际工资率 − 标准工资率) × 实际工时
5. Cash Flow & Working Capital | 现金流与营运资本
Net cash flow represents the net increase or decrease in cash for a given period. Positive net cash flow is essential to maintain day‑to‑day solvency.
净现金流表示特定时期内现金的净增加或净减少。保持正向净现金流对维持日常偿债能力至关重要。
Net Cash Flow = Total Cash Inflows − Total Cash Outflows
净现金流 = 现金流入总额 − 现金流出总额
The closing balance is the amount of cash available at the end of a period. It becomes the opening balance for the following period, forming a rolling forecast.
期末余额是期末可用的现金金额。它成为下一期的期初余额，形成滚动预测。
Closing Balance = Opening Balance + Net Cash Flow
期末余额 = 期初余额 + 净现金流
Working capital indicates the short‑term financial health of a business. A positive figure suggests liquidity, but excessive working capital may imply inefficient use of resources.
营运资本反映企业的短期财务健康状况。正数意味着流动性良好，但营运资本过多可能暗示资源运用低效。
Working Capital = Current Assets − Current Liabilities
营运资本 = 流动资产 − 流动负债
6. Liquidity Ratios | 流动比率
The current ratio evaluates whether a business can meet its short‑term obligations from its current assets. A ratio of around 1.5 to 2.0 is often considered healthy, though optimal levels vary by industry.
流动比率评估企业能否以流动资产偿还短期负债。一般认为1.5至2.0的比率较健康，但最佳水平因行业而异。
Current Ratio = Current Assets ÷ Current Liabilities
流动比率 = 流动资产 ÷ 流动负债
The acid test (or quick) ratio removes inventories, the least liquid current asset. It provides a stricter test of immediate liquidity.
酸性测试（速动）比率剔除了流动性最差的流动资产——存货。它对即时流动性进行了更严格的测试。
Acid Test Ratio = (Current Assets − Inventories) ÷ Current Liabilities
速动比率 = (流动资产 − 存货) ÷ 流动负债
7. Profitability & Efficiency Ratios | 盈利能力与效率比率
Gross profit margin shows how much of each pound of sales revenue remains after paying for direct costs. It reflects pricing strategy and direct cost control.
毛利率显示每一英镑销售收入在支付直接成本后还剩多少。它反映了定价策略与直接成本控制。
Gross Profit Margin = (Gross Profit ÷ Sales Revenue) × 100
毛利率 = (毛利润 ÷ 销售收入) × 100
Operating profit margin takes overheads into account. It measures how efficiently the business is run before financing costs.
营业利润率考虑了间接费用。它衡量企业在融资成本前的运营效率。
Operating Profit Margin = (Operating Profit ÷ Sales Revenue) × 100
营业利润率 = (营业利润 ÷ 销售收入) × 100
Profit for the year margin incorporates all revenues and expenses, including interest and tax. It shows the overall return earned on sales.
年度净利润率包含所有收支，包括利息与税款。它显示了销售带来的整体回报。
Profit for the Year Margin = (Profit for the Year ÷ Sales Revenue) × 100
年度净利润率 = (年度净利润 ÷ 销售收入) × 100
Return on capital employed (ROCE) is the key measure of business performance. It tells investors how effectively their long‑term capital is being used to generate operating profit.
资本回报率是衡量企业绩效的关键指标。它告诉投资者其长期资本在创造营业利润方面运用得如何。
ROCE = (Operating Profit ÷ Capital Employed) × 100
ROCE = (营业利润 ÷ 运用资本) × 100
Capital employed can be computed as total assets minus current liabilities, which is equivalent to shareholders’ equity plus non‑current liabilities.
运用资本可计算为总资产减去流动负债，这等同于股东权益加非流动负债。
Capital Employed = Total Assets − Current Liabilities = Shareholders’ Equity + Non‑current Liabilities
运用资本 = 总资产 − 流动负债 = 股东权益 + 非流动负债
Asset turnover measures how much revenue is generated from each pound of capital employed. A high ratio suggests intensive use of assets.
资产周转率衡量每英镑运用资本能产生多少销售收入。高比率表明资产使用集约高效。
Asset Turnover = Sales Revenue ÷ Capital Employed
资产周转率 = 销售收入 ÷ 运用资本
Inventory turnover gauges how many times stocks are sold and replaced over a period. A higher figure usually indicates efficient inventory management, though over‑speeding can risk stock‑outs.
存货周转率衡量存货在一段时期内销售与补充的次数。数值较高通常意味着存货管理高效，但过快可能带来缺货风险。
Inventory Turnover = Cost of Goods Sold ÷ Average Inventories
存货周转率 = 销售成本 ÷ 平均存货
Trade receivables days show the average time taken by credit customers to pay. A longer period may strain cash flow.
应收账款周转天数表明赊销客户平均付款所用时长。过长的天数可能使现金流承压。
Trade Receivables Days = (Trade Receivables ÷ Credit Sales Revenue) × 365
应收账款周转天数 = (应收账款 ÷ 赊销收入) × 365
Trade payables days measure how long a business takes to pay its suppliers. Stretching this too far can damage supplier relationships.
应付账款周转天数衡量企业向供应商付款的时长。拖延过久会损害供应商关系。
Trade Payables Days = (Trade Payables ÷ Credit Purchases) × 365
应付账款周转天数 = (应付账款 ÷ 赊购金额) × 365
8. Investment Appraisal | 投资评估
Payback period is the length of time needed for a project to recover its initial investment from net cash inflows. The shorter the period, the more attractive the project.
回收期是指项目从净现金流入中收回初始投资所需的时间。回收期越短，项目越具吸引力。
Payback Period = Initial Investment ÷ Annual Net Cash Inflow (if uniform inflows)
回收期 = 初始投资 ÷ 年净现金流入 (若现金流入均匀)
Average rate of return (ARR) compares average annual profit to the average investment. It presents profitability in percentage terms, making comparison between projects straightforward.
平均回报率将平均年利润与平均投资额进行比较。它以百分比形式展示盈利性，使项目间的对比一目了然。
ARR = (Average Annual Profit ÷ Average Investment) × 100
ARR = (平均年利润 ÷ 平均投资额) × 100
The average investment is typically the midpoint between the initial cost and any residual value, assuming straight‑line depreciation.
平均投资额通常为初始成本与残值之间的中点，基于直线折旧法假设。
Average Investment = (Initial Cost + Residual Value) ÷ 2
平均投资额 = (初始成本 + 残值) ÷ 2
Net present value (NPV) discounts all future cash flows to their present value using a given discount rate. A positive NPV means the project is expected to add value.
净现值采用给定的贴现率将所有未来现金流折现至当前价值。正净现值意味着项目预期会增加企业价值。
NPV = Σ [Cash Flow for Year n × Discount Factor] − Initial Investment, where Discount Factor = 1 ÷ (1 + r)ⁿ
NPV = Σ [第n年现金流 × 贴现因子] − 初始投资，其中贴现因子 = 1 ÷ (1 + r)ⁿ
9. Human Resources Metrics | 人力资源指标
Labour turnover rate reveals the percentage of the workforce that leaves during a year. High turnover can signal dissatisfaction and rising recruitment costs.
员工流动率反映了在一年内离职的员工百分比。高流动率可能预示着员工不满与招聘成本上升。
Labour Turnover (%) = (Number of Staff Leaving in a Period ÷ Average Number of Staff) ×
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