CBSE Class 12 Entrepreneurship Business Arithmetic Worksheet Set 01 Solved

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 BUSINESS ARITHMETIC
QUESTION BANK
 
"Take risks in your life. If you win, you can lead. If you lose, you can guide." – Swami Vivekanand
 
Define the terms ‘Unit of sale’ and ‘unit cost’ in the case of multiple products.
 
Unit of sale could be in quantity (for example, one or a dozen) or in weight (kilograms) and the entrepreneur will use it for pricing, determining the cost per unit, gross profit per unit, establishing the sales trend, fixing sales target etc. While some businesses may deal in only one item, the majority of them deal in many or large number of items. For example, a grocery shop has hundreds of items on its shelves and if it is a super market, it has thousands of items OR a restaurant will have the menu card that runs to a few pages and each page may have 10 to 20 items. A beauty parlor offers many treatments for the customers. In spite of such large number of items, the business person needs some quick and easy way of checking the progress of the business or plan corrective actions. How does one do it?
 
We all know that a customer does not buy all the items from the grocer at a given time, nor does he/she order all the items on the menu when visiting a restaurant. A customer coming to the beauty parlor does not avail of all the offered services. Neither do all customers buy or order or avail of same items or services. If this be the case, and it is, how does the business owner figure out what is going on in his/her business? This is when ―averages come in to play and help the business owner.
Let us take the example of a grocery store. Each customer coming in to buy things will have different requirements. This, then results in the ―billed amount (or invoiced amount) being different for different people. For example, at the end of the day, the shop keeper found out the following.

CBSE Class 12 Entrepreneurship Business Arithmetic Worksheet Set A Solved 1

In the above example 100 customers bought items worth Rs 2, 10,000/- , thus giving an average of Rs 2,100/- per customer. You would notice that no one bought items worth "exactly" Rs 2,100. The collective purchase by all of them yielded the average. It is possible that on another day the average could be different. In a month, the average (derived on a daily basis) at the beginning of the month could be higher than towards the end.
If the average is arrived for all the customers in a month then it will provide a more realistic picture,which will be much greater than the given sample.
In this particular case, Customer is the unit of sale and the average purchase made by the customer is the "Unit Price" and the Unit Price per Customer (or per Unit of Sale) would be Rs 2,100/-.
In the case of a restaurant, unit of sale would be a Diner. This is different from the person who pays the bill. A group may consist of 10 people or 5 or 2. At times it may even be one. In each case, the number of persons paying the bill would most likely be one. So it is more accurate to go by the number of Diners.The Diner is the Unit of Sale and the average amount billed per Diner would be the Unit Price. In the case of a restaurant that provides only Buffet Lunch or Dinner, life is simple. It is like a single product business.
In a beauty parlor or saloon can also use the same concept. The Customer is the Unit of Sale and average billing per customer is unit Price‖.
 
Unit Cost
Unit cost refers to variable cost (also referred to as cost of goods sold).
How do we calculate the unit cost in the case of multi product or service situations?
Let us take the grocery store again.
Grocery store is a Trading Business and the cost at which the items are purchased is known (just like MRP)
Therefore, at the end of the day, it is possible to know the purchase price of all the items and quantities that were sold. Let us suppose that it works out to Rs 1, 70,000/-. There were 100 units of Sale. So the unit cost is Rs 1,700/-.
In some cases, there could be another way. For every item, if the purchase price is 80% of selling price, then in that particular case, the Unit Cost would be Rs 1,680/- (= 80% of Rs 2,100/-). Gross Profit would then be Rs 400/- per unit of sale (Rs 2,100 - Rs 1,700) in the first case and Rs 420/- per Unit of sale (Rs 2,100 - Rs 1,680) in the second case.
 
Many industries have their unique thumb rules for the relationship between Unit Price and Unit Cost. In Fast Moving Consumer Goods Industry it could be 80 or 85% (cost as percentage age of selling price). In food
industry, it could be 30 to 35% (COG as percentage age of selling price).
 
Electronic items may have a different thumb rule. Where none exists, you may be able to develop your own.However, the more accurate way is to actually compute the costs as explained.
 
Some formulas:
CBSE Class 12 Entrepreneurship Business Arithmetic Worksheet Set A Solved 2
 
Define Break even analysis in the case of multiple products or services.
 
Breakeven point is the level of sales (or revenue generated) that equals all the expenses required for generating that revenue. It is not more than the expenses (i.e. no profit) nor is it less than the expenses (i.e. no loss). In other words there is neither loss nor profit.
At the breakeven level
Total revenue = Total expenses
(Quantity x Unit Price) = (Quantity x Unit Cost) + Fixed Expenses
Quantity x (Unit Price – Unit Cost) = Fixed Expenses
Quantity x Gross Margin (or Profit) per Unit = Fixed Expenses
CBSE Class 12 Entrepreneurship Business Arithmetic Worksheet Set A Solved 3
 
Gross margin and gross profit are one and the same.


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