fb

London cab drivers, “the knowledge” and mixed costs…

I think that London taxi drivers are brilliant. There’s never a dull moment and if you want a conversation you’ll certainly get one when you’re in a black cab. To be honest, half the time if you don’t want a conversation you’ll still get one.

London cab drivers have to pass rigorous tests before they are licensed to drive a black cab. “The knowledge” is a term used for the exams that the drivers have to pass and ensures that they know their way around the streets of London without having to refer to satnav systems or maps.

My own personal view though is that “the knowledge” also refers to the fact that the drivers generally have a strong opinion on most things and seem to know everything about everything! To be fair I was quite impressed with the driver of the cab I was in last night. When he found out that I taught finance he went on to point out that the taxi fare I was about to pay him was classified as a “mixed cost” as it was partly a fixed cost (the minimum fare) and partly variable (the charge per mile traveled).

I’ll give him credit where it’s due as he was absolutely right. Fortunately for him though the journey came to an end before I could test him on other costing methods…

Share this entry

Recent articles

View All Articles
PwC Australia and the “Rule of Three”
Sep 21, 2023
Title
PwC Australia and the “Rule of Three”
Excerpt

As the future business leaders of tomorrow, it’s crucial for students to stay updated on key developments in […]

CIMA VS ACCA: which is best for you? (and what about CMA?)
Sep 15, 2023
Title
CIMA VS ACCA: which is best for you? (and what about CMA?)
Excerpt

When it comes to a career in accounting or finance, deciding which professional qualification to pursue can be […]

How’s your lipstick?
Sep 12, 2023
Title
How’s your lipstick?
Excerpt

In the world of business, understanding consumer behavior is crucial. The “lipstick effect” offers a fascinating glimpse into […]

How an online Certified Management Accountant (CMA) course can advance your career.
Sep 05, 2023
Title
How an online Certified Management Accountant (CMA) course can advance your career.
Excerpt

In today’s fast-paced and competitive business world, professionals are constantly looking for ways to differentiate themselves and advance […]

Waiting for your ACCA exam results…
Sep 01, 2023
Title
Waiting for your ACCA exam results…
Excerpt

Waiting for the results of your ACCA exams can be an incredibly stressful time. The uncertainty, the anticipation, […]

APM vs AFM ACCA: which path suits your career goals?
Aug 30, 2023
Title
APM vs AFM ACCA: which path suits your career goals?
Excerpt

“Which is easier – Advanced Performance Management (APM) or Advanced Financial Management (AFM)?”

ROI: how enrolling employees on ACCA courses will yield long-term business success
Aug 18, 2023
Title
ROI: how enrolling employees on ACCA courses will yield long-term business success
Excerpt

The Association of Chartered Certified Accountants (ACCA) is one of the most respected global accounting qualifications. Organisations across […]

Would Michael Porter sleep in this bed?
Aug 14, 2023
Title
Would Michael Porter sleep in this bed?
Excerpt

Management theories play a significant role in guiding corporate strategy. And when it comes to strategy and management […]