BUS 112 - Business Math

1. Demonstrate basic math skill.
   1. Write a word name for a number in standard or decimal notation.
   2. Calculate using whole numbers, fractions and decimals without calculators.
   3. Convert between fractional, decimal and percent notations.
   4. Round numbers to the nearest tenth, hundredth, thousandth, one, ten, hundred, thousand.
   5. Translate per cent problems into a standard model.
   6. Solve per cent problems.
   7. Solve problems dealing with an unknown.
   8. Use estimation techniques to check reasonableness of results.
2. Reconcile a checking account to a bank statement.
   1. Identify elements of a checking account.
   2. Discuss current trends in banking.
3. Explain discount, list price, net price, and discount periods.
   1. Calculate single and chain trade discounts.
   2. Calculate net price and trade discounts.
   3. Discuss relationships between trade discounts and cash discounts.
   4. Explain typical discount periods and credit periods.
   5. Calculate outstanding balance for partial payments.
4. Calculate markup and markdowns
   1. Calculate markup based on cost.
   2. Calculate markup based on selling price.
   3. Discuss markdowns and perishables.
5. Solve problems dealing with payroll.
   1. Calculate employee’s gross pay.
   2. Compute payroll deductions.
   3. Discuss payroll responsibilities of the employer.
6. Relate I = P x R x T to various situations.
   1. Calculate simple and compound interest.
   2. Discuss different kinds of notes.
   3. Solve problems dealing with notes and discounting.
   4. Perform calculations related to installment buying.
   5. Discuss different types of mortgages.
   6. Calculate the interest and principle portion of mortgage payments.
7. Examine annuities and sinking funds.
   1. Calculate future value of annuity.
   2. Calculate present value of annuity.
   3. Calculate payment amount of a sinking fund.
8. Compare different types of inventory costing methods and their impact on the profitability of a firm.
   1. Calculate the value of inventory suing the specific costing method.
   2. Calculate the value of inventory using the weighted-average method.
   3. Calculate the value of inventory using the FIFO method.
   4. Calculate the value of inventory using the LIFO method.
   5. Calculate inventory turnover using both the retail and cost methods.
   6. Demonstrate how overhead costs may be applied by a firm.
9. Compare the different types of depreciation methods that may be used by a firm.
   1. Calculate depreciation using the straight-line method.
   2. Calculate depreciation using the units-of-production method.
   3. Calculate depreciation using the declining-balance method.
   4. Calculate depreciation using the MACRS system.
10. Solve word problems involving any of the above.