Grade 11 or 12 Mathematics for Business

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1 Grade 11 or 12 Mathematics for Business Strands 1. Basic Mathematics 2. Basic Business Applications 3. Mathematics of Retailing 4. Mathematics of Finance 5. Accounting and Other Applications Strand 1: Basic Mathematics Standard 1 Develop an understanding of percentages and number systems relevant to business mathematics 1-1 Writing decimals and fractions as percentages (eg: write a decimal as a percentage and vice versa, write a fraction as a percent and vice versa,write a factional percent as a decimal ) 1-2 Find part, base and rate (eg: Know the components of basic problems,learn the basic percentage formula, solve for each component, calculate sales tax, solve problems using percentage in applied situations ) 1-3 Solve increase and decrease problems (eg, Use basic percent formula to solve for base in increase and decrease problems and solve worded problems Strand 2 Basic business applications Standard 1- Develop an understanding for the banking system and how it relates to personal and business 1-1 Analysis of checking accounts and check registers, identify parts of a check, deposit slips and checks stub, know the types of checking account, calculate monthly service charges, checking services eg. Overdraft 1-2 Credit card transactions (eg: determine deposits with credit cards transactions and identify benefits of credit cards services within a business Page 1 of 5

2 1-3 Bank reconciliation statement -Know the importance of reconciling a checking account and reconcile a bank statement with a checkbook 1-4 List outstanding checks 1-5 Find the adjusted bank balance or current balance Standard 2 Use calculations to determine gross earnings and salaries 2-1 Understand the methods of calculating gross earnings for salaries and wages 2-2 Find overtime earnings for over 40 hours of work per week 2-3 Use the overtime premium method of calculating gross earnings 2-4 Find the overtime earning for over 8 hours of work per day 2-5 Understand double time, shift differentials, and split-shift premiums 2-6 Find equivalent earnings for different pay periods 2-7 Find overtime for salaried employees 2-8 Find the gross earnings for piecework 2-9 Determine the gross earnings for differential piecework 2-10 Find the gross pay for piecework with a guaranteed hourly wage 2-11 Calculate the overtime earnings for piecework 2-12 Find the gross earnings using commission rate times sales 2-13 Determine a commission using the variable commission rate 2-14 Find the gross earnings with a salary plus commission Strand 3- Mathematics of Retailing Standard 1 - Complete calculations involving buying 1-1 Understand elements of an invoice and common shipping terms (abbreviations) 1-2 Calculate trade discounts and understanding why they are given 1-3 Differentiate between single and series discount 1-4 Calculate each series discount separately 1-5 Use complements to calculate series discounts 1-6 Use a table to find the net cost equivalent of series discounts Page 2 of 5

3 Standard 2- Use series Discounts and Single Discounts Equivalents to determine final price 2-1 Calculate net cost after discount 2-2 Use the ordinary dating method 2-3 Determine whether cash discounts are earned 2-4 Use postdating when calculating cash discounts 2-5 Solve cash discount problems with end-of-month dating 2-6 Use receipt-of-goods dating to solve cash discount problems 2-7 Use the extra dating to solve cash discount problems 2-8 Determine credit given for partial payment of an invoice Standard 3 Determine selling price and cost price if given mark up or mark down details. 3-1 Recognize the terms used in selling 3-2 Use the basic formula used for mark-up 3-3 Calculate mark-up based on cost 3-4 Calculate mark-up based on selling price 3-5 Determine the percent mark-up on cost and the equivalent percent mark-up on selling price. 3-6 Apply percent to mark-up problems 3-7 Convert mark up on cost to mark up on selling price and vice versa 3-8 Define the term mark-down 3-9 Calculate mark-down, reduced price and percent of mark-down 3-10 Define the terms associated with loss 3-11 Determine break-even point, operating loss Standard 4- Develop an understanding of inventory control 4-1 Calculate average inventory and stock turnover 4-2 Use LIFO and FIFO to value inventory Page 3 of 5

4 Strand 4 Mathematics of Finance Standard 1-Calculation of simple interest 1-1 Solve for simple interest 1-2 Calculate maturity value 1-3 Define the basic terms used with notes and simple discount notes 1-4 Find the due date of a note 1-5 Understand the concept of discounting a note 1-6 Find the proceeds when discounting simple interest notes Standard 2- Calculations using compound interest 2-1 Calculate compound interest using the simple interest formula 2-2 Calculate compound amount using 2-3 Use the table to find compound amount 2-4 Find interest compounded at different time intervals (eg. daily, monthly, semi-annually) 2-5 Calculate future and present value of annuities, retirement account, etc 2-6 Calculations involving sinking funds and bonds Standard 3- Develop an understanding for tax and different types of insurance 3-1 Define fair and market value 3-2 Find the tax rate 3-3 Find the adjusted gross income 3-4 Calculate taxable income and income tax 3-5 List possible deductions 3-6 Define the terms policy, coverage, face value and premium, liability insurance 3-7 Understand multiple-carrier insurance and use coinsurance formula 3-8 Describe comprehensive and collision insurance Page 4 of 5

5 Strand 5 Accounting and Other Applications Standard 1- Apply calculations to accounting concepts 1-1 Depreciation using straight line and reducing balance methods 1-2 Introduction to profit and loss account and balance sheet 1-3 Business Statistics Page 5 of 5

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