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Business
Mathematics
"By The Numbers"
By The Numbers is an innovative business mathematics
telecourse. Its subtitle, Practical Applications of Business
Mathematics, reflects the basic premise of the course:
that students learn best when the object of their study
is related directly to their out-of-school lives. The
resulting product is not pencil and paper mathematics;
it is the math that students encounter in their professional
and personal lives. The content evolves from mathematical
foundations, to basic business concepts and then incorporates
mathematics of retailing, mathematics of finance, business
accounting concepts, and communication with numbers. These
concepts are interwoven with practical applications: constructing
a building, investing money, setting prices of products.
By The Numbers is part of the Business Connection-a
series of television-based courses designed to enhance
a student's career potential in business. The first phase
of the Business Connection consists of courses in business
law (Business and the Law, 1989); business math (By the
Numbers, 1990); entrepreneurship (Something Ventured,
1991); principles of selling (The Sales Connection, 1992);
and, principles of management (Taking the Lead, 1993).
PROGRAM
DESCRIPTIONS
1) Mathematics in the Business World
An introduction to the world of business math and the
rationale for studying the subject.
2) Fractions, Decimals, and Percents
Fractions and mixed numbers, basics of decimals, the conversion
of decimals to fractions, the conversion of decimals to
percents, and working with the percent formula.
3) Equations and Formulas
An introduction to simple algebra including reading and
manipulating formulas, solving for an unknown, ratios
and proportions, basics of equations, and understanding
and solving work problems.
4) Banking Services
Services of modern banks and savings institutions including
an introduction to checking accounts, check registers,
credit card transactions and the importance of reconciling
a bank statement.
5) Gross Earnings
This lesson stresses the importance of payroll records.
Included are methods for calculating gross earnings for
hourly and salaried employees, calculating overtime earnings,
shift-differential and split-shift premiums. This lesson
also covers commission and piecework pay.
6) Social Security and Withholding
Expands discussion of payroll as a critical component
of a business' record keeping system. It outlines the
process for calculating payroll deductions, including
FICA and income tax withholding. Discussions cover how
FICA and tax rates are set, how to read and use W-4 forms,
how to use tables to determining federal income tax withholding,
how to calculate final not pay following all deductions,
and how to file payroll records and returns.
7) Sales and Property Taxes
Introduces the concept of taxation. The lesson covers
methods used to determine sales tax and procedures for
manually calculating the amount of sales tax given the
selling price and tax rate. Excise and property taxes
are also covered.
8)
Income Taxes
In the context of personal income tax, the lesson covers
the steps in determining tax liability, the relationship
between tax liability and income, and the factors that
affect adjusted gross income. Students learn how to estimate
potential deductions, determine the balance due to or
refund from the IRS, and how to read tax tables.
9) Business Insurance
Emphasizes the need for each business to find a way to
protect itself against loss. Discussions cover the methods
for determining rates and property values and for evaluating
insurance liability when there are multiple carriers.
10) Personal Insurance
Motor vehicle insurance and life insurance are discussed
in this program. Factors affecting cost of motor vehicle
insurance; liability coverage, property damage coverage,
comprehensive, collision coverage, no-fault insurance
and problems with uninsured motorist coverage are addressed.
The life insurance section of the program presents procedures
for determining annual premiums for life insurance policies,
calculating net cost, reading tables, and evaluating settlement
options.
11) The Business Discount
This lesson deals with business transactions. Key topics
include reading and using invoices, using common invoice
abbreviations, the basics of trade and series discounts,
using series discounts to determine list price, and using
cash discounts to build business.
12) Pricing Products and Services
The program presents basic formulas for calculating mark-up,
markdown and cost, and shows how to apply the concept
of percent to markup and markdown problems. Discussions
cover the impact of overhead on profit, the difference
between cost and selling price as a basis for determining
markup, calculating the selling price of perishable goods,
and knowing how and when to discount goods and services.
13) Inventory Control
This lesson covers inventory control and procedures for
calculating and using inventory turnover, distinguishing
between perpetual and periodic inventory, using LIFO and
FIFO methods to value inventory, product code concepts,
and estimating inventory.
14) Simple Interest
Key topics are the basics of simple interest including
formulas, concepts of rate, principal and time, and present
and maturity value.
15) Notes and Bank Discounts
Promissory note due dates, face values, and rates are
discussed as well as bank discount notes, simple interest,
simple discount, and the concept of lending the institutions.
16) Compound Interest
Procedures for compounding interest, the importance of
the compounding period are discussed in this program.
Also, an introduction to the basics of savings accounts
and time deposit accounts, with particular attention to
continuos compounding of interest.
17) Credit Purchases
Addresses credit in U.S. retailing. Key topics include
procedures for calculating the amount due, open-end credit,
revolving charge financing, calculating installment buying,
calculating the APR, down payments and total financing,
calculating installment costs, the Rule of 78s, and determining
unearned interest.
18) Annuities, Sinking Funds, and Amortization
This program defines and discusses the concepts of annuities
including advantages, purposes, formulas, and present
value. Also covered are the basics of sinking funds, and
the concepts of amortization including relationship with
principal and interest.
19) Depreciating Business Assets
Key topics are useful life, salvage value, book value,
straight-line, declining-balance, units of production,
and sum-of-the-year's-digits method for calculating depreciation.
20) Allocating Costs and Profits
Demonstrates the mathematics used to determine the profitability
of a product or service by proper allocation of overhead
costs.
21) Financial Statements
Key topics include formatting, terminology, reading, interpreting,
and using the balance sheet and income statement.
22) Cash Flow and Financial Ratios
Discussions include the short- comings of the balance
sheet and income statement; the effects of interest expense,
taxes, and depreciation on cash flow. Students learn to
calculate such specific financial ratios as the current,
debt-to-equity, acid-test, and return on investment ratios
to determine the health of a business.
23) Funding the Business with Stocks and Bonds
This program covers corporate debt and equity compared
with sole-proprietorships and partnerships. How assets,
profits, and responsibility for debt are determined and
distributed. Preferred and common stock -- its issuance,
distributions of dividends, profits, earnings per share
and reading of the stock tables are covered as well as
bonds, mergers, and takeovers.
24) Statistics in the Business World
This program emphasizes the business use of statistics.
Special attention is given to the use of business-related
statistics such as prime rate, money supply, trade deficit
and the consumer price index.
25) Communicating with Graphs and Charts
This program covers the basics of graphic layout and stresses
the educational and persuasive power of an effective visual
message. Students will learn to plot bar, line, pie and
scatter graphs.
26) The Future of Business Mathematics
The closing lesson explores the future of business math
with an overview of the use of calculators and computers
in business management, decision making and forecasting,
while focusing on the ever-changing needs of the business
person.
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