Halifax Area School District Course Plan Business Math

Transcription

1 Unit: 1- Gross Pay Time Line: 11 days The Big Idea: Employees compensations and earnings can be calculated in traditional and non-traditional ways How do you compute pay period earnings for an hourly employee? How is an employee s annual total earnings calculated? How can you differentiate between an employee who is paid hourly and one who is paid on commission? How can you analyze the nontraditional methods of earning a paycheck? How is average pay calculated for a group of employees? Calculate gross pay Compute overtime pay rates Calculate regular and overtime pay Compare hourly pay and salary Calculate gross pay for salaried employees Calculate straight commission earnings Calculate commission earnings based on quota Calculate graduated commission earnings Determine the rate of commission Calculate gross pay for piece-rate employees Compute gross pay for per diem employees Calculate gross pay for tip employees Calculate simple averages Calculate averages from grouped data Find the unknown item in a set of data Chapter exercises Stretching Think-Pair-Share V A

2 Unit: 2 Net Pay Time Line: 11 days The Big Idea: Calculating total earnings for net pay must determine the amount of money remaining after taxes, insurance premiums, and other deductions. How can you use your gross pay to determine if it s enough to meet your living expenses? What factors determine how much federal income tax you owe? What is the difference between a flat tax and a graduated tax? How do you determine the value of your net job benefits? How do you calculate the percentage of gross pay that you take home? Find federal withholding tax deductions Calculate Social Security and Medicare tax deductions Calculate total deductions and net pay Calculate adjusted gross income and taxable income Calculate the income tax due Calculate the income tax refund for single dependents Calculate state and local income taxed using a flat tax rate Calculate state and local income taxes using a graduated tax rate table Find total job benefits Find net job benefits Compare the net job benefits of occupations Calculate take-home pay as a percentage of gross pay Calculate the impact of a raise on take-home pay Calculate potential tax savings of a cafeteria plan Chapter exercises Stretching Think-Pair-Share V A

3 Unit: 3 - Banking Time Line: 13 days The Big Idea: Savings, checking, money market, and certificate of deposit accounts help people manage and invest money. What are the advantages of depositing money into a savings account? What are the advantages of using a checking account? Why might you use an online banking and bill paying program? Calculate simple interest on savings deposits Calculate compound interest on savings deposits Calculate interest using a compound interest table Prepare a deposit slip Record entries in a check register Record electronic banking transactions Calculate account balance needed to make online payments Chapter exercises Stretching Think-Pair-Share V A Why is it necessary to reconcile your checking account every month? Reconcile a bank statement Reconcile and correct a check register Reconcile a checking account with outstanding transactions and other errors

4 Why might you deposit money into a CD rather than a savings account? How can you use annuities to create a financial plan for the future? Calculate interest earned on special savings accounts Calculate the penalty for early withdrawal from CD accounts Compare the interest earned on savings accounts Calculate the effective rate of interest Calculate the future value of an ordinary annuity Calculate the present value of an ordinary annuity

5 Unit: 4 Credit Cards Time Line: 11 days The Big Idea: The costs of using credit are calculated using the amount of credit used the repayment term, and the interest rate. Why is it important to review your credit card statement every month? What factors are important in deciding which credit card offer to accept? What are the benefits and disadvantages of using a cash advance? Identify important information about credit card terms and conditions Calculate the new balance on a credit card Verify transactions on credit card statements Calculate the cost of using a credit card Calculate finance charges using a daily or monthly periodic rate Calculate finance charges using previous balance method Calculate finance charges using adjusted balance method Calculate finance charges using average daily balance method Calculate total finance charges on cash advances Calculate credit card balances that include cash advances Chapter exercises Stretching Think-Pair-Share V A What factors influence credit scores? Analyze a credit card account when minimum payments are made Calculate debt-to-income ratio

6 Unit: 5 - Loans Time Line: 11 days The Big Idea: The costs of borrowing money are calculated using the principal, the repayment term, and the interest rate. What are the advantages and disadvantages of borrowing money? How do you use elapsed time to calculate interest? What factors are involved in calculating the cost of a loan? How would you determine whether or not to pay off a loan early? Calculate interest on interest-bearing promissory notes Calculate interest using the exact interest method Calculate interest using the ordinary interest method Calculate the rate of interest Calculate interest using simple interest tables Calculate interest using the daily interest factor Calculate the installment price and finance charge on an installment plan purchase Calculate the number and amount of monthly payments on an installment loan Calculate the interest, principal payment, and new balance on an installment loan Calculate the final payments to pay an installment loan off early Calculate the savings in interest to pay an installment loan off early Chapter exercises Stretching Think-Pair-Share V A

7 Given the annual percentage rate, how do you calculate a loan s finance charge? Calculate the APR on a loan Calculate the maturity value of a loan

8 Unit: 6 Own a Home or Car Time Line: 17 days The Big Idea: When deciding to buy a home or car, consumers need to consider all of the added costs of interest, insurance, taxes and operating and maintenance fees that can determine affordability. What factors are involved in determining the total amount of interest paid over the term of a mortgage? What are the advantages and disadvantages of renting an apartment and buying a home? How does a property owner determine how much property tax is due? Why is property insurance necessary? calculate the down payment, closing costs, and mortgage loan amount calculate the total interest cost of a mortgage loan calculate the savings from refinancing mortgages calculate the costs of home ownership calculate the cost of renting a home or apartment compare the costs of renting vs. owning calculate the decimal tax rate calculate property taxes for tax rates per $100 or $1,000 calculate property taxes for tax rates in mils or cents per $1 calculate property insurance premiums for homeowners calculate property insurance premiums for renters calculate how much can be collected on insurance claims Chapter exercises Stretching Think-Pair-Share V E

9 What are the total costs of buying a car? What are the advantages and disadvantages of leasing vs..buying a car? How does depreciation affect a car s value? How does a car owner determine his annual cost of operating the car? calculate the MSRP for a new car including optional equipment calculate the delivered price and the balance due for a new car calculate the delivered price and the balance due for a used car calculate the total amount paid and the finance charge for auto installment loans calculate the cost of leasing cars compare the costs of leasing and buying cars calculate average annual depreciation on a car calculate the rate of depreciation calculate car insurance premiums find the costs of operating a car

10 Unit: 7 Insurance and Investments Time Line: 19 days The Big Idea: Insurance and investments are vital in protecting ourselves from unforeseen disasters, both now and in the future. How do you determine the net cost of an insurance policy? Describe out-of-pocket expenses relating to health insurance. What are the similarities between a loan and a bond? What are the similarities between a loan s APR and a bond s yield? Calculate life insurance premiums Calculate the net cost of life insurance Calculate the cash and loan value of a life insurance policy Calculate health insurance premiums Calculate health insurance benefits and coinsurance Calculate disability insurance benefits Calculate the market price of bonds Calculate the total investment in bonds Calculate bond income Calculate bond yield Calculate total cost of bonds Chapter exercises Stretching Think-Pair-Share V E A How can a stock purchase be used as an investment? Calculate the cost of stock purchases Calculate annual stock dividends Calculate the yield on stock investments Calculate the proceeds from the sale of stock

11 How is investing in mutual funds different from stocks? Identify the factors that impact the net investment on real estate. Why is it necessary to plan early for retirement? Calculate the total investment in a mutual fund Calculate the amount and rate of commission Calculate profit or loss from mutual fund investments Calculate net income from real estate investments Calculate the rate of return on real estate investments Calculate the monthly rent to be charged Calculate your retirement income Calculate your pension income Calculate the required minimum payout from a pension fund Calculate the penalty for early withdrawal from an individual retirement account

12 Unit: 8 - Budgets Time Line: 13 days The Big Idea: Creating a monthly budget is vital in controlling finances and planning for the future. Why is it important to track monthly expenses? What are the steps in creating a budget? Explain how you can determine if you are getting a good buy. What should you consider when deciding to purchase Internet, wireless phone, or expanded television services? When might a consumer decide to adjust a monthly budget? calculate total expenses calculate average monthly expenses calculate the percent of income spent on expenses prepare a budget find and compare unit costs calculate savings compare the cost of rental options compare the cost of renting vs. buying calculate and compare the costs of connecting to the internet calculate and compare the cost of wireless phone service calculate and compare the cost of expanded television service transfer budgeted money between categories adjust a budget after cutting expenses account for changes in income Chapter exercises Stretching Think-Pair-Share V A

13 How does economics play a role in our daily lives? interpret consumer price index data calculate rates of inflation calculate the purchasing power of the dollar analyze unemployment data

14 Unit: 9 Business Costs Time Line: 13 days The Big Idea: A business has many costs; by analyzing those costs, the business can make informed decisions for the future. How does overhead affect the total manufacturing cost of a product? What factors determine the selling price of products? Why might business property lose value over time? Distinguish between shipping a package via the postal service or a private shipping company. Calculate prime cost and total manufacturing costs Distribute factory expenses to units calculate the breakeven point for a product in units calculate the breakeven point for a product in sales dollars calculate depreciation using declining-balance method calculate depreciation using sum-of-the-years digits method calculate depreciation using modified accelerated cost recovery method calculate shipping charges calculate freight charges Chapter exercises Stretching Think-Pair-Share V E A What costs are associated with renting or owning office space? What expenses may an employee who travels for work expect to be reimbursed for? calculate the costs of office space calculate the cost of a unit of office work calculate mileage reimbursement calculate business travel expenses

15 Unit: 10 Sales and Marketing Time Line: 17 days The Big Idea: Sales practices and marketing set businesses apart from their competitors and help to meet demands from customers. Why does a business track cash sales and sales on account separately? Why would businesses offer cash discounts to its customers? How do consumers benefit from series trade discounts? Complete a cash proof form Calculate sales invoice and credit memo totals Calculate a customer account balance calculate cash discount and cash price calculate trade discount and invoice price calculate the rate of discount calculate the invoice price for a series of discounts calculate the single discount equivalent to a series of discounts Chapter exercises Stretching Think-Pair-Share V E How do retailers use markups and markdowns to determine selling prices? Explain why businesses rely on surveys to produce goods and services. calculate cost and selling price when markup is based on selling price calculate the rate of markup based on cost calculate markdown and selling price calculate the response rate of surveys calculate the results of surveys

16 How do businesses use sales forecasts to estimate future sales? What considerations must a business make when deciding where to advertise? calculate future sales using trend data calculate future sales using forecast methods calculate market share calculate the cost of advertising in print media calculate the cost of advertising in other media calculate the advertising cost per person reached

17 Unit: 11 Manage People and Inventory Time Line: 13 days The Big Idea: The ways in which a business manages its employees and controls its inventory will impact the business s financial standing. How does a business track its total cost of recruiting new employees? Other than an hourly rate or salary raise, how might an employee receive an increase in pay? What are the differences in costs between a full-time and part-time employee? What methods may a business use to determine when and how much inventory to order? Why would each method of calculating inventory value produce a different result? Calculate the cost of employment advertising Calculate the cost of hiring an employee Calculate the cost of using an employment agency Calculate Cost-of-Living- Adjustments (COLA) Calculate bonuses Calculate profit sharing Calculate cost of full-time employees Calculate cost of part-time employees Calculate inventory balance Calculate the stock reorder point Explain how a perpetual inventory is completed Calculate inventory value using FIFO method Calculate inventory value using LIFO basis Calculate inventory value using weighted average method Stretching Think-Pair-Share V E A

18 What is the difference between ordering and carrying costs of inventory? Find the ordering costs of inventory Find the carrying costs of inventory

19 Unit: 12 Business Profit and Loss Time Line: 13 days The Big Idea: Business analyze financial statements to determine profit and loss and make future business decisions. How does a business know if it is making a profit? Why do businesses use percentages to compare income statements from year to year? How might two or more people decide to split income or loss in a partnership? What information is reported on a business s balance sheet? calculate cost of goods sold calculate gross profit calculate net income or net loss calculate income statement component percentages use percentages to analyze component percentages use ratios to analyze component percentages distribute partnership income in proportion to investments distribute partnership income in a fixed ratio or fixed percent distribute partnership income after paying interest on investments calculate total assets, liabilities, and equity assess the accuracy of a balance sheet Stretching Think-Pair-Share V E A How would an investor estimate how much of a return s/he would expect on an investment? calculate the current ratio of a balance sheet calculate the debt to equity ratio of a balance sheet calculate return on equity

20 What happens to a business that becomes bankrupt? calculate the percent and amount of bankruptcy claims

21 Unit: 13 International Business Time Line: 11 days The Big Idea: Production and trade of goods and services is a global business that is regulated by each nation s standards of currency and measurement. What is the role of importing and exporting in global business? Why should travelers be knowledgeable in international time zones and temperature conversions? What is an advantage of knowing how to convert measurements from one unit to another? Why do packages in the United States give both customary and metric measurements? What is the difference between capacity and weight? calculate a nation s per capita production calculate trade surplus or trade deficits calculate currency using exchange rates calculate time in different time zones convert Fahrenheit and Celsius temperatures convert one metric unit of length to another calculate using metric units of length convert metric and customary measurements of length convert one metric unit of area to another calculate u sing metric units of area convert metric and customary measurements of area convert one metric unit of capacity to another convert one metric unit of weight to another calculate using metric units of capacity and weight Stretching Think-Pair-Share V E A

22 convert metric and customary measures of capacity and weight