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Perform operations with fractions
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you analyze the basic terminology of fractions
you convert mixed numbers to improper fractions
you perform arithmetic operations with fractions
you convert between mixed numbers and improper fractions
you reduce fractions to lowest terms
you perform arithmetic operations with fractions and mixed numbers
you convert between fractions and decimals
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Calculate problems using percent
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you convert between percents, fractions, and decimals
you compute the base, rate, and part using the basic percent formula
you apply the basic percent formula to a business problem
you compute percent change between two given quantities
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Reconcile a bank statement
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you locate the bank balance and the book balance
you distinguish between bank balance and book balance is due only to timing
you use a check register
you determine which checks are outstanding and which deposits are in transit
you eliminate the differences between the book balance and the bank balance
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Calculate payroll computations
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you compute gross pay from the hourly method of compensation
you compute gross pay from the salary method of compensation
you compute gross pay from the commission method of compensation
you compute gross pay from the incentive method of compensation
you distinguish between annual, monthly, semimonthly, biweekly and hourly plans and can convert from one plan to another
you examine the Fair Labor Standards Act providing for the payment of overtime
you compute overtime pay where appropriate
you examine the concept and purpose of FICA tax and federal income tax for any given gross pay
you determine FICA Tax, state income tax and federal income tax for any given gross pay
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Use the mathematics of buying
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you calculate trade discounts and net cost from a given invoice
you differentiate between single and series discounts
you express a series discount as a single discount equivalent
you determine if cash discount is earned by payment date
you compute a cash discount (if appropriate)
you calculate credit given for partial payment of an invoice
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Compute markup and markdown
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you use the retailing equation to determine selling price, markup or cost as needed
you compute markup percentage based on cost
you compute markup percentage based on selling price
you distinguish between markup based on cost and markup based on selling price
you convert between case lot and unit amounts for selling price, cost and markup
you compute markdown percentage
you determine sales price, markdown or original price as needed
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Calculate simple interest
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you compute simple interest
you compute principal, rate, and time using simple interest formula
you determine due date of a promissory note
you determine number days at interest
you calculate exact and ordinary interest
you compute maturity value
you compute maturity value, principal, rate, and time using maturity value formula
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Calculate compound interest
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you explain the concept of compound interest
you apply compound interest concepts to compute interest, amount, rate, and time
you determine the number of periods and the rate per period
you compute compound interest and compound amount
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Analyze annuities
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you explain the concept of an annuity
you determine the number of periods and the rate per period
you compute the amount of an annuity and the amount of interest during the annuity term
you examine the relationship between the interest rate of an annuity, the annuity payment and the amount of interest earned
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Examine open end credit
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you summarize open-end credit
you maintain a running account balance of an account by accounting for purchases and payments made on account
you compute average daily balance during a billing cycle
you compute finance charges based on the ADB
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Calculates installment loans
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you compute the amount to be borrowed
you compute the amount to be financed
you compute the monthly payment
you compute the effective annual percentage rate
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Examines mortgages
Assessment Strategies
by satisfactorily completing and submitting all homework assignments when due
by passing a closed-book exam with at least 70% correct using only a calculator
by completing the written exam within a 50-minute time period
Criteria
you explain the difference between an installment loan and a fully amortized loan
you compute the monthly payment on a mortgage loan
you allocate a mortgage payment between its principal and interest components
you use a repayment schedule to identify the outstanding balance of a mortgage loan at any given date