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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
learner analyzes the basic terminology of fractions
learner converts mixed numbers to improper fractions
learner performs arithmetic operations with fractions
learner converts between mixed numbers and improper fractions
learner reduces fractions to lowest terms
learner performs arithmetic operations with fractions and mixed numbers
learner converts 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
learner converts between percents, fractions, and decimals
learner computes the base, rate, and part using the basic percent formula
learner applies the basic percent formula to a business problem
learner computes 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
learner locates the bank balance and the book balance
learner distinguishes between bank balance and book balance is due only to timing
learner uses a check register
learner determines which checks are outstanding and which deposits are in transit
learner eliminates 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
learner computes gross pay from the hourly method of compensation
learner computes gross pay from the salary method of compensation
learner computes gross pay from the commission method of compensation
learner computes gross pay from the incentive method of compensation
learner distinguishes between annual, monthly, semimonthly, biweekly and hourly plans and can convert from one plan to another
learner examines the Fair Labor Standards Act providing for the payment of overtime
learner computes overtime pay where appropriate
learner examines the concept and purpose of FICA tax and federal income tax for any given gross pay
learner determines 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
learner calculates trade discounts and net cost from a given invoice
learner differentiates between single and series discounts
learner expresses a series discount as a single discount equivalent
learner determines if cash discount is earned by payment date
learner computes a cash discount (if appropriate)
learner calculates 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
learner uses the retailing equation to determine selling price, markup or cost as needed
learner computes markup percentage based on cost
learner computes markup percentage based on selling price
learner distinguishes between markup based on cost and markup based on selling price
learner converts between case lot and unit amounts for selling price, cost and markup
learner computes markdown percentage
learner determines 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
learner computes simple interest
learner computes principal, rate, and time using simple interest formula
learner determines due date of a promissory note
learner determines number days at interest
learner calculates exact and ordinary interest
learner computes maturity value
learner computes 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
learner explains the concept of compound interest
learner applies compound interest concepts to compute interest, amount, rate, and time
learner determines the number of periods and the rate per period
learner computes 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
learner explains the concept of an annuity
learner determines the number of periods and the rate per period
learner computes the amount of an annuity and the amount of interest during the annuity term
learner examines 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
learner summarizes open-end credit
learner maintains a running account balance of an account by accounting for purchases and payments made on account
learner computes average daily balance during a billing cycle
learner computes 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
learner computes the amount to be borrowed
learner computes the amount to be financed
learner computes the monthly payment
learner computes 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
learner explains the difference between an installment loan and a fully amortized loan
learner computes the monthly payment on a mortgage loan
learner allocates a mortgage payment between its principal and interest components
learner uses a repayment schedule to identify the outstanding balance of a mortgage loan at any given date