Wiley Pathways Business Math: Essential Math Concepts for Any Business Environment - Softcover

Slavin, Steve

Softcover

ISBN 10: 0470007192 ISBN 13: 9780470007198

Verlag: Wiley, 2006

Inhaltsangabe

You can get there

Where do you want to go? You might already be working in a business setting. You may be looking to expand your skills. Or, you might be setting out on a new career path.

Wherever you want to go, Business Math will help you get there. Easy-to-read, practical, and up-to-date, this text not only helps you learn fundamental mathematical concepts needed for business, it also helps you master the core competencies and skills you need to succeed in the classroom and beyond. The book's brief, modular format and variety of built-in learning resources enable you to learn at your own pace and focus your studies.

With this book, you will be able to:
* Understand the business uses of percent calculations.
* Solve business problems using algebraic equations.
* Learn why stores markup and markdown their inventory.
* Calculate different types of discounts.
* Examine different banking options.
* Compare personal, sales, and property taxes and the implications of taxing income, property, and retail sales.
* Calculate simple and compound interest and learn how each affects the future value of money.
* Explore the uses of promissory notes, mortgages, and credit cards and how to calculate the cost of each.
* Learn different ways to determine the loss of value of business property and equipment, and the effect of depreciation on taxes.
* Examine financial statements and learn how to read the income statement and the balance sheet.
* Learn how to calculate the mean, median, mode, and range of data.

Wiley Pathways helps you achieve your goals

When it comes to learning about business, not everyone is on the same path. But everyone wants to succeed. The new Wiley Pathways series in Business helps you achieve your goals with its brief, inviting format, clear language, and focus on core competencies and skills.

The books in this series--Finance, Business Communication, Marketing, Business Math, and Real Estate--offer a coordinated curriculum for learning business. Learn more at www.wiley.com/go/pathways.

Über diesen Titel

Über die Autorin bzw. den Autor

Steve Slavin, Ph. D., is professor emeritus of economics at Union County College in Cranford, New Jersey. He is the author of several textbooks and self-teaching guides, including Quick Business Math, Math for Your First- and Second- Grader, All the Math You'll Ever Need, , and Economics.

Von der hinteren Coverseite

You can get there

Where do you want to go? You might already be working in a business setting. You may be looking to expand your skills. Or, you might be setting out on a new career path.

Wherever you want to go, Business Math will help you get there. Easy-to-read, practical, and up-to-date, this text not only helps you learn fundamental mathematical concepts needed for business, it also helps you master the core competencies and skills you need to succeed in the classroom and beyond. The book’s brief, modular format and variety of built-in learning resources enable you to learn at your own pace and focus your studies.

With this book, you will be able to:

• Understand the business uses of percent calculations.
• Solve business problems using algebraic equations.
• Learn why stores markup and markdown their inventory.
• Calculate different types of discounts.
• Examine different banking options.
• Compare personal, sales, and property taxes and the implications of taxing income, property, and retail sales.
• Calculate simple and compound interest and learn how each affects the future value of money.
• Explore the uses of promissory notes, mortgages, and credit cards and how to calculate the cost of each.
• Learn different ways to determine the loss of value of business property and equipment, and the effect of depreciation on taxes.
• Examine financial statements and learn how to read the income statement and the balance sheet.
• Learn how to calculate the mean, median, mode, and range of data.

Wiley Pathways helps you achieve your goals

When it comes to learning about business, not everyone is on the same path. But everyone wants to succeed. The new Wiley Pathways series in Business helps you achieve your goals with its brief, inviting format, clear language, and focus on core competencies and skills.

The books in this series––Finance, Business Communication, Marketing, Business Math, and Real Estate––offer a coordinated curriculum for learning business. Learn more at www.wiley.com/go/pathways.

Where do you want to go? You might already be working in a business setting. You may be looking to expand your skills. Or, you might be setting out on a new career path.

Wherever you want to go, Business Math will help you get there. Easy-to-read, practical, and up-to-date, this text not only helps you learn fundamental mathematical concepts needed for business, it also helps you master the core competencies and skills you need to succeed in the classroom and beyond. The book’s brief, modular format and variety of built-in learning resources enable you to learn at your own pace and focus your studies.

With this book, you will be able to:  

• Understand the business uses of percent calculations.
• Solve business problems using algebraic equations.
• Learn why stores markup and markdown their inventory.
• Calculate different types of discounts.
• Examine different banking options.
• Compare personal, sales, and property taxes and the implications of taxing income, property, and retail sales.
• Calculate simple and compound interest and learn how each affects the future value of money.
• Explore the uses of promissory notes, mortgages, and credit cards and how to calculate the cost of each.
• Learn different ways to determine the loss of value of business property and equipment, and the effect of depreciation on taxes.
• Examine financial statements and learn how to read the income statement and the balance sheet.
• Learn how to calculate the mean, median, mode, and range of data. 

Wiley Pathways helps you achieve your goals

When it comes to learning about business, not everyone is on the same path. But everyone wants to succeed. The new Wiley Pathways series in Business helps you achieve your goals with its brief, inviting format, clear language, and focus on core competencies and skills.

The books in this series––Finance, Business Communication, Marketing, Business Math, and Real Estate––offer a coordinated curriculum for learning business. Learn more at www.wiley.com/go/pathways.

Auszug. © Genehmigter Nachdruck. Alle Rechte vorbehalten.

Wiley Pathways Business Math

By Steve Slavin Tere Stouffer

John Wiley & Sons

Copyright © 2006 Steve Slavin
All right reserved.
ISBN: 978-0-470-00719-8

Chapter One

CALCULATING PERCENTAGES

Converting Decimals and Fractions

Starting Point

Go to www.wiley.com/college/slavin to assess your knowledge of calculating percentages.

Determine where you need to concentrate your effort.

What You'll Learn in This Chapter

* How to convert decimals and fractions to percentages

* The definition of percentage, rate, and base

* How to calculate percentage increase and percentage decrease

* How to find a percentage distribution

After Studying This Chapter, You'll Be Able To

* Apply the methods for converting decimals and fractions to percentages

* Examine the relationship between percentage, rate, and base

* Calculate percentage increase and percentage decrease

* Compare the uses of percentage distribution

Goals and Outcomes

* Master the terminology, understand the procedures/perspectives, and recognize the tools used in calculating percentages

* Understand the business uses of percentage calculations

* Use tools and technique to analyze percentage changes and distributions

INTRODUCTION

Much of the business world requires a thorough understanding of percentages. Percentages are really decimals and fractions (see Chapters 1 and 2) dressed up to look a little different. When you learn how to convert percentages into decimals or fractions and vice versa, solving percentage problems is a snap, including those tricky "30% off" and "50% increase" problems.

3.1 Writing Decimals and Fractions as Percentages

The first step in solving any percentage problem is to understand the connection between percentages and decimals (or fractions). Any percentage can be expressed as a fraction or as a decimal, and any decimal or fraction can be expressed as a percentage.

3.1.1 Converting Decimals to Percentages

To convert a decimal to a percentage, you move the decimal place two places to the right and add a percent sign (%). For example, to convert the decimal 0.255, you move the decimal point two places to the right and add a percent sign, to get 25.5%. (Keep in mind that with a whole number such as 25, you don't need the decimal point at the end [i.e., 25.] because a decimal point at the end of any whole number is implied.)

Try converting these decimals to percentages:

1. 0.32

2. 0.835

3. 1.29

4. 0.03

5. 0.41

How do you convert the decimal 1.2? In this case, you simply add a 0 to the end of the number so that you can move the decimal point two places: 1.20 = 120%. You can add a zero if doing so doesn't change the value of the number. So, you can't add a zero to 30, because the new value would be 300. But you can add a zero to 1.2, because 1.2 and 1.20 are the same number.

How would you convert the decimal 5? To figure this one out, you place the implied decimal point at the end of the number (i.e., 5.) and add two zeros (i.e., 5.00). Then you move the decimal two places, and you get 500%.

You would follow the same procedure for 82 or 306. You simply add the implied decimal point and any zeros, as needed, and move the decimal two places: 82.00 = 8200% and 306.00 = 30600%.

3.1.2 Converting Percentages to Decimals

To change a percentage to a decimal, you simply reverse the process: Move the decimal point two places to the left. For example, 78% = 78.0% = 0.78.

Try converting the following percentages to their decimal equivalents:

1. 25%

2. 33%

3. 45.2%

4. 82.25%

5. 600%

6. 42%

7. 326.9%

8. 7.125%

9. 82% 10. 500%

3.1.3 Converting Fractions to Percentages

To convert a fraction to a percentage, you must first convert the fraction to a decimal (i.e., divide the numerator by the denominator) and then use the procedure described in Section 3.1.1. See Chapter 2 for information on converting fractions to decimals.

Let's take a closer look at the relationship among decimals, fractions, and percentages. We'll begin with the fraction 1/100. How much is 1/100 as a percentage? It's 1%. How much is the decimal? It's 0.01. So,

1/100 = 0.01 = 1%

In fact, any time you have a fraction with 100 in the denominator, the percentage will be the numerator. For this reason, if you can get 100 in the denominator (e.g., by multiplying), you can easily find the percentage.

For example, suppose you are given 1/50 and asked to find the percentage. You want to get 100 in the denominator, so you multiply both the numerator and denominator by 2, as follows:

1/50 x 2/2 = 2/100 = 2%

If you have 2/20, you multiply both the numerator and the denominator by 5, as follows:

2/20 x 5/5 = 10/100 = 10%

This is a simple shortcut that prevents you from having to divide the numerator by the denominator, as you are instructed to do in Chapter 2. Hint: This works only if the denominator is a factor of 100, such as 2, 4, 5, 10, 20, 40, or 50.

Try converting the following fractions to percentages:

1. 1/25

2. 7/25

3. 40/80

4. 3 1/2

5. 4/50

6. 2/30

7. 4 1/5

8. 9/10

9. 45/90

10. 16/32

FOR EXAMPLE

Why Do We Need to Know Percentages?

In the business world, the use of percentages, decimals, and fractions is intertwined. Business leaders and others-and even advertisements-talk in terms of percentages when those numbers sound impressive: "300% increase in profits," "200% reduction in defects," "20% more for your money," and "50% off sale." When fractions sound better, those terms are used instead: "One-quarter of our staff," "Three-quarters of those surveyed," and so on. But in order to put a fraction into an equation and make quick calculations, you need to know its decimal equivalent. If you can easily calculate that 300% is 3.0, 20% is 0.20, and three-quarters is 0.75, you can fiddle with-and even question-the numbers you see in corporate reports and in company advertisements.

It is useful to memorize the common percentages and their decimal and fractional equivalents. The following chart lists some of the most common:

Percentage Decimal Fraction

25% .25 1/4

33 1/3% .3333 1/3

50% .50 1/2

12 1/2% .125 1/8

75% .75 3/4

66 2/3% .67 2/3

20% .2 1/5

80% .8 4/5

SELF - CHECK

Describe how to convert decimals to percentages and vice versa.

Review how to convert fractions to decimals.

Draw basic conclusions about the relationship between decimals and percentages.

3.2 Finding the Percentage, Base, and Rate

Percentage (amount), base, and rate are three components involved in calculating percentages. The rate, which is the number of hundredths parts taken, is commonly followed by a percent sign or a decimal; it is a fraction representing a relationship between the percentage and the base. The base is the...

Details zur Ausgabe

• Verlag: Wiley
• Erscheinungsdatum: 2006
• Sprache: Englisch
• ISBN 10: 0470007192
• ISBN 13: 9780470007198
• Einband: Taschenbuch
• Auflage: 1
• Anzahl der Seiten: 304
• Kontakt zum Hersteller: Wiley-VCH GmbH; product_safety@wiley.com; ; Boschstrasse 12; Weinheim; 69469; Deutschland