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Master Math: Business and Personal Finance Math

Book Description

In today's fast-paced and evolving financial environment it is essential for students to have a strong understanding of mathematics to succeed both personally and professionally. MASTER MATH: BUSINESS AND PERSONAL FINANCE MATH teaches students the mathematics required for success in today's world in an easy-to-read, user-friendly format. It covers all the need-to-know information and skills in business math and personal finance topics. The book's approach to math concepts and skills is straightforward and introduces new concepts step-by-step. This allows students to build confidence before they try it on their own. In addition to reviewing the basic operations of arithmetic, topics include gross and net pay, banking, credit and loans, owning a car or home, insurance and investments, as well as budgets, business costs, sales and marketing, managing people and inventory and business profit and loss. Chapters are organized logically and in short lessons for ease of instruction and learning.

Table of Contents

  1. Copyright
    1. Dedication
  2. Notice to the Reader
  3. Acknowledgments
  4. About the Author
  5. Introduction
  6. 1. Math Review
    1. 1.1. Fractions
      1. Equivalent Fractions
      2. Practice Problems
      3. Practice Problems
      4. Practice Problems
      5. Adding and Subtracting Fractions
      6. Practice Problems
      7. Multiplying and Dividing Fractions
      8. Practice Problems
    2. 1.2. Decimals
      1. Rounding
      2. Practice Problems
      3. Operations with Decimals
      4. Practice Problems
      5. Practice Problems
      6. Fractions and Decimals
      7. Practice Problems
    3. 1.3. Percents
      1. Fractions, Decimals, and Percents
      2. Practice Problems
      3. Operations with Percents
      4. Practice Problems
      5. Practice Problems
    4. 1.4. Formulas
      1. Practice Problems
      2. Exponents
      3. Order of Operations
      4. Practice Problems
  7. 2. Gross Pay
    1. 2.1. Hourly Pay
      1. Practice Problems
      2. Overtime Wages
      3. Practice Problems
    2. 2.2. Salary
      1. Practice Problems
    3. 2.3. Commission
      1. Practice Problems
      2. Commission Based on Quota
      3. Practice Problems
      4. Graduated Commission
      5. Practice Problems
      6. Rate of Commission
      7. Practice Problems
    4. 2.4. Other Wage Plans
      1. Piece-Rate Pay
      2. Practice Problem
      3. Per Diem Pay
      4. Practice Problem
      5. Tip Pay
      6. Practice Problems
    5. 2.5. Average Pay
      1. Averages
      2. Practice Problems
      3. Average as a Goal
      4. Practice Problems
  8. 3. Net Pay
    1. 3.1. Deductions from Pay
      1. Federal Withholding
      2. Practice Problems
      3. Social Security and Medicare Tax
      4. Practice Problems
      5. Net Pay
      6. Practice Problems
    2. 3.2. Federal Income Taxes
      1. Adjusted Gross Income and Taxable Income
      2. Practice Problems
      3. Income Tax Due
      4. Amount Due or Refund
      5. Practice Problems
    3. 3.3. State and City Income Taxes
      1. Flat Income Taxes
      2. Practice Problems
      3. Progressive Income Taxes
      4. Practice Problems
    4. 3.4. Employee Benefits and Expenses
      1. Total Job Benefits
      2. Practice Problems
      3. Net Job Benefits
      4. Practice Problems
    5. 3.5. Take Home Pay
      1. Practice Problems
      2. Raises
      3. Practice Problems
      4. Pre-Tax Deductions
      5. Practice Problem
  9. 4. Banking
    1. 4.1. Savings Accounts
      1. Simple Interest
      2. Practice Problems
      3. Compound Interest
      4. Practice Problems
      5. Practice Problems
      6. Practice Problems
      7. Annual Percentage Yield
      8. Practice Problems
      9. Practice Problems
    2. 4.2. Money Market and CD Accounts
      1. Practice Problems
      2. Practice Problems
    3. 4.3. Annuities
      1. Future Value of an Ordinary Annuity
      2. Practice Problems
      3. Present Value of an Ordinary Annuity
      4. Practice Problems
    4. 4.4. Checking Accounts
      1. Deposits
      2. Practice Problems
      3. Check Register
      4. Practice Problems
      5. Reconciliation
      6. Practice Problems
  10. 5. Credit Cards
    1. 5.1. Credit Card Disclosures
      1. Practice Problems
    2. 5.2. Finance Charges
      1. Practice Problems
      2. Previous Balance Method
      3. Practice Problems
      4. Adjusted Balance Method
      5. Practice Problems
      6. Average Daily Balance Method
      7. Practice Problems
    3. 5.3. Cash Advances
      1. Practice Problems
    4. 5.4. Debt Management
      1. Minimum Credit Card Payments
      2. Practice Problems
      3. Assessing Debt
  11. 6. Loans
    1. 6.1. Promissory Notes
      1. Practice Problems
      2. Exact and Ordinary Interest Methods
      3. Practice Problems
      4. Daily Interest Factor
      5. Practice Problems
    2. 6.2. Installment Loans
      1. Merchant Installment Plans
      2. Practice Problems
      3. Bank Installment Loans
      4. Practice Problems
    3. 6.3. Annual Percentage Rate
      1. Practice Problems
      2. Practice Problems
    4. 6.4. Early Loan Repayments
      1. Practice Problems
  12. 7. Auto and Home Ownership
    1. 7.1. Mortgages
      1. Qualifying for a Mortgage
      2. Practice Problems
      3. Down Payment and Closing Costs
      4. Practice Problems
      5. Monthly Payments and Interest
      6. Practice Problems
      7. Refinancing
      8. Practice Problems
    2. 7.2. Property Taxes
      1. Practice Problems
    3. 7.3. Property Insurance
      1. Practice Problem
      2. Making an Insurance Claim
      3. Practice Problems
    4. 7.4. Buying a Car
      1. Practice Problems
      2. Practice Problems
    5. 7.5. Depreciation
      1. Practice Problems
    6. 7.6. Leasing a Car
      1. Practice Problems
      2. Practice Problems
    7. 7.7. Auto Insurance
      1. Practice Problems
  13. 8. Insurance and Investments
    1. 8.1. Life Insurance
      1. Practice Problems
      2. Life Insurance Cash Value
      3. Practice Problems
    2. 8.2. Health Insurance
      1. Practice Problems
      2. Health Insurance Benefits and Costs
      3. Practice Problems
    3. 8.3. Disability Insurance
      1. Practice Problems
    4. 8.4. Bonds
      1. Practice Problems
      2. Bond Interest
      3. Practice Problems
      4. Current Yield
      5. Practice Problems
      6. Cost of Buying and Selling Bonds
      7. Practice Problems
    5. 8.5. Stocks
      1. Practice Problems
      2. Stock Dividends
      3. Practice Problems
      4. Cost Yield
      5. Practice Problems
      6. Selling Stock
      7. Practice Problems
    6. 8.6. Mutual Funds
      1. Practice Problems
      2. Mutual Fund Commission
      3. Practice Problems
      4. Profit or Loss
      5. Practice Problems
    7. 8.7. Retirement Investments
      1. Pension Income
      2. Practice Problems
      3. Required Minimum Distributions
      4. Practice Problems
  14. 9. Budgets
    1. 9.1. Average Monthly Expenses
      1. Practice Problems
    2. 9.2. Creating and Adjusting a Budget
      1. Practice Problems
      2. Practice Problems
    3. 9.3. Best Buys
      1. Practice Problems
    4. 9.4. Optional Personal Expenses
      1. Practice Problems
      2. Practice Problem
      3. Practice Problems
  15. 10. Business Costs
    1. 10.1. Payroll Costs
      1. Practice Problems
      2. Practice Problems
    2. 10.2. Property and Office Costs
      1. Practice Problems
      2. Unit Cost of Office Work
      3. Practice Problems
    3. 10.3. Manufacturing Costs
      1. Practice Problems
      2. Breakeven Point
      3. Practice Problems
    4. 10.4. Depreciation Costs
      1. Practice Problem
      2. Sum-of-the-Years-Digits Method
      3. Practice Problem
      4. Modified Accelerated Cost Recovery System Method (MACRS)
      5. Practice Problem
    5. 10.5. Shipping Costs
      1. Practice Problems
      2. Practice Problems
    6. 10.6. Travel Expenses
      1. Practice Problems
      2. Practice Problems
  16. 11. Sales
    1. 11.1. Sales Slips
      1. Practice Problems
    2. 11.2. Managing Cash
      1. Practice Problems
    3. 11.3. Invoices and Credit
      1. Practice Problems
      2. Cash Discounts
      3. Practice Problems
      4. Rate of Cash Discount
      5. Practice Problems
    4. 11.4. Trade Discounts
      1. Practice Problems
      2. Rate of Trade Discount
      3. Practice Problems
      4. Series Discounts
      5. Practice Problems
    5. 11.5. Markup
      1. Markup Based on Cost
      2. Practice Problems
      3. Markup Based on Selling Price
      4. Practice Problems
    6. 11.6. Markdown
      1. Practice Problems
  17. 12. Inventory
    1. 12.1. Ordering Inventory
      1. Practice Problems
    2. 12.2. Tracking Inventory
      1. Practice Problems
    3. 12.3. Reordering Inventory
      1. Practice Problems
    4. 12.4. Valuing Inventory
      1. First In, First Out
      2. Last In, First Out
      3. Weighted Average
      4. Practice Problems
    5. 12.5. Carrying Inventory
      1. Practice Problems
  18. 13. Financial Statements and Ratios
    1. 13.1. Income Statement
      1. Net Sales
      2. Practice Problem
      3. Cost of Goods Sold
      4. Practice Problems
      5. Gross Profit
      6. Practice Problems
      7. Operating Expenses and Net Income
      8. Practice Problems
    2. 13.2. Balance Sheet
      1. Practice Problems
    3. 13.3. Financial Ratios
      1. Profit Margin
      2. Practice Problems
      3. Merchandise Turnover Rate
      4. Practice Problems
      5. Current Ratio
      6. Practice Problems
      7. Debt-to-Equity Ratio
      8. Practice Problems
      9. Return on Equity
      10. Practice Problems
  19. Answers to Practice Problems
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13