Chapter 10
Adjustable balance the balance after partial payments less interest is subtracted from the principal.
Bankers rule time is exact days! 360 in calculating simple interest.
Exact interest cal
Ch17
Accelerated cos recovery system (ACRS) tax law enacted in 1981 for assets put in service from 1981
through 1986.
Accelerated depreciation computers more depreciation expense in the early years of
Chapter 11
Bank discount the amount of interest charged by a bank on a note
Bank discount rate percent of interest
Contingent liability potential liability that may or may not result from discounting
Chapter 13
Annuities certain - have a specific stated number of payments.
Annuity - A series of payments.
Annuity due - regular deposits/payments made at the beginning of the period.
Contingent annuit
Chapter 2 terms
Cancellation reducing process that is used to simplify the multiplication and division of fractions.
Common denominator to add two or more fractions, denominators must be the same.
Den
Chapter 18
Average inventory total of all inventories divided by number of times inventory taken.
Distribution of overhead companies distribute overhead by floor space or sales volume.
First in first
Chapter 12
Annual percentage yield Truth in savings law forced banks to report actual interest in form of apy.
Compound amount the future value of a loan or interest
Compound annually interest on bala
Chapter 8
Breakeven point point at which seller has covered all expenses and cost and has made no profit or
suffered a loss.
Contribution margin difference between selling price and variable cost
Cost
Chapter 16
Accounts payable - amounts owed to creditors for services or items purchased.
Accounts receivable amount owed by customers to a business from previous sales
Acid test current assets less in
Chapter 7
Cash discount savings that result from early payment by taking advantage of discounts offered by the
seller. Discount is not taken on freight or taxes.
Chain discount - two or more trade dis
Chapter 16
How to Read, Analyze, and
Interpret Financial Reports
1.
From the following: Calculate (A) Net sales (B) Gross profit
(C) Total operating expenses (D) Net Income
1.
Sales returns $850; Rent
Chapter 14
Amortization process of paying back a loan by equal periodic payments on installment loans.
Amount financed -the amount actually borrowed.
APR true or effective annual interest rate charge
Chapter 15
Adjustable rate mortgage rate of mortgage is lower than fixed rate mortgage. Rates adjusted without
refinancing.
Amortization schedule shows monthly payment to pay back loan at maturity val
Chapter 7
Discounts, Trade and Cash
Problem 1
ABC Carpets, a wholesaler of
carpeting, lists their price for a
particular carpet as $950.00. XYZ
Home Furnishings, a retailer, receives
a 7% trade disco
Business 20
Practice Exam 2 Chapters 7-10
1)
XYZ Furniture, a wholesaler of upholstered furniture, lists their price for a particular sofa as
$1,020.00. ABC Furniture, a furniture retailer, receives a
Business 20 - Business Math
Assignment List, Slater 7th ed.
(The notation 1-41, for example means Chapter 1, problem 41)
Specific due dates for the assignments will be announced in class based on prog
Business 20, C. Wyckof
Exam 4, Practice Exam/Study Guide
Chapters 16, 17, 19
1)
All
a)
b)
c)
d)
2)
Assets minus liabilities equals:
a) Current assets
b) Total liabilities
c) Merchandise inventory
d) O
Problem 1
Your gas tank is full. If
you use 1/3 of that
tank that you have, what
fraction of a full tank will
you have left?
Problem 2
An item is regularly priced
at $40. A sale sign says it is
1/5 o
Chapter 5
Practice Questions
Problems 13-22 are the practice
Questions for the Ch. 5 Quiz
Problem 1
Frank and Albert are
brothers. Frank is four times
as old as Albert. The sum of
their ages is 45. Ho
Practice for Chapter 5 Quiz
1) Frank and Lou are brothers. Frank is three times as old as Lou. The sum of their ages is
32. How old is Frank? Ans: 24
2) Target sells shirts for $8 and pants for $15. I
Practice Problem Involving Money
I made a total of $100 selling Yo-Yos at the swap meet.
I sold blue Yo-Yos for $4, red Yo-Yos for $6, and yellow
Yo-Yos for $2. I sold 3 more blue Yo-Yos than red and
Exam 1 Practice Questions CH 1,2,3,6
1) Write this number: Thirty seven million eighty thousand one hundred five.
37,080,105
Millions means you will have two commas. Write your commas with three
space
Exam 1 Practice Decimals & Percents
1.
7/8 of the students taking this exam have
studied from the textbook. If there are 40
students who take this test, how many have
studied from the text?
Ans: 35
2.