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ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks
Grade 11 or 12 Mathematics for Business Strands 1.
Basic Mathematics
2.
Basic Business Applications
3.
Mathematics of Retailing
4.
Mathematics of Finance
5.
Accounting and Other Applications
Strand 1:– Basic Mathematics Standard 1 – Develop an understanding of percentages and number systems relevant to business mathematics Benchmarks: By the end of Mathematics for Business students will 1-1 Writing decimals and fractions as percentages (eg: write a decimal as a percentage and vice versa , write a fraction as a percent and vice versa ,write a factional percent as a decimal ) 1-2 Find part, base and rate (eg: Know the components of basic problems ,learn the basic percentage formula , solve for each component , calculate sales tax, solve problems using percentage in applied situations ) 1-3 Solve increase and decrease problems (eg, Use basic percent formula to solve for base in increase and decrease problems and solve worded problems
Strand 2 – Basic business applications Standard 1- Develop an understanding for the banking system and how it relates to personal and business Benchmarks: By the end of Mathematics for Business students will 1-1 Analysis of checking accounts and check registers, identify parts of a check, deposit slips and checks stub, know the types of checking account, calculate monthly service charges, checking services eg. Overdraft 1-2 Credit card transactions (eg: determine deposits with credit cards transactions and identify benefits of credit cards services within a business
Page 1 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks 1-3 1-4 1-5
Bank reconciliation statement -Know the importance of reconciling a checking account and reconcile a bank statement with a checkbook List outstanding checks Find the adjusted bank balance or current balance
Standard 2 – Use calculations to determine gross earnings and salaries Benchmarks: By the end of Mathematics for Business students will 2-1 Understand the methods of calculating gross earnings for salaries and wages 2-2 Find overtime earnings for over 40 hours of work per week 2-3 Use the overtime premium method of calculating gross earnings 2-4 Find the overtime earning for over 8 hours of work per day 2-5 Understand double time, shift differentials, and split-shift premiums 2-6 Find equivalent earnings for different pay periods 2-7 Find overtime for salaried employees 2-8 Find the gross earnings for piecework 2-9 Determine the gross earnings for differential piecework 2-10 Find the gross pay for piecework with a guaranteed hourly wage 2-11 Calculate the overtime earnings for piecework 2-12 Find the gross earnings using commission rate times sales 2-13 Determine a commission using the variable commission rate 2-14 Find the gross earnings with a salary plus commission
Strand 3- Mathematics of Retailing Standard 1 - Complete calculations involving buying Benchmarks: By the end of Mathematics for Business students will 1-1 Understand elements of an invoice and common shipping terms (abbreviations) 1-2 Calculate trade discounts and understanding why they are given 1-3 Differentiate between single and series discount 1-4 Calculate each series discount separately 1-5 Use complements to calculate series discounts 1-6 Use a table to find the net cost equivalent of series discounts
Page 2 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks Standard 2- Use series Discounts and Single Discounts Equivalents to determine final price Benchmarks: By the end of Mathematics for Business students will 2-1 Calculate net cost after discount 2-2 Use the ordinary dating method 2-3 Determine whether cash discounts are earned 2-4 Use postdating when calculating cash discounts 2-5 Solve cash discount problems with end-of-month dating 2-6 Use receipt-of-goods dating to solve cash discount problems 2-7 Use the extra dating to solve cash discount problems 2-8 Determine credit given for partial payment of an invoice Standard 3 –Determine selling price and cost price if given mark up or mark down details. Benchmarks: By the end of Mathematics for Business students will 3-1 Recognize the terms used in selling 3-2 Use the basic formula used for mark-up 3-3 Calculate mark-up based on cost 3-4 Calculate mark-up based on selling price 3-5 Determine the percent mark-up on cost and the equivalent percent mark-up on selling price. 3-6 Apply percent to mark-up problems 3-7 Convert mark up on cost to mark up on selling price and vice versa 3-8 Define the term mark-down 3-9 Calculate mark-down, reduced price and percent of mark-down 3-10 Define the terms associated with loss 3-11 Determine break-even point, operating loss
Standard 4- Develop an understanding of inventory control Benchmarks: By the end of Mathematics for Business students will 4-1 Calculate average inventory and stock turnover 4-2 Use LIFO and FIFO to value inventory
Page 3 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks
Strand 4 – Mathematics of Finance Standard 1-Calculation of simple interest Benchmarks: By the end of Mathematics for Business students will 1-1 Solve for simple interest 1-2 Calculate maturity value 1-3 Define the basic terms used with notes and simple discount notes 1-4 Find the due date of a note 1-5 Understand the concept of discounting a note 1-6 Find the proceeds when discounting simple interest notes
Standard 2- Calculations using compound interest Benchmarks: By the end of Mathematics for Business students will 2-1 Calculate compound interest using the simple interest formula 2-2 Calculate compound amount using 2-3 Use the table to find compound amount 2-4 Find interest compounded at different time intervals (eg. daily, monthly, semi-annually) 2-5 Calculate future and present value of annuities, retirement account, etc 2-6 Calculations involving sinking funds and bonds
Standard 3- Develop an understanding for tax and different types of insurance Benchmarks: By the end of Mathematics for Business students will 3-1 Define fair and market value 3-2 Find the tax rate 3-3 Find the adjusted gross income 3-4 Calculate taxable income and income tax 3-5 List possible deductions 3-6 Define the terms policy, coverage, face value and premium, liability insurance 3-7 Understand multiple-carrier insurance and use coinsurance formula 3-8 Describe comprehensive and collision insurance
Page 4 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks
Strand 5 – Accounting and Other Applications Standard 1- Apply calculations to accounting concepts Benchmarks: By the end of Mathematics for Business students will 1-1 Depreciation using straight line and reducing balance methods 1-2 Introduction to profit and loss account and balance sheet 1-3 Business Statistics
Page 5 of 5 Revised 15-May-2013
Grade 11 or 12 Mathematics for Business Strands 1.
Basic Mathematics
2.
Basic Business Applications
3.
Mathematics of Retailing
4.
Mathematics of Finance
5.
Accounting and Other Applications
Strand 1:– Basic Mathematics Standard 1 – Develop an understanding of percentages and number systems relevant to business mathematics Benchmarks: By the end of Mathematics for Business students will 1-1 Writing decimals and fractions as percentages (eg: write a decimal as a percentage and vice versa , write a fraction as a percent and vice versa ,write a factional percent as a decimal ) 1-2 Find part, base and rate (eg: Know the components of basic problems ,learn the basic percentage formula , solve for each component , calculate sales tax, solve problems using percentage in applied situations ) 1-3 Solve increase and decrease problems (eg, Use basic percent formula to solve for base in increase and decrease problems and solve worded problems
Strand 2 – Basic business applications Standard 1- Develop an understanding for the banking system and how it relates to personal and business Benchmarks: By the end of Mathematics for Business students will 1-1 Analysis of checking accounts and check registers, identify parts of a check, deposit slips and checks stub, know the types of checking account, calculate monthly service charges, checking services eg. Overdraft 1-2 Credit card transactions (eg: determine deposits with credit cards transactions and identify benefits of credit cards services within a business
Page 1 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks 1-3 1-4 1-5
Bank reconciliation statement -Know the importance of reconciling a checking account and reconcile a bank statement with a checkbook List outstanding checks Find the adjusted bank balance or current balance
Standard 2 – Use calculations to determine gross earnings and salaries Benchmarks: By the end of Mathematics for Business students will 2-1 Understand the methods of calculating gross earnings for salaries and wages 2-2 Find overtime earnings for over 40 hours of work per week 2-3 Use the overtime premium method of calculating gross earnings 2-4 Find the overtime earning for over 8 hours of work per day 2-5 Understand double time, shift differentials, and split-shift premiums 2-6 Find equivalent earnings for different pay periods 2-7 Find overtime for salaried employees 2-8 Find the gross earnings for piecework 2-9 Determine the gross earnings for differential piecework 2-10 Find the gross pay for piecework with a guaranteed hourly wage 2-11 Calculate the overtime earnings for piecework 2-12 Find the gross earnings using commission rate times sales 2-13 Determine a commission using the variable commission rate 2-14 Find the gross earnings with a salary plus commission
Strand 3- Mathematics of Retailing Standard 1 - Complete calculations involving buying Benchmarks: By the end of Mathematics for Business students will 1-1 Understand elements of an invoice and common shipping terms (abbreviations) 1-2 Calculate trade discounts and understanding why they are given 1-3 Differentiate between single and series discount 1-4 Calculate each series discount separately 1-5 Use complements to calculate series discounts 1-6 Use a table to find the net cost equivalent of series discounts
Page 2 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks Standard 2- Use series Discounts and Single Discounts Equivalents to determine final price Benchmarks: By the end of Mathematics for Business students will 2-1 Calculate net cost after discount 2-2 Use the ordinary dating method 2-3 Determine whether cash discounts are earned 2-4 Use postdating when calculating cash discounts 2-5 Solve cash discount problems with end-of-month dating 2-6 Use receipt-of-goods dating to solve cash discount problems 2-7 Use the extra dating to solve cash discount problems 2-8 Determine credit given for partial payment of an invoice Standard 3 –Determine selling price and cost price if given mark up or mark down details. Benchmarks: By the end of Mathematics for Business students will 3-1 Recognize the terms used in selling 3-2 Use the basic formula used for mark-up 3-3 Calculate mark-up based on cost 3-4 Calculate mark-up based on selling price 3-5 Determine the percent mark-up on cost and the equivalent percent mark-up on selling price. 3-6 Apply percent to mark-up problems 3-7 Convert mark up on cost to mark up on selling price and vice versa 3-8 Define the term mark-down 3-9 Calculate mark-down, reduced price and percent of mark-down 3-10 Define the terms associated with loss 3-11 Determine break-even point, operating loss
Standard 4- Develop an understanding of inventory control Benchmarks: By the end of Mathematics for Business students will 4-1 Calculate average inventory and stock turnover 4-2 Use LIFO and FIFO to value inventory
Page 3 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks
Strand 4 – Mathematics of Finance Standard 1-Calculation of simple interest Benchmarks: By the end of Mathematics for Business students will 1-1 Solve for simple interest 1-2 Calculate maturity value 1-3 Define the basic terms used with notes and simple discount notes 1-4 Find the due date of a note 1-5 Understand the concept of discounting a note 1-6 Find the proceeds when discounting simple interest notes
Standard 2- Calculations using compound interest Benchmarks: By the end of Mathematics for Business students will 2-1 Calculate compound interest using the simple interest formula 2-2 Calculate compound amount using 2-3 Use the table to find compound amount 2-4 Find interest compounded at different time intervals (eg. daily, monthly, semi-annually) 2-5 Calculate future and present value of annuities, retirement account, etc 2-6 Calculations involving sinking funds and bonds
Standard 3- Develop an understanding for tax and different types of insurance Benchmarks: By the end of Mathematics for Business students will 3-1 Define fair and market value 3-2 Find the tax rate 3-3 Find the adjusted gross income 3-4 Calculate taxable income and income tax 3-5 List possible deductions 3-6 Define the terms policy, coverage, face value and premium, liability insurance 3-7 Understand multiple-carrier insurance and use coinsurance formula 3-8 Describe comprehensive and collision insurance
Page 4 of 5 Revised 15-May-2013
ISPS MATHEMATICS - MATHEMATICS FOR BUSINESS Standards and Benchmarks
Strand 5 – Accounting and Other Applications Standard 1- Apply calculations to accounting concepts Benchmarks: By the end of Mathematics for Business students will 1-1 Depreciation using straight line and reducing balance methods 1-2 Introduction to profit and loss account and balance sheet 1-3 Business Statistics
Page 5 of 5 Revised 15-May-2013
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