What is the formula to calculate the reconciled bank balance?
FBLA Business Calculations

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•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Reconciled Bank Balance = Bank Statement Balance - Outstanding Checks - Service Charges + Deposits in Transit.
2.
FLASHCARD QUESTION
Front
What is the difference between ordinary interest and exact interest?
Back
Ordinary interest is calculated based on a 360-day year, while exact interest is calculated based on a 365-day year.
3.
FLASHCARD QUESTION
Front
How do you calculate the rate of markup based on cost?
Back
Rate of Markup = (Selling Price - Cost Price) / Cost Price * 100%.
4.
FLASHCARD QUESTION
Front
What is the formula to calculate the area of a wall for wallpapering?
Back
Area = (Height x Width) - Area of doors and windows.
5.
FLASHCARD QUESTION
Front
How do you calculate total costs when given fixed costs as fractions of a dollar?
Back
Total Costs = Fixed Cost Fraction for Shipping + Fixed Cost Fraction for Advertising.
6.
FLASHCARD QUESTION
Front
What is the significance of understanding fixed and variable costs in business calculations?
Back
Fixed costs remain constant regardless of production levels, while variable costs change with production volume, affecting overall profitability.
7.
FLASHCARD QUESTION
Front
How do you determine the total amount of interest paid on a loan?
Back
Total Interest = Principal Amount x Interest Rate x Time.
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