How do you subtract like fractions?

To subtract like fractions, you subtract the numerators and keep the denominator the same.

What is the Least Common Denominator (LCD)?

The Least Common Denominator is the least common multiple of the denominators of the fractions.

How do you multiply fractions?

To multiply fractions, multiply the numerators to form a new numerator and multiply the denominators to form a new denominator.

What is the process for dividing fractions?

To divide fractions, find the reciprocal of the divisor and multiply the dividend by the reciprocal.

How do you convert a fraction to a decimal?

To convert a fraction to a decimal, perform the division of the numerator by the denominator.

Decimals are fractions with a denominator of 10, 100, 1000, or any multiple or power of ten.

Percentage is the variable in the percentage formula that represents a part of the base.

A ratio is a way of expressing the relationship of a number, quantity, substance, or degree between two similar components.

Proportion is a way of expressing the comparative relationship between a part, share, or portion with regards to measurement, amount, or number.

How do you add decimals?

To add decimals, write the numbers so that the decimal points align and add digits from right to left.

How do you subtract decimals?

To subtract decimals, write the numbers so that the decimal points align and subtract digits from right to left.

What is the formula for calculating Profit?

Profit is calculated as Total Revenue minus Total Cost.

What is the formula for calculating Loss?

Loss occurs when Profit is negative, calculated as Total Revenue minus Total Cost.

What is Break-even Analysis?

Break-even analysis determines the number of units that must be produced and sold to equate total sales with total cost.

What is the Break-even Point (BEP)?

The Break-even Point is the volume of sales for which total sales equals total costs, resulting in zero profit.

What is Simple Interest?

Simple interest is the amount paid or earned for using money.

What is Principal in terms of loans?

Principal is the amount of money borrowed or invested on the origin date.

What is the formula for Simple Interest?

The formula for Simple Interest is I = Prt, where I is interest, P is principal, r is rate, and t is time.

What is Amortization?

Amortization is the repayment of a loan by periodic payments, with the possible exemption of the last payment.

What is a Trade Discount?

A trade discount is a reduction from the list price.

Net Price is the amount a business pays for merchandise after the discount.

Markup is the difference between the selling price and cost.

Margin, or gross margin, is defined as sales minus cost of goods sold.

Markdown is the price reduction from the original selling price of merchandise.

What is the formula for calculating Selling Price?

Selling Price (SP) = Cost (C) + Markup (M).

What is the formula for calculating Profit Margin?

Profit Margin = (Profit / Revenue) x 100%.

What is the formula for calculating Total Revenue?

Total Revenue (TR) = Selling Price (SP) x Quantity Sold.

What is the formula for calculating Total Cost?

Total Cost (TC) = Fixed Cost (FC) + Variable Cost (VC) x Quantity.

What is the formula for calculating Break-even Quantity?

Break-even Quantity (BEQ) = Fixed Cost / (Selling Price - Variable Cost).

What is the formula for calculating Commission?

Commission = Commission Rate x Amount of Sales.

What is Incremental Commission?

Incremental commission is given to salespersons whose commission rate increases as sales volume increases.

What is a Salary Plus Commission?

Salary plus commission is when an employee receives a guaranteed salary plus a commission on total sales.

What is a Draw Against Commission?

A draw against commission is when a salesperson is paid in advance of sales and later deducted from the commission earned.

What is the formula for calculating the Total Amount Due?

Total Amount Due = (1 + Finance Charge) x Outstanding Balance.

What is the formula for calculating Minimum Required Payment?

Minimum Required Payment = % Minimum Required Payment x Total Amount Due for the Month.

What is the formula for calculating the Total Amount Due for the Month?

Total Amount Due for the Month = (1 + Finance Charge) x Outstanding Balance.

What is the formula for calculating Outstanding Balance?

Outstanding Balance = Amount Due of Previous Month - Required Payment of Previous Month.

What is the formula for calculating the Total Profit?

Total Profit = Profit (Before) - Loss (After).

What is the formula for calculating Profit Percent?

Profit Percent = (Profit / Cost) x 100%.

What is the formula for calculating the Net Price after Trade Discount?

Net Price = List Price - Trade Discount.

What is the formula for calculating the Trade Discount Rate?

Trade Discount Rate = Trade Discount / List Price.

What is the formula for calculating the List Price?

List Price = Trade Discount / Trade Discount Rate.

What is the formula for calculating the Equivalent Markup Percentages?

%C Markup = %Selling Price Markup / (100% - %Selling Price Markup).

What is the formula for calculating the Single Equivalent Discount Rate (SEDR)?

SEDR = 1 - [(100% - DR1)(100% - DR2)...(100% - DRn)].

Business Mathematics Flashcards Flashcards

Student preview

60 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a Fraction?

Back

A fraction is one or more of the equal parts into which a whole is divided, or simply a ratio of two numbers.

2.

FLASHCARD QUESTION

Front

What is a Numerator?

Back

The numerator is the number of equal parts being taken into consideration in a fraction.

3.

FLASHCARD QUESTION

Front

What is a Denominator?

Back

The denominator is the number of equal parts into which the whole is divided in a fraction.

4.

FLASHCARD QUESTION

Front

Define Proper Fraction.

Back

A proper fraction is a fraction whose numerator is smaller than the denominator.

5.

FLASHCARD QUESTION

Front

Define Improper Fraction.

Back

An improper fraction is a fraction whose numerator is equal to or greater than the denominator.

6.

FLASHCARD QUESTION

Front

What are Mixed Numbers?

Back

Mixed numbers consist of a whole number and a fraction.

7.

FLASHCARD QUESTION

Front

How do you add like fractions?

Back

To add like fractions, you add the numerators and keep the denominator the same.

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