Business Math Assignment

Business Math Assignment

Press F5 to begin to playing this slide show.

Why are we doing this assignment?It is important that we review some basic math principles before we start doing formulas in Excel spreadsheets. This assignment will review the math and business concepts you will need to know to complete the rest of the spreadsheet assignments we will do in class.

Reach each slide carefully and do the examples on the handout as you play this slide show.

Symbols for math operations The symbols we will use for this

assignment (and in Excel) to perform math operations are: + for addition - for subtraction * for multiplication / for division

1. Order of Operations Formulas in Excel follow the regular order

of operations. Order of operations refers to the order

which operations in a mathematical formula should be performed.

Here is the order: You should always perform the operations in

parentheses ( ) first, left to right Then do multiplication and division, left to right Then do addition and subtraction, left to right

Example To solve the problem 3*3 + (15-5) /2 -2

First solve 15-5 because it is in parentheses – so we now have 3*3+10/2-2

Next we will do the multiplication and division, so we now have 9+5-2

Now we can do the addition and subtraction and our final answer is 12

More Order of Operations Examples Do the three examples on your handout

and write the correct answers on your handout: 2 + 7 * 8 / 2 – 10 = 10 – (24+9) * 2 = 120 / 3 + 20 * 2 – 5 =

Answers The correct answers for the examples are:

20 -56 75

2. Average To find the average of a group of numbers,

add the numbers together and then divide by the number of items in the group.

To find the average of these numbers8, 12, 3, 10, 5, 4

Add the numbers together which equals 42 There are 6 numbers so we will divide 42 by

6 and the average of these 6 numbers is 7

Examples Do the two examples on your handout and

write the correct answers on your handout: Find the average of $36, $49, $22, $48, $39,

$40, and $18 Find the average of 3.2, 4.2, 9.25, 5, 7.1, 9.8,

and 12.4:


36 7.28

3. Percent To find a percentage of a number, write

the percent as a decimal then multiply the number by the decimal.

To find out 35% of 90 Convert the percent to a decimal which is .35 Then multiply .35*90 31.5 is 35% of 90

Examples Do the three examples on your handout

and write the correct answers on your handout: 25% of 384 21% of 54 85% of 400


96 11.34 340

4. Payroll Payroll is determining how much an

employer is to pay his employees for the work they have done.

A person who is paid by the hour works for an hourly rate which is a certain amount of money for each hour that is worked. The total amount of money that an employee is paid is called GROSS PAY.

4. Payroll To calculate gross pay, multiply the hourly

rate by the number of hours worked : Hourly Rate * Hours Worked

If you have a job and your hourly rate is $7.55 and you work 25 hours in one week your gross pay would equal:

7.55*25 = $188.75Your GROSS PAY is $188.75


write the correct answers on your handout: Cassie earns $16.25 an hour. What is her

gross pay for last week if she worked 25 hours? Mark is paid $9.10 an hour. He worked 38

hours last week. What is his gross pay?


$406.25 $345.80

4. Payroll continued DEDUCTIONS are subtractions from gross

pay. The federal government as well as states require employers to deduct money from employee wages for income taxes, social security, and Medicare taxes. The amount of money withheld or deducted depends on the gross pay and the number of dependents (spouse and children) the employee has. Deductions for taxes are usually about 30% of the amount of gross pay.

4. Payroll continued To calculate deductions for this

assignment you will multiply the gross pay by 30%:Gross Pay * .30

If your gross pay is $188.75, the total amount that would be deducted from your paycheck would be:

188.75 * .30 = $56.63Your total deductions would be $56.63


write the correct answers on your handout: Based on Cassie’s gross pay above,

approximately what amount will be deducted for taxes:

Based on Mark’s gross pay above, approximately what amount will be deducted for taxes:


$121.88 $103.74

4. Payroll continued After all deductions are subtracted from

gross pay, the amount that remains is called NET PAY. Net pay is the actual amount the employee will be paid on their paycheck.

4. Payroll continued To calculate net pay, you subtract the total

amount of deductions from gross pay:Gross Pay – Deductions

If your gross pay is $188.75 and your deductions are $56.64 your net pay would be:188.75 – 56.63 = 132.12Your net pay would be $132.12


write the correct answers on your handout: What is Cassie’s net pay? What is Mark’s net pay?


$284.37 $242.06

5. Sales Tax In most states, when you purchase items

from a store, you pay the price of the item plus SALES TAX.

Sales tax is a percentage of the total cost of the items you purchase. In Utah, the sales tax rate is 6.6% or .066.

5. Sales Tax continued To calculate sales tax you will multiply the

purchase amount by the tax rate:Purchase Amount * Tax Rate

If you purchase items that total $25 in Utah the amount of sales tax you will pay is:25 * .066 = 1.65Your amount of sales tax would be $1.65

5. Sales Tax continued To find the total amount you will pay for

the items you add the purchase amount to the amount of sales tax:Purchase Amount + Amount of Sales Tax

If the purchase amount is $25 and the amount of sales tax is $1.65 the total amount you would pay is:25 + 1.65 = 26.65The total amount would be $26.65


write the correct answers on your handout (use .066 for the tax rate): A customer buys items with a total purchase

price of $72. What is the amount they will pay for these items with sales tax?

A customer buys items with a total purchase price of $37. What is the amount they will pay for these items with sales tax?


$76.75 $39.44

This is the end of the slide show. Now complete the problems on the handout. You may use a calculator – you can use your own calculator or the calculator on your computer (START button, All Programs, Accessories). You can close this slide show and finish the assignment.

Documents

Business Math Assignment