Formula Review

8/12/2019 Formula Review

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Formula ReviewBusiness Math I


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Review Order of Operation1. Perform all operations inside parentheses first.

2. Perform all operations with exponents.

3. Perform all operations involving multiplication and d

from left to right.

4. Perform all operations involving addition and subtraleft to right.


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Exercise


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Using Formula

Find the value of p in the formula =

when I = 3

R=0.05, T = 3


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Practice Evaluate each formula. You will be using these form

later chapters. Round the answers to two decimal p

necessary.


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Account RegisterIn order to keep your checking account accurate, you nkeep an accurate recording of all of the transactions. Th

done by using the account registerthat comes with yo

checkbook.


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Credit TransactionThere are two types of transactions that are commonlyassociated with a checking account. When you put mon

your checking account or collect interest on the money

have in your account, the transaction is called a credit

transaction.


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Debit Transaction and Balan

When you write a check or take money out of your account, the tr

called a debit transaction. The amount of money that you current

your checking account is called the balance. When you complete a

transaction, you add the amount of the transaction to your balanc

you complete a debit transaction, you subtract the amount of the

from the current balance.


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On July 1, you deposit your payroll check in the amoun

$872.43 into your checking account. Previously the bala$375.60. During the week, you write the following chec

Date Check No. Payee Amount7/1 130 Bobs Auto $18.797/2 131 Corner Grocery $83.157/3 132 Jones Hardware $127.657/4 133 Health Club $40.007/5 Deposit $100.00


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Record the balance, check number, and date in the appropriate co

the transaction is a credit transaction, add the amount to the balathe transaction is a debit transaction, subtract the amount from th

Number Date Transaction Debit Credit Bala$375

7/1 Deposit $872.43 $124130 7/1 Bobs Auto $18.79 $12131 7/3 Corner Grocery $83.15 $114132 7/4 Jones Hardware $127.65 $10133 7/4 Health Club $40.00 $978

7/5 Deposit $100.00 $107


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Reconciling a Bank Stateme

Every month the bank sends a statement of the transacits checking account customers. The purpose of this sta

to enable you to make sure that your account is balanc

not balanced, then you must reconcile any differences

statement and in your account register.

Documents

Formula Review