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The seventh edition of this text continues to provide solid, practical, and current coverage of the mathematical topics students must master to attain success in business today. The text begins with a review of basic mathematics and goes on to introduce key business topics in analgebra-based context. A new section in Chapter 1 on problem solving (Section 1.1) helps students become better critical thinkers, meanwhile reviewing basic skills. Optional scientific calculator boxes are integrated throughout, and financial calculator boxes are now presented in later chapters to help students become more comfortable with technology as they enter the business world. The text continues to incorporate applications to a wide variety of careers so that students from all disciplines can relate to the material. A real-world application has been added to every chapter opener.
Table of Contents
(Each chapter is followed by Chapter Concepts, a Quick Review of concepts and examples, Review Exercises, a Summary Exercise, and a `NetAssets exercise.)
PART I. BASIC MATHEMATICS.
1. Problem Solving and Operations with Fractions. Problem Solving. Addition and Subtraction of Fractions. Multiplication and Division of Fractions.
2. Equations and Formulas. Solving Equations. Applications of Equations. Formulas. Ratios and Proportions.
3. Percent. Writing Decimals and Fractions as Percents. Finding the Part. Finding the Base. Supplementary Exercise: Base and Part. Finding the Rate. Supplementary Exercise: Rate, Base, and Part. Increase and Decrease Problems.
Cumulative Review, Chapters 1-3.
PART II. BASIC BUSINESS APPLICATIONS.
4. Banking Services. Checking Accounts and Check Registers. Checking Services and Depositing Credit Card Transactions. Reconciliation.
5. Payroll. Gross Earnings (Wages and Salaries). Gross Earnings (Commission). Gross Earnings (Piecework). Social Security, Medicare, and Other Taxes. Income Tax Withholding. Payroll Records and Quarterly Returns
6. Taxes. Sales Tax. Property Tax. Personal Income Tax.
7. Risk Management. Business Insurance. Motor Vehicle Insurance. Life Insurance.
Cumulative Review, Chapters 4-7.
PART III. MATHEMATICS OF RETAILING.
8. Mathematics of Buying. Invoices and Trade Discounts. Single Discount Equivalents. Cash Discounts: Ordinary Dating Method. Cash Discounts: Other Dating Methods.
9. Markup. Markup on Cost. Markup on Selling Price. Markup with Spoilage.
10. Markdown and Inventory Control. Markdown. Average Inventory and Inventory Turnover. Valuation of Inventory.
Cumulative Review, Chapters 8-10.
PART IV. MATHEMATICS OF FINANCE.
11. Simple Interest. Basics of Simple Interest. Simple Interest for a Given Number of Days. Maturity Value. Inflation and the Time Value of Money.
12. Notes and Bank Discount. Simple Interest Notes. Simple Discount Notes. Comparing Simple Interest and Simple Discount. Discounting a Note.
13. Compound Interest. Compound Interest. Daily and Continuous Compounding. Finding Time and Rate. Present Value at Compound Interest.
14. Annuities and Sinking Funds. Amount of an Annuity. Present Value of an Annuity. Sinking Funds.
15. Business and Consumer Loans. Open-End Credit. Installment Loans. Early Payoffs of Loans. Personal Property Loans. Real Estate Loans.