You may use your notes and the textbook. You may use a calculator.
You many NOT share notes, calculator, or book with another student
EVEN AFTER THAT STUDENT HAS COMPLETED WORK!
11/29/2007 ========= green ===========
*compute gross pay
*compute adjusted gross income
*compute federal income tax
*compute deductions
*compute net pay
*compute employer paid state & federal unemployment tax rates,
SUTA (5.4% of 1st $7000),
FUTA (6.2% of 1st $7000 less the SUTA, usually just .8% usually)
* complete 277/odds on taxes, deduct, net pay
* pg 288 bottom/ odds
* pg 290/ 37,39, 41, 49, 53
Manufacturer = maker
Wholesaler = "Middleman"
Retailer = seller
Customer = buyer, end purchaser
Manufacturer = *makes built
*sets list price
list price= price the manufacturer gives item
trade discount = (% discount)(list price)
when item is sold to another businesses.
net price = (list price) - (discount)
=============
ex 1.
I make a table and sell it for $1,200.
I sell it to a retailer at a trade discount of 20%.
At what price do I sell it to the retailer?
3. CALCULATE trade discount for 20 boxes
$14.67 and a single trade discount is 20% off allowed.
Discount by Complement method
20% off or 80% on
.8(1200) = $960.
12/4/2007= pink ==============
Manufacturer = maker
Wholesaler = "Middleman"
Retailer = seller
Customer = buyer, end purchaser
Manufacturer = *makes built
*sets list price
list price= price the manufacturer give item
trade discount = (% discount)(list price)
when item is sold to another businesses.
net price = (list price) - (discount)
=============
ex 1.
I make a table and sell it for $1,200.
I sell it to a retailer at a trade discount of 20%.
At what price do I sell it to the retailer?
20% off or 80% on
.8(1200) = $960.
====================
12/5/2007 ========= green ===========
Do now. Copy objectives.
* State the chain of agents from manufacturer to consumer.
* List the job of each.
* Compute trade single discount and net price given rate and list.
* Compute trade single discount and net price by complement method given rate and list.
* Compute trade series discounts and net prices.
* Determine better price given trade series discounts.
Do now.
1. Find the net price of an item costing $1.00 given a 15% trade single discount.
2. Complete:
Rate off Rate on
a. 25% ______
b. 5% ______
3. Find the net price for an item listing at $600 with a trade discount serives of 15/10/5.
This means find the net price for an item listing at $600 with a trade discounts of 15% off, then 10% off that, then 5% off that.
12/5/2007 ========= pink ===========
* State the chain of agents from manufacturer to consumer.
* List the job of each.
* Compute trade single discount and net price given rate and list.
* Compute trade single discount and net price by complement method given rate and list.
* Compute trade series discounts and net prices.
* Determine better price given trade series discounts.
* ComputeNET DECIMAL EQUIVALENT
Do now.
1. liST THE CHAIN OF AGENTS FROM THE MANUFACTURER TO THE CONSUMER.
manufacturer = maker
wholesaler = middle man , buys from manufacturer to sell to retailer
retailer = seller, like Shop Rite
consumer = buyer
2. Explain the phrase "85% on" and give an example.
1. Find the net price of an item costing $1.00 given a 15% trade single discount.
2. Complete:
Rate off Rate on
a. 25% 75%__
b. 5% _95%__
think "and then ___% of that"
3. Find the net price for an item listing at $600 with a trade discount series of 15/10/5.
15/10/5
15/10/5 off
85/90/95 on
take .85 x .90 x .95 this is called
NET DECIMAL EQUIVALENT
This means find the net price for an item listing at $600 with a trade discounts of 15% off, then 10% off that, then 5% off that.
=====================
Quick Quiz. Do Now.
1. An item lists for $2000 with series trade discount of 12/10/5. State the net price to the trade.
1. An item lists for $2000 with series trade discount of 12/10/5. State the net price to the trade.
list is $2,000
12/10/5 % off
.88 x .90 x .95
net decimal equivalent 0.7524
net price to trade 1504.80
Payment of Invoice= bill.
2/10, n/30 is 2% discount if paid within 10 days
is net __ % after 30 days
12/13/07 -- 2% less or .98(2000) = $196
12/23/07 -- 100% or $200
1/12/07 -- 100% + __% = ----
1
1. A series trade discount of 15/20/15 is given on an item
listed at $400. State net trade price.
2. An invoice for 12/ 11/07 for$600 has a note 4/10, net 30.
If the invoice is paid on 12/13/07, how much is paid?
==========
12/12/2007 ========= green ===========
Replacement for yesterday:
1. A series trade discount of 20/5/10 is given on an item
listed at $8000. State net trade price.
.8 x .95 x .9 = .684
.684 x 8000 = $5472. Mr. B
TODAY'S QUIZ:
1. Define "invoice." Bill
2. The terms of an invoice state: 2/10, net 30 at 1.5%
The date of the invoice is 12/12/07 and the total due is $5000.00
2/10 is a 2% discount if payment is received within 10 days
If the invoice payment is received on 12/20/07 the payment is for
$ ___4900_________.
2% OF 5000
.02 X 5000, THEN SUBTRACT THIS FROM 5000.
.98 X 5000 = $4900
If the invoice payment is received on 1/15/08 the payment is for
$ __$ 5075__________.
net 30 at 1.5% = MEANS IF THE PAYMENT IS NOT
RECEIVED WITHIN 30 DAYS, YOU MUST PAY
100% + 1.5% INTEREST COMPOUNDED MONTHLY
101.5%
1.015 X 5000
$ 5075
3. Shirley is salaried and earns $60,000 annually.She is paid monthly.
Twelve percent of her salary is for retirement and it is exempt as well as a deduction.
She must pay $1320 in income tax per pay period.
State net earnings per pay period.
You may use the following to organize your work.
5000 gross pay 5000 = GROSS / 12
600 nontaxed = 12% of 5000 for pension
4400 adjusted gross income = gross - exemptions
1320 income tax 1320
310 social sec tax = 6.2% of adjusted, see pg 274
72.50 medicare tax = 1.45% of adjusted, see pg 274
600 other pension
other
2302.50 deductions = total of deductions
2697.50 net pay = gross - deductions
12/12/2007 ========= pink ===========
SHOW WORK! CIRCLE ANSWER.
Replacement for yesterday:
1. A series trade discount of 20/5/10 is given on an item
listed at $8000. State net trade price.
.80 x .95 x .90 = .684
.684 x 8000 = $5472
TODAY'S QUIZ:
1. Define "invoice." bill
2. The terms of an invoice state: 2/10, net 30 at 1.5%
The date of the invoice is 12/12/07 and the total due is $5000.00
If the invoice payment is received on 12/20/07 the payment is for
$ ____________.
If the invoice payment is received on 1/15/07 the payment is for
$ ____________.
2/10 if payment is received within 10 days then
you get 2% off
3. Shirley is salaried and earns $60,000 annually.She is paid monthly.
Twelve percent of her salary is for retirement and it is exempt as well as a deduction.
She must pay $1320 in income tax per pay period.
State net earnings per pay period.
You may use the following to organize your work.
gross pay
nontaxed
adjusted gross income
income tax 1320
social sec tax
medicare tax
other
other
deductions
net pay
pg 274 --- ss tax 6.2%, medicare = 1.45%
========
12/13/2007 ========= green ===========
1. State the number of days in:
September 30
December 31
April 30
2/10, net 30
2. Define, relative to business:
a. EOM = end of month
b. "by the 26th rule"
c. ROG = receipt of goods
2/10 ROG = 2% discount if payment received
within 10 days of receiving the stuff purchases!
bill of lading = terms of freight delivery
FOB = free on board , buyer pays for shipping
Replacement for yesterday:
1. A series trade discount of 20/5/10 is given on an item
listed at $8000. State net trade price.
.8 x .95 x .9 = .684
.684 x 8000 = $5472. Mr. B
TODAY'S QUIZ:
1. Define "invoice." Bill
2. The terms of an invoice state: 2/10, net 30 at 1.5%
The date of the invoice is 12/12/07 and the total due is $5000.00
2/10 is a 2% discount if payment is received within 10 days
If the invoice payment is received on 12/20/07 the payment is for
$ ___4900_________.
2% OF 5000
.02 X 5000, THEN SUBTRACT THIS FROM 5000.
.98 X 5000 = $4900
If the invoice payment is received on 1/15/08 the payment is for
$ __$ 5075__________.
net 30 at 1.5% = MEANS IF THE PAYMENT IS NOT
RECEIVED WITHIN 30 DAYS, YOU MUST PAY
100% + 1.5% INTEREST COMPOUNDED MONTHLY
101.5%
1.015 X 5000
$ 5075
3. Shirley is salaried and earns $60,000 annually.She is paid monthly.
Twelve percent of her salary is for retirement and it is exempt as well as a deduction.
She must pay $1320 in income tax per pay period.
State net earnings per pay period.
You may use the following to organize your work.
5000 gross pay 5000 = GROSS / 12
600 nontaxed = 12% of 5000 for pension
4400 adjusted gross income = gross - exemptions
1320 income tax 1320
310 social sec tax = 6.2% of adjusted,
see pg 274
72.50 medicare tax = 1.45% of adjusted,
see pg 274
600 other pension
other
2302.50 deductions =
2697.50 net pay = gross - deductions
================
12/14/2007 == green
2/10, net 30
2. Define, relative to business:
a. EOM = end of month
b. "by the 26th rule"
c. ROG = receipt of goods
2/10 ROG = 2% discount if payment received
within 10 days of receiving the stuff purchases!
pg 317
bill of lading = terms of freight delivery
FOB free on board , buyer pays for shipping
to shipper
FOB freight collect, buyer pays for shipping
to shipper
FOB destination, seller pays shipping
FOB freight paid, seller pays shipping
to shipper
prepay and add, buyer pays shipping to seller
====
pg 325, 1,3 pg326/5 pg 327/15,33,35
pg328/59*****, 61, 79
pg 326/5
LIST RATE DISCOUNT NET
$37.85 20% $7.57 $30.28
80% xxxxx $30.28
pg 327/15
LIST DISCOUNT NET
$21 $3 $18
pg 327/33
LIST RATE DISCOUNT NET
$200 20% $7.57 $30.28
manufacturer mrsp=manufacturer's recommended t price
wholesaler = middle man
retailer = store owner
consumer = you, the final purchaser
12/14/2007 == pink
1. State the number of days in:
September 30
December 31
April 30
2/10, net 30
2. Define, relative to business:
a. EOM = end of month
b. "by the 26th rule"
c. ROG = receipt of goods
2/10 ROG = 2% discount if payment received
within 10 days of receiving the stuff purchases!
bill of lading = terms of freight delivery
FOB free on board , buyer pays for shipping
to shipper
FOB freight collect, buyer pays for shipping
to shipper
FOB destination, seller pays shipping
FOB freight paid, seller pays shipping
to shipper
prepay and add, buyer pays shipping to seller
http://
htts://
pg 325, 1,3
pg326/5
pg 327/15,33,35
pg328/59*****, 61, 79
===========
quiz first then:
smart thinking
You are a buyer who is salaried by a GREAT GIFTS, a retailer, to purchase from manufacturers and wholesalers. You decide what goes TO the stores. You negotiate what items are purchased, the number, and the terms of the purchase of these items. You also authorize exactly when payment is made after an invoice is received. You are salaried but receive a year-end bonus which largely depends on how much you SAVE the company.
Your cousin offers you 1,000,000 TERRIFIC TOYS at $12.50 each, a total order costing $ __12,500,000______.
A wholesaler offers you 1,000,000 TERRIFIC TOYS listing at $12.50 each, for a single discount of 10%, a total order costing $ _11,250,000_______. 12,500,00 x .90 =
You think you can get a better deal and go directly to the manufacturer who offers you 10/10 series discount, a total order costing, $ __10,125,000___.
= .9 x .9 x 12,500,00
You think you can get a better deal and negotiate 12/10, net 30, and could authorize payment by electronic transfer after 9 days. The order would then cost
$ __8,910,000______. = .88 x 10,125,000
You think you can get a better deal and negotiate ROG terms. This means __ receipt of goods means payment id due based on when goods are received.
Shipping is 12% of the order. This means the order really costs $ __12,500,000 x .12 + 8,910,000 ---
is $10,410,000.
You think you can get a better deal and negotiate FOB destination. This means ___Free on board destination -- seller pays shipping___ and that the order costs _____$ 8,910,000_______.
Your sibling bought the toys from your cousin and paid 2/10, net 30 at 1.5%, FOB, 45 days after the invoice was cut. How much did your sibling pay? _________________
cost 12,500,000
shipping
12/20/2007 == red ===
1.Graph three less than the square of a number.
2Graph one less than the opposite of the reciprocal
of a number
3. Simplify. Circle answer.
a. (3x^2y)(-4x^2y^3) b. (3x^2y^5)^2
c. (x^(h + k))^2(x^(h - k)) d. (x^2y^5) ÷ (x^(-2)y^3))
4.Graph the reciprocal of 3 more than a number.
12/20/2007 ============== pink =========
smart thinking
You are a buyer who is salaried by a GREAT GIFTS, a retailer, to purchase from manufacturers and wholesalers. You decide what goes the stores. You negotiate what items are purchased, the number, and the terms of the purchase of these items. You also authorize exactly when payment is made after an invoice is received. You are salaried but receive a year-end bonus which largely depends on how much you SAVE the company.
Your cousin, the idiot, offers you 1,000,000 TERRIFIC TOYS at $12.50 each, a total order costing $ ____________.
A wholesaler offers you 1,000,000 TERRIFIC TOYS listing at $12.50 each, for a single discount of 10%, a total order costing $ ____________.
You think you can get a better deal and go directly to the manufacturer who offers you 10/10 series discount, a total order costing, $ ___________________.
You think you can get a better deal and negotiate 12/10, net 30, and could authorize payment by electronic transfer after 9 days. The order would then cost $ __________________.
You think you can get a better deal and negotiate ROG terms. This means ___________________________.
Shipping is 12% of the order. This means the order really costs $ ____________________.
You think you can get a better deal and negotiate FOB destination. This means _________________________ and that the order costs ___________________________.
Your big-shot sibling bought the toys from your cousin and paid 2/10, net 30 at 1.5%, FOB, 45 days after the invoice was cut. How much did your sibling pay? _________________
10/10, net 30
ROG
==========================
12/20/2007 ============== green =========
quiz first then:
smart thinking
You are a buyer who is salaried by a GREAT GIFTS, a retailer, to purchase from manufacturers and wholesalers. You decide what goes TO the stores. You negotiate what items are purchased, the number, and the terms of the purchase of these items. You also authorize exactly when payment is made after an invoice is received. You are salaried but receive a year-end bonus which largely depends on how much you SAVE the company.
Your cousin offers you 1,000,000 TERRIFIC TOYS at $12.50 each, a total order costing $ __12,500,000______.
A wholesaler offers you 1,000,000 TERRIFIC TOYS listing at $12.50 each, for a single discount of 10%, a total order costing $ _11,250,000_______. 12,500,00 x .90 =
You think you can get a better deal and go directly to the manufacturer who offers you 10/10 series discount, a total order costing, $ __10,125,000___.
= .9 x .9 x 12,500,00
You think you can get a better deal and negotiate 12/10, net 30, and could authorize payment by electronic transfer after 9 days. The order would then cost
$ __8,910,000______. = .88 x 10,125,000
You think you can get a better deal and negotiate ROG terms. This means __ receipt of goods means payment id due based on when goods are received.
Shipping is 12% of the order. This means the order really costs $ __12,500,000 x .12 + 8,910,000 ---
is $10,410,000.
You think you can get a better deal and negotiate FOB destination. This means ___Free on board destination -- seller pays shipping___ and that the order costs _____$ 8,910,000_______.
Your sibling bought the toys from your cousin and paid 2/10, net 30 at 1.5%, FOB, 45 days after the invoice was cut. How much did your sibling pay? _________________
cost 12,500,000
shipping
=======================
12/20/2007 ============== green =========
quiz first then:
smart thinking
You are a buyer who is salaried by a GREAT GIFTS, a retailer, to purchase from manufacturers and wholesalers. You decide what goes TO the stores. You negotiate what items are purchased, the number, and the terms of the purchase of these items. You also authorize exactly when payment is made after an invoice is received. You are salaried but receive a year-end bonus which largely depends on how much you SAVE the company.
Your cousin offers you 1,000,000 TERRIFIC TOYS at $12.50 each, a total order costing $ __12,500,000______.
A wholesaler offers you 1,000,000 TERRIFIC TOYS listing at $12.50 each, for a single discount of 10%, a total order costing $ _11,250,000_______. 12,500,00 x .90 =
You think you can get a better deal and go directly to the manufacturer who offers you 10/10 series discount, a total order costing, $ __10,125,000___.
= .9 x .9 x 12,500,00
You think you can get a better deal and negotiate 12/10, net 30, and could authorize payment by electronic transfer after 9 days. The order would then cost
$ __8,910,000______. = .88 x 10,125,000
You think you can get a better deal and negotiate ROG terms. This means __ receipt of goods means payment id due based on when goods are received.
Shipping is 12% of the order. This means the order really costs $ __12,500,000 x .12 + 8,910,000 ---
is $10,410,000.
You think you can get a better deal and negotiate FOB destination. This means ___Free on board destination -- seller pays shipping___ and that the order costs _____$ 8,910,000_______.
Your sibling bought the toys from your cousin and paid 2/10, net 30 at 1.5%, FOB, 45 days after the invoice was cut. How much did your sibling pay? _________________
=====================
12/27/2007 ============== green =========
Hi. Copy stuff below & work is:
* use & compute markup, selling price, rates
* Use SellingPrice = Cost + Markup
* Use Cost = SellingPrice - Markup
*8.1: pg 347, pg348 ans pg 369
MARKUP based on Cost
markup
---------- = rate of markup
cost
MARKUP based on Selling Price
markup
------------------ = rate of markup
selling price
SellingPrice markup rate
---------------------------------------- = CostBased markup rate
1 - SellingPrice markup rate
CostBased markup rate
---------------------------------------- = SellingPrice markup rate
1 + CostBased markup rate
=========================
Hi. Copy stuff below & work is:
* use & compute markup, selling price, rates
* Use SellingPrice = Cost + Markup
* Use Cost = SellingPrice - Markup
*8.1: pg 347, pg348 ans pg 369
MARKUP based on Cost
markup
---------- = rate of markup
cost
MARKUP based on Selling Price
markup
------------------ = rate of markup
selling price
inventory = stuff in the store to sell to customers
fraction decimal percent
1/2 .5 50%
1/5 .2 20%
2 2. 200%
SellingPrice markup rate
---------------------------------------- = CostBased markup rate
1 - SellingPrice markup rate
CostBased markup rate
---------------------------------------- = SellingPrice markup rate
1 + CostBased markup rate
=======================
12/27/2007 ============== pink =========
Hi. Copy stuff below & work is:
* use & compute markup, selling price, rates
* Use SellingPrice = Cost + Markup
* Use Cost = SellingPrice - Markup
*8.1: pg 347, pg348 ans pg 369
MARKUP based on Cost
markup
---------- = rate of markup
cost
MARKUP based on Selling Price
markup
------------------ = rate of markup
selling price
inventory = stuff in the store to sell to customers
fraction decimal percent
1/2 .5 50%
1/5 .2 20%
2 2. 200%
SellingPrice markup rate
---------------------------------------- = CostBased markup rate
1 - SellingPrice markup rate
CostBased markup rate
---------------------------------------- = SellingPrice markup rate
1 + CostBased markup rate
COST-BASED SELLING PRICE BASED
cost $2= 100% cost $2
markup $4= 200% markup $4
selling p $6= 300% selling p $6 = 100%
============================
12/31/2007 ===== RED =====
Bank's Balance $150______
-Total Outstanding Checks $ 100
+Total Outstanding Deposits $0
+Total Other expenses & inc. $0
= Your bank balance $150s
===============
11:58 AM 1/3/2008 green
Bank's Balance $______
-Total Outstanding Checks $______
+Total Outstanding Deposits $_____
+Total Other expenses & inc. $_____
= Your bank balance $_____
bank statement: a monthly letter from the bank stating all your transactions
Electronic funds tranfer: A banking transaction made electronically
previous balance
deposits total
withdraw totals
new balance
withdrawel LGW payment
FDIC= federal deposit insurance corporation the great page of 218 run on a bank: When a massive amount of people withdraw their money from banks
Adjustable Rate Mortgage ARM: A loan for property or a house in which the mortgage rate can change
Fixed Rate: rate on mortgage does not change
with a standard deviation of 10 . What percent of
the score are in the 7th, 8th, or 9th stanine? ____
If 600 tests are taken, how many will be within this
range?___
![[Table]](http://www.mathnstuff.com/math/spoken/here/1gif/table.gif){kind=small}
Project Questions
Review Grades
Questionbook Cover Sheet