2.2 Part 1

Lesson 2.2MATH SKILLS : 

Chapter 2 Slide 1 Lesson 2.2MATH SKILLS Use basic math skills in business. Complete sales transactions. Calculate percentages for business purposes. GOALS

BASIC MATH SKILLS : 

Chapter 2 Slide 2 BASIC MATH SKILLS Addition and subtraction Multiplication Averages using division If Maria sells 12 frying pans one month, 22 the next and 14 the next, what is the average number of frying pans sold each month over this three month period? 12 +22+14=48 48 divided by 3 (months) =16 frying pans

SALES TRANSACTIONS : 

Chapter 2 Slide 3 SALES TRANSACTIONS Purchase orders and invoices Purchase Orders (PO’s) are used whenever goods and services are sold They are a record of the fact that a buyer has placed an order with a company When determining the total item cost, the quantity of the item being ordered should be multiplied by the unit cost Quantity x Unit Cost =Amount Due

Sales Tax : 

Chapter 2 Slide 4 Sales Tax Sales tax Sales tax varies from state to state, or even city to city Sales tax is a percentage and is calculated using the total price of an item being purchased The amount of sales tax should be added to the purchase price of the item Shipping and delivery charges should not have the sales tax applied to them

Sales Slip : 

Chapter 2 Slide 5 Sales Slip Sales slips You will complete sales slips for two kinds of sales transactions Cash sales Credit card sales For sales slips calculate the total amount due just as you would a purchase order For credit card sales calculating the amount due is the same, however you need to record information such as the credit card number, and expiration date Whenever a customer uses a credit card to pay for a purchase a fee is assessed to the merchant

Managing a Cash Drawer : 

Chapter 2 Slide 6 Managing a Cash Drawer Managing a cash drawer Today, most businesses use electronic cash registers to generate sales slips The totals for each sales transaction are automatically added by a machine. You need to verify the beginning cash amounts and balance the cash drawer at the end of the day

BALANCING THE CASH DRAWER : 

Chapter 2 Slide 7 Cash $348.62 Checks 154.20 + Credit sales 218.98 BALANCING THE CASH DRAWER Total receipts $721.80 – Refunds 21.47 Adjusted receipts $700.33 – Opening cash 50.00 Actual receipts $650.33

PERCENTAGES : 

Chapter 2 Slide 8 PERCENTAGES Growth rates Interest earned Interest payments Exact interest method Ordinary interest method Markups and markdowns Discounts Due dates Last day for discount