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'''[[w:Business mathematics|Business maths]]''' are mathematics used by '''[[w:Commerce|commercial]]''' enterprises to record and manage '''[[w:business operations|business operations]]'''. Commercial organizations use mathematics in '''[[w:accounting|accounting]], [[w:inventory management|inventory management]], [[w:marketing|marketing]], sales [[w:forecasting|forecasting]], and [[w:financial analysis|financial analysis]]'''. ( Wikipedia ) | |||
:Mathematics typically used in commerce includes [[w:elementary arithmetic|elementary arithmetic]], elementary [[w:algebra|algebra]], [[w:statistics|statistics]] and [[w:probability|probability]]. Business management can be made more effective in some cases by use of more advanced mathematics such as [[w:calculus|calculus]], [[w:matrix algebra|matrix algebra]] and [[w:linear programming|linear programming]]. ( Wikipedia ) | :Mathematics typically used in commerce includes [[w:elementary arithmetic|elementary arithmetic]], elementary [[w:algebra|algebra]], [[w:statistics|statistics]] and [[w:probability|probability]]. Business management can be made more effective in some cases by use of more advanced mathematics such as [[w:calculus|calculus]], [[w:matrix algebra|matrix algebra]] and [[w:linear programming|linear programming]]. ( Wikipedia ) | ||
=== Business Math week 3 === | |||
=== Business Math | |||
* Interest calcualations | * Interest calcualations | ||
** Simple interest calculation '''[[w:Interest|Interest]] = [[w:Bond_(finance)#Principal|Principal]] * [[w:Interest rate|Interest rate]] * Time ( I = P * R * T )''' | ** Simple interest calculation '''[[w:Interest|Interest]] = [[w:Bond_(finance)#Principal|Principal]] * [[w:Interest rate|Interest rate]] * Time ( I = P * R * T )''' | ||
** '''[[w:Compound interest]]''' arises when interest is added to the principal, so that, from that moment on, the interest that has been added also earns interest. This addition of interest to the principal is called ''compounding''. | ** '''[[w:Compound interest]]''' arises when interest is added to the principal, so that, from that moment on, the interest that has been added also earns interest. This addition of interest to the principal is called ''compounding''. | ||
=== Business Math week 4 === | |||
=== Business Math | |||
* '''[[w:Index (economics)]]''' - In [[w:economics]] and [[w:finance]], an index is a statistical measure of changes in a representative group of individual data points. ( Wikipedia ) | * '''[[w:Index (economics)]]''' - In [[w:economics]] and [[w:finance]], an index is a statistical measure of changes in a representative group of individual data points. ( Wikipedia ) | ||
* calculation of simple indices, | * calculation of simple indices, | ||
* A '''[[w:price index]]''' | * A '''[[w:price index]]''' (''plural'': “price indices” or “price indexes”) is a normalized [[w:average]] (typically a [[w:Weighted mean|''weighted'' average]]) of [[w:price]]s for a given class of [[w:Good (economics)|goods]] or [[w:Service (economics)|services]] in a given region, during a given interval of time. It is a [[w:statistic]] designed to help to compare how these prices, taken as a whole, differ between time periods or geographical locations. ( Wikipedia ) | ||
* A '''[[w:consumer price index]]''' ('''[[w:CPI]]''' | * A '''[[w:consumer price index]]''' ('''[[w:CPI]]''') measures changes in the price level of [[w:Final goods|consumer goods]] and [[w:Consumer Services|services]] purchased by households. ( Wikipedia ) | ||
* A '''[[w:cost-of-living index]]''' is a theoretical [[w:price index]] that measures relative [[w:cost of living]] over time or regions. It is an index that measures differences in the price of [[w:good (economics)|goods]] and [[w:service (economics)|service]]s, and allows for substitutions to other items as prices vary. ( Wikipedia ) | * A '''[[w:cost-of-living index]]''' is a theoretical [[w:price index]] that measures relative [[w:cost of living]] over time or regions. It is an index that measures differences in the price of [[w:good (economics)|goods]] and [[w:service (economics)|service]]s, and allows for substitutions to other items as prices vary. ( Wikipedia ) | ||
=== Business Math | === Business Math week 5 === | ||
* '''[[w:Value added tax]] ( VAT )''' | * '''[[w:Value added tax]] ( VAT )''' | ||
* The '''[[w:foreign exchange market]]''' (forex, FX, or currency market | * The '''[[w:foreign exchange market]]''' (forex, FX, or currency market) is a form of exchange for the global decentralized trading of international currencies. ( Wikipedia ) | ||
* The '''Current rate''' and the '''[[w:forward exchange rate]]''' (also referred to as '''forward rate''' or '''forward price''') is the [[W:exchange rate]] at which a [[W:commercial bank|bank]] agrees to exchange one [[w:currency]] for another at a future date when it enters into a [[w:forward contract]] with an investor. [[w:Multinational corporation]]s, banks, and other [[w:financial institution]]s enter into forward contracts to take advantage of the forward rate for '''[[w:hedge (finance)|hedging]] purposes'''. ( Wikipedia ) | * The '''Current rate''' and the '''[[w:forward exchange rate]]''' (also referred to as '''forward rate''' or '''forward price''') is the [[W:exchange rate]] at which a [[W:commercial bank|bank]] agrees to exchange one [[w:currency]] for another at a future date when it enters into a [[w:forward contract]] with an investor. [[w:Multinational corporation]]s, banks, and other [[w:financial institution]]s enter into forward contracts to take advantage of the forward rate for '''[[w:hedge (finance)|hedging]] purposes'''. ( Wikipedia ) | ||
=== Business Math | === Business Math week 6 === | ||
* '''[[w:Compound interest]]''' calculation arises when interest is added to the [[w:principal]], so that, from that moment on, the interest that has been added also earns [[w:interest]]. This addition of interest to the principal is called compounding. ( Wikipedia ) | * '''[[w:Compound interest]]''' calculation arises when interest is added to the [[w:principal]], so that, from that moment on, the interest that has been added also earns [[w:interest]]. This addition of interest to the principal is called compounding. ( Wikipedia ) | ||
*'''The time value of money''' is the value of money figuring in a given amount of interest earned or inflation accrued over a given amount of time. ( Wikipedia ) | *'''The time value of money''' is the value of money figuring in a given amount of interest earned or inflation accrued over a given amount of time. ( Wikipedia ) | ||
:*'''[[w:Time value of money#Present value of a future sum|Calculating present value of a future sum]]''' | :*'''[[w:Time value of money#Present value of a future sum|Calculating present value of a future sum]]''' | ||