User:Jukeboksi/BBA studies/Math: Difference between revisions
(moved from DEC) |
(+ This article used to be at the address https://GloBBA12.si/wiki/Math from 2012 to 2016 and https://wiki.study/regarding/Math from 2016 to 2020) |
||
| (10 intermediate revisions by 2 users not shown) | |||
| Line 1: | Line 1: | ||
'''[[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]]'''. | {{Q|'''[[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|[[w:Business mathematics|Business mathematics]]}} | ||
: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 | ---- | ||
= Business Math 1 = | |||
=== Business Math 1 - Session 1: Interest calculations === | |||
* 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:fi:Korko]] = Pääoma * Korkoprosentti ) | ||
** '''[[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 | |||
=== Business Math 1 - Session 2: Indices === | |||
* '''[[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]]''' (''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:price index]]''' ( [[w:fi:Hintaindeksi]] ) (''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]]''') measures changes in the price level of [[w:Final goods|consumer goods]] and [[w:Consumer Services|services]] purchased by households. ( Wikipedia ) | * A '''[[w:consumer price index]]''' ('''[[w:CPI]]''') ( [[w:fi:Kuluttajahintaindeksi]] ) 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 1 - Session 3: VAT calculations=== | ||
* '''[[w:Value added tax]] ( VAT )''' | * '''[[w:Value added tax]] ( VAT )''' ( [[w:fi:Arvonlisävero]] ) | ||
* 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 '''[[w:foreign exchange market]]''' (forex, FX, or currency market) ( [[w:fi:Valuuttamarkkinat]] ) 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 1 - Session 4: Compound interest === | ||
* '''[[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]]''' | ||
---- | |||
= Business Math 2 - Business Math with Excel = | |||
Teacher: Jutta Heikkilä | |||
Type of course: [[:Category:Mandatory courses in GloBBA|Mandatory course in GloBBA]] in [[:Category:mathematics]] | |||
Course code: ??? | |||
Course material: Business Mathematics: Part 2 - with Excel by Jutta Heikkilä ( Available only from the shop in Suomen Liikemiesten Kauppaopisto (SLK), ~8€ ) | |||
[[Category:Mandatory courses in GloBBA]] | |||
* '''Periodic payment''' | |||
* '''Long-term [[w:loan]]''' ( [[w:fi:Laina]] ) | |||
* The term '''[[w:annual percentage rate]] (APR)''' ( [[w:fi:Todellinen vuosikorko]] ) , also called nominal APR, and the term effective APR, also called EAPR describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. ( Wikipedia ) It is solved with the '''[[w:Internal rate of return]] ( IRR )''' ( [[w:fi:Efektiivinen korko]] ) formula in Excel ( Teacher ) | |||
::The term includes the ''[[w:nominal APR]]'' and the ''[[w:effective APR]]'' | |||
* '''[[w:Hire purchase]]''' ( [[w:fi:Osamaksu]] ) is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time. ( Wikipedia ) | |||
* '''[[w:Leasing]]''' ( [[w:fi:Leasing]] ) is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. ( Wikipedia ) | |||
---- | |||
<center>This article '''used to be''' at the address '''<nowiki>https://GloBBA12.si/wiki/Math</nowiki>''' from 2012 to 2016 and '''<nowiki>https://wiki.study/regarding/Math</nowiki>''' from 2016 to 2020</center> | |||
[[Category:realcontent]] | |||
[[Category:Mandatory courses in GloBBA]] | |||
[[Category:Mathematics]] | |||
Latest revision as of 12:39, 30 June 2020
“Business maths are mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis.”
- Mathematics typically used in commerce includes elementary arithmetic, elementary algebra, statistics and probability. Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming. ( Wikipedia )
Business Math 1[edit | edit source]
Business Math 1 - Session 1: Interest calculations[edit | edit source]
- Interest calcualations
- Simple interest calculation Interest = Principal * Interest rate * Time ( I = P * R * T ) ( w:fi:Korko = Pääoma * Korkoprosentti )
- 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 1 - Session 2: Indices[edit | edit source]
- 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,
- A w:price index ( w:fi:Hintaindeksi ) (plural: “price indices” or “price indexes”) is a normalized w:average (typically a weighted average) of w:prices for a given class of goods or 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) ( w:fi:Kuluttajahintaindeksi ) measures changes in the price level of consumer goods and 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 goods and services, and allows for substitutions to other items as prices vary. ( Wikipedia )
Business Math 1 - Session 3: VAT calculations[edit | edit source]
- w:Value added tax ( VAT ) ( w:fi:Arvonlisävero )
- The w:foreign exchange market (forex, FX, or currency market) ( w:fi:Valuuttamarkkinat ) 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 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 corporations, banks, and other w:financial institutions enter into forward contracts to take advantage of the forward rate for hedging purposes. ( Wikipedia )
Business Math 1 - Session 4: Compound interest[edit | edit source]
- 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 )
Business Math 2 - Business Math with Excel[edit | edit source]
Teacher: Jutta Heikkilä
Type of course: Mandatory course in GloBBA in Category:mathematics
Course code: ???
Course material: Business Mathematics: Part 2 - with Excel by Jutta Heikkilä ( Available only from the shop in Suomen Liikemiesten Kauppaopisto (SLK), ~8€ )
- Periodic payment
- Long-term w:loan ( w:fi:Laina )
- The term w:annual percentage rate (APR) ( w:fi:Todellinen vuosikorko ) , also called nominal APR, and the term effective APR, also called EAPR describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. ( Wikipedia ) It is solved with the w:Internal rate of return ( IRR ) ( w:fi:Efektiivinen korko ) formula in Excel ( Teacher )
- The term includes the w:nominal APR and the w:effective APR
- w:Hire purchase ( w:fi:Osamaksu ) is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time. ( Wikipedia )
- w:Leasing ( w:fi:Leasing ) is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. ( Wikipedia )