BUSINESS MATH – practical application of
basic math concepts in business world
FRACTION – numerical representation
indicating the quotient of two number
NUMERATOR – indicated by the
denominator are taken
DENOMINATOR – a whole was equally
divided
SIMILAR FRACTION -fractions with the same
denominators
DISSIMILAR FRACTION – fractions with
different denominators
LEAST COMMON DENOMINATOR - smallest
number that can be used as a common
denominator for two or more fractions
GREATEST COMMON FACTOR - largest
number that divides two or more numbers
exactly without a remainder.
DECIMAL - representing numbers that are
not whole, using a decimal point
PERCENTAGE - expressing a number as a
part of 100. The symbol used is %.
RATIO - comparison of two numbers or
measurement
PROPORTION – equation showing two
ratios that are equal
DIRECT PROPORTION – one quantity
increases other quantity increases
INDIRECT PROPORTION - – one quantity
increases other quantity decreases
(inversely proportional)
PARTITIVE PROPORTION – a whole is divided
into parts that is proportioned into equal
or unequal parts
INCREASED SELLING PRICE – the original
selling price is further increased
SELLING PRICE – original selling price
DECREASED/REDUCED SELLING PRICE – the
discounted price of an item from the
selling price
COST – price that includes all expenses
PROFIT – financial gain
MARK UP – amount by which the regular
price is further increased
MARK DOWN – practice of lowering the
regular or original selling price
MARK ON – amount that must be added to
the production cost
SIMPLE DISCOUNT – amount or percentage
that is deducted from the selling price
TRADE DISCOUNT – deduction from the list
price
DISCOUNT RATE – discount percentage that
the sellers offer on their product
LIST PRICE – price in catalog at which seller
initially decides to sell a product
DISCOUNT SERIES – several discounts
SINGLE DISCOUNT SERIES – equivalent to
discount series