PURPOSE
The Business Math credential documents basic knowledge and skills related to performing basic and business mathematical calculations related to business analysis using statistics, banking procedures, pricing, payroll, interest, consumer credit, investments, inventory, payroll, insurance, taxes, and financial statements.
AUDIENCE
This credential is appropriate for any business professional or support staff working in the business arena.
JOB/CAREER REQUIREMENTS
This credential documents the basic knowledge and skills related to using basic and business mathematical equations to solve business problems. Business professional must be able to accurately and efficiently solve business problems related to pricing and discounts, payroll and payroll taxes, simple and compound interest, consumer credit, the future and present value of money, mortgages, annuities, sinking funds, stocks, bonds, mutual funds, depreciation, inventory, insurance, personal and business taxes, and the components of financial statements and ratios.
BUSINESS MATH WORKPLACE TASKS:
- Confidently use basic math to solve business problems
- Analyze business information using basic statistical concepts
- Complete basic banking procedures
- Perform calculations involved in pricing, markups, and discounts
- Correctly calculate payroll and payroll taxes
- Apply mathematical concepts related to consumer credit and mortgages
- Apply mathematical concepts related to investments
- Apply mathematical concepts related to inventory and depreciation of tangible assets
- Apply mathematical concepts related to various types of insurance
- Compute taxes
- Prepare and analyze income statements, balance sheets, flow statements, and calculate related financial ratios
EXAM STRUCTURE OVERVIEW
Number of Questions in Exam: 50
Total Time: 120 minutes
Overall Passing Score: 70%
(All sections require an individual passing score of 70%)
