If you do well in this course, you will be able to:

1. Define and use correctly the terminology associated with each topic (Simple Interest Notes, Compound Interest, Depreciation, Commercial Discounts, Markup and Markdown, Distribution of Profit or Loss in Partnerships, Distribution of a Corporate Dividend, Annuities, Sinking Fund and Amortization, Payment Plans, Payroll Computations).
2. Prepare a bank reconciliation of the bank’s record balance and the individual’s checkbook balance.
3. Compute employee gross earnings based on: salary, commission, hourly rates, and production.
4. Determine payroll deductions from gross wages and compute taxable bases for Social Security and unemployment taxes.
5. Determine various quantities involving the mathematics of retailing: net cost of merchandise to a retailer, percent markup based on either the cost or selling price, the regular selling price, reduced selling price, the percent of markup when merchandise is sold at a reduced price, the breakeven point, and the selling price per unit on perishable items.
6. Compute the annual cost recovery using the modified accelerated cost recovery tables and calculate the annual depreciation of a business asset using any or all of the following methods: straight line, sum of the digits, declining balance, and units of production.
7. Calculate the interest, maturity value, present value, discount, and proceeds of promissory notes, and compare the similarities and differences between simple interest and bank discount notes.
8. Compute various quantities involving the mathematics of finance; the total interest paid and the amount due on maturity date using the United States Rule on partial loan payoff plans, average daily balance on revolving charge accounts, the total cost, finance charge and annual percentage rate of installment loans, unearned interest by the Rule of 78, the compound interest by formula and by tables, the present value of compound interest, amount and present value of an annuity, amount of a sinking fund payment, amount of a loan amortization payment and an amortization schedule.
9. Compute the dividends per share for common and preferred corporate shareholders.
10. Divide the profits and losses in a partnership according to various methods stipulated in partnership agreements.
11. *Compute mortgage payments when purchasing a property.
12. *Compute sales, excise, and property taxes.
13. *Compute life, fire, and auto insurance premiums.

*These objectives are not on the NOVA course content summary but are covered in this course/added by the instructor.*