FBLA Business Calculations

Front

What is the formula to calculate the reconciled bank balance?

Back

Reconciled Bank Balance = Bank Statement Balance - Outstanding Checks - Service Charges + Deposits in Transit.

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CCSS.6.NS.B.3

Front

What is the difference between ordinary interest and exact interest?

Back

Ordinary interest is calculated based on a 360-day year, while exact interest is calculated based on a 365-day year.

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CCSS.7.RP.A.3

Front

How do you calculate the rate of markup based on cost?

Back

Rate of Markup = (Selling Price - Cost Price) / Cost Price * 100%.

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CCSS.6.RP.A.3C

Front

What is the formula to calculate the area of a wall for wallpapering?

Back

Area = (Height x Width) - Area of doors and windows.

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CCSS.4.MD.A.3

CCSS.3.MD.C.7B

Front

How do you calculate total costs when given fixed costs as fractions of a dollar?

Back

Total Costs = Fixed Cost Fraction for Shipping + Fixed Cost Fraction for Advertising.

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CCSS.5.MD.B.2

Front

What is the significance of understanding fixed and variable costs in business calculations?

Back

Fixed costs remain constant regardless of production levels, while variable costs change with production volume, affecting overall profitability.

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CCSS.3.OA.D.9

Front

How do you determine the total amount of interest paid on a loan?

Back

Total Interest = Principal Amount x Interest Rate x Time.

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CCSS.7.RP.A.3

Front

What is the purpose of a bank reconciliation?

Back

To ensure that the bank statement balance matches the check register balance, identifying any discrepancies.

Front

What is the formula for calculating the cost of goods sold (COGS)?

Back

COGS = Beginning Inventory + Purchases - Ending Inventory.

Front

How do you calculate the selling price if you know the cost and desired markup percentage?

Back

Selling Price = Cost + (Cost x Markup Percentage).

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CCSS.6.RP.A.3C