Business Math Worksheets
What is Business Math? No matter what career path you take shortly, business math will be with you throughout your life. Business math is the type of mathematical calculations that teach people to handle money and perform financially sound decisions. Not to mention that if you are aware of how to handle a bulk of financial forecasts for your business, you can also deal with calculations regarding your personal finance. Different formulae are part of the subject, which as an individual, you need to learn them all. Firstly, you must learn the concept of interest and how much the banks put interest on your money. Moreover, if you are dealing with calculations that are minor (i.e., in the form of decimals), you want to learn quick calculation methods so that you are not stuck every time. Understanding ways to do common fraction quickly and decimal equivalents are essential to grasp the concept of business math. This is where you will find work that you would see when operating any registered business. Students are often amazed when they realize that math can not only help them keep track of their money, but it can also be used to help them make money. This is also where students start to kick in a bit more effort. I wonder why? Please note that all answer keys are found as the second page of version 2 of all worksheets.
Checking Accounts Worksheets
These are worksheets that apply directly to maintain and using a checking account regularly. They will help you maintain records, but also allow you to interpret a cost and benefit. Answer keys can be found as the last pages of version 2 for each topic.
- Checking Account Deposits 1 - When you make a deposit, you are putting money into your checking account.
- Checking Account Deposits 2 - A deposit slip shows the different kinds of money (currency, coins, and checks) and the amounts for each you are depositing.
- Writing Checks 1 - When it is time to pay your bills, you can write a check to each of your bill collectors. When your bank receives the check, they will deduct that amount from your balance to make the payment.
- Writing Checks 2 - If your account does not have enough money in it to cover the check, then the check will bounce. This is called an NSF (non-sufficient funds).
- Check Registers 1 - When you have a checking account, you will need to keep a check register. A check register is used to record all the checks written against your checking account as well as all the deposits going into your checking account.
- Check Registers 2 - The check register will have a running balance. Every time you write a check, you subtract the amount from your balance.
- Bank Statements 1 - When you have a checking account, you will receive a bank statement and canceled checks once a month.
- Bank Statements 2 - The bank statement will detail all the transactions going in (deposits) and coming out (checks or drafts). Canceled checks are checks you have written that have cleared the bank and have been taken out of your balance.
- Reconciling Bank Statements 1 - After receiving your bank statement and canceled checks, you need to reconcile your bank statement to your check register to make sure your account is in balance.
- Reconciling Bank Statements 2 - Complete the chart to find the new balance and adjusted balance for each account in the chart.
- Online Banking 1 - Having a checking account and completing transactions are easier than ever. Online banking allows checking account holders to access their accounts and initiate transactions from the comfort of their home or office.
- Online Banking 2 - For example, you can transfer money from checking to savings or pay your bills. However, the bank may charge you a fee for this convenience.
- Determining the APR 1 - Melina Delgado received an installment loan of $4,100 to buy merchandise for her store. The finance charge is $400.She is supposed to repay the loan in 18 monthly payments. Determine the annual percentage rate.
- Determining the APR 2 - The Stewarts bought the car in the ad below. They made a down payment of $550.They financed the remaining balance $383.85 per month for 24 months. Determine the annual percentage rate.
- How To Write a Check - This calls for a complete section on check writing.
Salary and Wages Worksheets
These worksheets that will allow to make sure you are getting paid properly or, better yet, you are paying your employees fairly.
- Hourly and Overtime Pay 1 - Some employers pay a set amount for every hour an employee works. This is called regular pay.
- Hourly and Overtime Pay 2 - An employee may also earn overtime pay for all hours worked over 40 within a pay period. The overtime rate is usually 1.5 times an employee's regular hourly pay.
- Weekly Time Card 1 - Employees that are paid by the hour must keep a time card. The time card lets the employer know when the employee reported for work, when they left and came back from lunch, and when they stopped working each day.
- Weekly Time Card 2 - Total hours worked is the sum of the daily hours worked within a pay period. Gross pay is the sum of regular pay and overtime pay.
- Piecework/Production 1 - Some employers do not pay by the hour. Instead, they pay by the piece. This is called working on production.
- Piecework/Production 2 - Production workers are paid a set amount for each piece they produce, box, or deliver.
- Salary 1 - Some employers base their employee's pay on a salary. A salary is a set amount of pay an employee will earn per year regardless of the number of hours they work.
- Salary 2 - The salary is then divided by the total number of pay periods in the year to determine how much money the employee will receive with each paycheck.
- Commissions 1 - Some employers pay their employees a commission instead of a set salary or hourly wage. Employees earn a commission by selling a product or service offered by the company.
- Commissions 2 - Commissions are paid as a percentage of sales or a set amount per sale. Graduated commissions are paid based on a different rate for different levels of sales.
Taxes and Insurance Worksheets
We look at how Uncle Sam gets his fair share and how to insure ourselves if things don't go the way we expect.
- State Income Tax 1 - Just about every state requires an employer to withhold state tax from their employee’s taxable earnings. Taxable earnings are an employee’s gross earnings minus their personal exemption.
- State Income Tax 2 - Some states withhold a set percentage of taxable earnings while others withhold a graduated amount based on different levels of income.
- Social Security and Medicare 1 - F.I.C.A, the Federal Insurance Contributions Act states that all employers must deduct 6.2 percent of the first $113,700 of an employee's annual earnings for Social Security taxes and 1.45 percent of all annual earnings for Medicare taxes.
- Social Security and Medicare 2 - In addition, the employer matches the employee’s contribution for a total of 15.3 percent.
- Group Health Insurance 1 - Most employers offer group health insurance to their employees. This type of insurance is cheaper than individual insurance.
- Group Health Insurance 2 - Most employers pay a portion of the premiums and the remainder is paid by the employee through payroll deduction.
Budget Worksheets
A good look at how we can stay within our boundaries.
- Using a Budget 1 - It is wise to use a budget. A budget not only helps you keep track of where your money goes each month, it also helps you keep track of your spending habits and shows you areas where you can cut back so you can stay within budget or save money for future expenditures or unexpected expenses such as medical bills.
- Using a Budget 2 - Jolene's monthly net income is $1,226.00. She has allocated the following amounts for expenditures: 37% food, 9% electric, 5.75% phone, 3% water, 13.45% transportation, 8.6% clothing, 8.80% credit cards, 5.40% subscriptions, and 9% entertainment. Use this information to fill in the monthly budget for each expense.
- Preparing a Budget 1 - A budget sheet will help you keep track of all of your expenditures. A budget sheet will help you see exactly where your money is going and help you better evaluate your spending habits.
- Preparing a Budget 2 - For example, if your expenditures exceed your monthly budgeted amount, you can look for areas where you can cut back and save money.
- Monthly Expenditures 1 - It is important to be able to manage your money. One way you can manage your money is to keep a record of your expenditures (how much money you spend each month).
- Monthly Expenditures 2 - This will help you see exactly where your money is going and help you better evaluate your spending habits.