Business Education  Standard 14.  Uses basic mathematical operations to solve business problems   Level IV (Grade 912)   1.  Computes various taxes (e.g., individual income, property, sales, employer, employee)   2.  Uses percentages to calculates interest in various situations (e.g., simple annuity, sinking fund, mortgage loan)   3.  Differentiates between various savings and investment opportunities   4.  Understands cash management (e.g., reconciling bank statements with check registers, reconciling and replenishing petty cash funds and cash drawers)   5.  Makes financial statement calculations (e.g., net sales, gross profit, operating expenses, net profit for the income statement; total assets, liabilities, and ownerâ€™s equity for the balance sheet; cash flow)   6.  Understands credit management (e.g., calculates outstanding amount for installment purchases, calculates finance charges, compare cash prices to installment prices, calculates the effects of early payoff of an installment plan)   7.  Makes sales computations (e.g., net sales, percent of markup, percent of markdown)   8.  Makes inventory record computations (e.g., determine inventory valuation; calculates cost in relation to inventories using purchase prices, transportation costs, taxes)   9.  Makes calculations relating to depreciation, cost recovery, and depletion (e.g., calculates the depletion of natural resources, calculates book value)   10.  Understands various sources of discrepancy between an estimate and a calculated answer   11.  Uses formulas and equations to determine price, profit, costs, and breakeven points   12.  Uses recurrence relations (i.e., formulas expressing each term as a function of one or more of the previous terms, such as the Fibonacci sequence or the compound interest equation) to model and to solve realworld problems (e.g., home mortgages, annuities) 
