Carol Deeb, (Writer, Demand Media) says that business ownership requires more than skill in creating a product or talent at providing a service. Overseeing the finances of your company is key to survival and success. Understanding basic business math is necessary for profitable operations and accurate record keeping. Knowing how to add, subtract, multiply, divide, round and use percentages and fractions is the minimum you need to price your product and meet your budget.

An entrepreneur should know how to perform and calculate production costs, determine pricing, measure profits and analyze finances. Using basic business math to understand how these types of actions impact your overall finances is imperative for all entrepreneurs.

The new K to 12 Basic Education Curriculum for Senior High School – Accountancy, Business and Management Specialized Subject with the core subject title Business Mathematics will cover all this basic math knowledge that an entrepreneur must know. The core subject describes that business math will provide understanding of the basic concepts of mathematics as applied in business that includes a review of the fundamental mathematics operations using decimals, fractions, percent, ration and proportion. The course will also cover mathematics concepts and skills in buying and selling, computing gross and net earnings, overtime and business data presentation, analysis and interpretation. The use of computer and software applications for computation and data presentation will be included as well. And it’s a must for entrepreneurs to have these basic math skills in order for them to run their business smoothly.

References:

http://www.deped.gov.ph/sites/default/files/ABM_Business%20Math%20CG_2.pdf

http://smallbusiness.chron.com/importance-basic-math-business-41097.html

By: Lorna T. Villaruel | MAEd. SST II |Orani National High School-Main