In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
- Hi, I'm Jim Stice. I'm a professor of accounting at Brigham Young University. This is my brother Kay. - I'm also a professor of accounting at Brigham Young University. - In this course, we show you the power of using numbers in understanding our world and making everyday decisions. - Numbers are a marvelous tool for understanding the world. In fact, the use of number symbols by farmers in the fertile crescent 7,000 years ago was a precursor to the invention of written language. - [Jim] Now in this course, we will show you how much you can learn about countries, businesses, and Usain Bolt through the simple tools of ratios and percentages.
- [Kay] We'll work through some applications of probability and statistics and explain how even the simple concept of average can be explosive in some contexts. - [Jim] We'll show how simple numerical planning can help you better understand the past and better forecast the future. Another word for numerical planning is budgeting and we'll try to convince you that budgeting is not only useful, but also fun. - [Kay] We'll talk about compound interest, loan payments, and saving for retirement. We'll even consider the important question, "Because of compound interest, "does Columbus own the solar system?" - [Jim] We'll show you the usefulness of making careful numerical estimates and we'll practice decomposing a complex estimation problem into a series of easier steps.
- We'll practice with estimation problems ranging from estimating the number of windshield wiper blades sold in Salt Lake City in a year to estimating the number of technological civilizations in the universe. In short, this is an introductory course with no prior accounting, finance, or statistics knowledge required. - So, let's learn about using numbers.