Discover how using averages—such as the Dow Jones Industrial Average and Consumer Price Index—is an efficient way to understand the world around us.
- We all know what an average is.…You take all the values, add them up,…and then divide by the number of values.…So, for the 2016-2017 season,…the average salary of an NBA player was $5,012,892.…Or how about this, for the 2016 season,…the average salary hit of an NFL player was $1,864,102.…Now, when two parents go to the doctor…with their three-year-old child, their first child,…and the child is weighed and measured,…they want to be able to compare their child…with the average height for a three-year-old,…about 38 inches, and the average weight of a three-year-old,…about 32 pounds.…
When I administer a midterm exam…to my introductory accounting students,…the first question I get from them after the exam is this,…what was the average?…Students want to be able to assess their score…by comparing it to the average score.…By the way, the typical average…on one of my introductory accounting exams…is between 70% and 75%.…I once gave a final exam where the average was 48%.…Yikes, I think I must have been in beast mode…
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
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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