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what are the two methods calculators use to process information algebraic, arithmetic define: cross-footing adding columns of figures horizontally and vertically to check that the totals agree define: multiplicand the first number define: multiplier the number you are multipliying by define: dividend the number to be divided by define: divisor the number you are dividing by identify the four helpful calculating tools electronic, portable (pocket), computer, spreadsheets define: percent of one hundred define: sales commission the money paid to an employee based on a percentage of their sales define: overtime time worked beyond the established working hours define: invoice a bill define: extention the total of units multiplied by the price define: trade discount a percentage discount for buyers associated with the products being sold define: special discounts a percentage discount to customers define: chain discounts a series of discounts define: cash discounts discounts offered to encourage customers to pay their bills on time define: foreign currency exchange a rate that one currency can be exchanged for another define: fractions parts of a whole number define: interest money earned on an investment or paid on a loan what are the two types of interest simple and compound define: simple interest interest calculated on the principle define: compounded interest interest calculated on the principal plus any accumulated interest define: p.a. per annum - yearly define: per diem per day define: compounded annually interest is paid once a year define: compounded sem-annually interest is paid twice a year define: compounded quarterly interest is paid four times a year define: compounded monthly interest is paid twelve times a year define: compounded daily interest is paid 365 times a year define: bottom line figures the final figures define: loan money given to someone on condition the person will return the money and interest by a specific date define: assets things you own define: liabilities amounts of money you owe define: cash flow amount of money coming in and going out of your business monthly define: balance sheet shows the assets, liabilities and financial position of the company define: income statement shows the money coming in and expenses for a certain period of time. define: collateral security for a loan define: front-loaded the majority of the early payments go toward paying the interest on the loan define: retired or amortized paid in full define: term the length of the loan define: default non-payment define: mortgage a loan define: mortgagor the borrower define: mortgagee the lender define: conventional mortgage the amount of money borrowed is less than 75% of the purchase price define: high-ratio mortgage the amount of money borrowed is between 75% - 95% of the purchase price define: real property real estate (houses, condos, warehouses, factories, etc) define: personal property property other than real estate (often called a chattel mortgage) define: foreclosure the process of repossessing and selling the real or personal property when the borrower has defaulted define: amortization period the length of time until the debt is zero define: amortization schedule a chart that shows the balance of the mortgage after each amortization period define: investment something that is expected to return a profit define: low risk investment the interest amount is small, but you are guaranteed to get something define: high risk investment you may get a large return or get nothing define: medium risk investment investing in a well-established company define: risk the unexpected variablility of returns define: bonds loans to companies or goverments (no voting rights) define: shares part ownership in a company what are the two main types of shares preference and common define: preference shares provide a specific dividend that is paid before any dividends are paid to common stock holders define: common shares paid dividends after the preference shares have been paid define: dividend share of the profits of a company define: price earnings ratios indicators of the confidence investors have in a company (the higher the better) what are the three items that may have to be subracted from the gross return figure when calculating net return commission fee, inflation rate, capital gains tax define: lease a contract giving someone the right to use something for a certain length of time define: lessor the owner of the property define: lessee the person paying to borrow property for a certain amount of time for payments define: capital cost allowance the depreciation of an asset as an expense define: residual value the amount the property is worth at the end of the lease define: net capitalized cost the price after any down-payment or trade-in define:money factor a decimal figure when x by 2400 gives an approximate annual interest rate define: break even point the point where income and expenses intersect (no loss or profit) define: fixed costs costs that remain constant define: variable costs costs that fluctuate define: sensitivity analysis deciding if its worth the risk define: population a complete set of individuals, objects or scores being studied define: complete enumeration survey where info is collected for every unit of the population define: sample a portion of the population being studied define: data the info collected from a survey and the figures generated through statistical analysis define: variable an item of data that has a different value at different times define: constant an item of data the stays the same define: statistic a number calculated from sample data define: parameter number calculated from population data define: minimum the lowest number in a group of data define: maximum the highest number in a group of data define: range the difference between the highest and lowest numbers in a set of data define: mean (simple average) adding the group of items and dividing by the total number of items define: weighted average used when the each piece of data has more than one component define: median the score that falls in the middle define: mode the most frequently occuring value in a group of data define: multi modal more than one frequently occuring value in a group of data define: ratio a comparison of two numbers define: proportion when two ratios are equal