Accounting and Finance Foundations

Unit 2

Accounting and Finance Foundations Unit 2: Accounting and Finance Math Workshop 146

Skill Standards

Academic:

AB 4 Record information accurately and completely

AB 5 Demonstrate competence in organizing, writing, and editing using correct vocabulary,

spelling, grammar, and punctuation

AD 1 Perform basic and higher level math operations (e.g., addition, subtraction, multiplication,

division, decimals, fractions, units of conversion, averaging, percentage, proportion, ratios)

AD 2 Solve problems using measurement skills (e.g., distance, weight, area, volume)

AD 4 Use tables, graphs, diagrams, and charts to obtain or convey information

AD 5 Use deductive reasoning and problem-solving in mathematics

Financial Services:

OG 2 Compute simple and compound interest

Scenario

Your youth group is holding a bake sale to raise money for a bus trip to Washington D.C. There are

60 students in the group. Every person in the group is supposed to contribute 20 cookies, brownies,

or cupcakes for the sale. There will be a total of 1,200 baked goods to sell.

Tasks

A. 400 cookies, 400 brownies, and 400 cupcakes are available to sell. The prices are $0.25 for each

cookie, $0.30 for each brownie, and $0.50 for each cupcake. If every item is sold, how much money

will your youth group raise? Explain how you determined your answer, and show your work.

B. Suppose that your youth group’s goal is to earn $450. If the prices for your baked goods remain the

same, how many more cupcakes do you need to sell to reach the group’s goal? Explain how you

determined your answer, and show your work.

C. Assume that your group borrowed $100 for one month to purchase the baked goods you sold. The

bank charges an annual interest rate of 12% on the borrowed money. How much interest will be

due when your group pays back the loan at the end of the month? Explain how you determined your

answer, and show your work.

Open-Response Unit Assessment S/T Guide