Marketing Essentials

Chapter 7: Basic Math Skills

Chapter Summaries

Section 7.1

• Knowing the placement name for each digit and for groups of digits is necessary for reading and writing numbers, and for writing checks.
• A fraction is a number used to describe a part of a whole amount.
• A decimal number is a fraction or mixed number whose denominator is a power of 10. Rounding decimal numbers is common when multiplying amounts of money, such as when figuring tax, discounts, and gratuities.
• Decimal equivalents of fractions are used in many marketing jobs. To convert a fraction to a decimal, divide the numerator by the denominator.

Section 7.2

• Nearly everyone in marketing uses a calculator, and there are two basic types. The most commonly used calculator uses the algebraic entry system. The other type uses the reverse-entry system.
• To convert a percentage to a decimal number, divide by 100. An easy way to do this is move the decimal point two places to the left. To convert a decimal to a percentage, multiply by 100 (move the decimal point two places to the right).
• Charts and graphs present data in a way that is easier to understand than a long series of numbers. They are used to describe market trends, growth of sales, and other data.