11- BROKER TEACHER
THE SKILLS TAUGHT IN THIS DEMONSTRATION MAY JUST BE PRELIMINARY OR PREPARATION FOR FURTHER EDUCATION OR TRAINING. FOR EXAMPLE, A STUDENT WITH THE GOAL OF BEING A REAL ESTATE AGENT MUST TAKE SPECIAL COURSES FOR A LICENCE. THESES DEMONSTRATIONS WILL REQUIRE HIM/HER TO DEVELOP NECESSARY BASIC SKILLS, USING RELEVANT MATERIALS AND ASSIGNMENTS, BUT WILL NOT DO EVERYTHING THE STUDENT NEEDS TO DO TO REACH HIS/HER GOAL; THIS IS JUST A PIECE OF THE PLAN S/HE NEEDS TO DEVELOP.
SECTOR: Business and Financial Services
SPECIFIC TYPE OF BUSINESS: Financial Services
JOB: Financial Advisor, Mortgage Broker, etc.
THIS DEMONSTRATION ALONE, AND EVEN IN CONJUNCTION WITH OTHERS, MAY NOT ENTIRELY PREPARE A STUDENT FOR THIS OR ANY OTHER RELATED JOBS. THE STUDENT NEEDS TO UNDERSTAND THIS IS NOT A TRAINING EXERCISE FOR THIS JOB; RATHER, IT TEACHES BASIC SKILLS USING PRACTICE, RELEVANT MATERIAL RATHER THAN ‘TEXTBOOK THEORY’
GENERAL DESCRIPTION: Many jobs in the Business and Financial Service Sector require people to be able to use ratios and proportions easily, to perform a variety of calculations. To demonstrate skills with them, you will complete a test with the kinds of problems encountered by people in these fields. LEARNING OUTCOMES LBS LEVEL 4 MAJOR MINOR -
READING WRITING SPEAK/LISTEN NUMERACY Ratio&proportion
4
+
MAJOR (+) INDICATES THIS SKILL IS TAUGHT AND PRACTISED IN THIS ACTIVITY, AND IS A MAJOR COMPONENT OF IT. MINOR(-) INDICATES THIS SKILL IS REQUIRED OR A MINOR COMPONENT OF THIS ACTIVITY, BUT IS NOT NECESSARILY SPECIFICALLY TAUGHT.
MATERIALS TO BE USED:
Essential Mathematics and guides Business Ratio and Proportion Math Test
INSTRUCTIONS FOR STUDENT: 1. Ask your teacher for the textbook Essential Mathematics and the guide to go with it. Complete Chapter 6. You may find you need to complete some previous chapters, if your skills with basic operations, fractions, and decimals are not strong enough. Discuss with your teacher which ones you need to do. 2. If you want to do a practice test before the actual demonstration test, ask your teacher for the test for Chapter 6 as a practice. 3. When you feel confident, ask for the Business Ratio and Proportion Math Test. EVALUATION GUIDE:
THE FOLLOWING ARE GENERAL GUIDELINES FOR EVALUATION. YOU, THE TEACHER, NEED TO DEVELOP SPECIFIC CRITERIA – PERHAPS FORMS OR CHARTS – USING THESE GUIDELINES, AND THEN DISCUSS THEM SPECIFICALLY WITH THE STUDENT.
The marking scheme for this test will be written on it. You must get at least 75% to pass. Between 65% and 75%, you will be asked to correct the errors. Below 65%, you will be asked to review the chapter and ask for another test. SUGGESTED ADAPTATIONS: 1. Substitute questions. They can be made more business-specific by consulting with actual businesses, looking on internet, etc.
BUSINESS RATIO AND PROPORTION TEST
Instructions
1. Do not write on this paper. 2. Show your work. 3. Calculators may be used. MARKS 5 1. A woman wishes to balance her stock portfolio in the following way - IBM stock:Zeller stock in the ratio of 5:2. If she buys 3 575 shares of IBM stock, how many shares of Zeller’s stock should she buy? 2. You can get a lower mortgage rate if the ratio of your down payment to amount borrowed is higher than 1:3. If you buy a $50 000 house and have $20 000 for a down payment, will you get the better rate? (remember to show your work) 3. If a man has Government Bonds and Treasury Bills in the ratio of 5:18, what is the value of his Bonds if he has $54 000 worth of T-bills? 4. The ratio of a woman’s rent to her car payments is 7:3. If she pays $630 per month in rent, what are her monthly car payments? 5. A bank will only lend people enough money so their monthly mortgage payments are in the ratio 7:20 to their income. If your monthly income is $2400, how much would the bank let your monthly mortgage payments be? 6. Jack has 1460 shares of Clarica Stock and 240 shares of Prudential Stock. His sister has 11 500 shares of Clarica and 2 800 of Prudential. Who has the higher proportion of Prudential? 7. A Life Insurance Agent recommends you have Life Insurance to annual earnings in the ration of 7:3. A woman gets a big promotion and raise and now earns $69 000 per year. How much Life Insurance should she have? 8. Jerome tries to keep his savings account and chequing account balances in the ratio of 3:10. If he has $565 in his chequing account, how much should be in his savings account? 9. They say you should have your automobile liability insurance and income in the ratio of 250:4. If you earn $35 000 per year, how much liability insurance should you have? 10. A mortgage company allows the ratio of mortgage (borrowed money) to down payment of 10:3. How much is the maximum you can borrow for a mortgage if you have $18 500 for a down payment? ________ 50
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BUSINESS RATIO AND PROPORTION TEST Answers-bold italics
Instructions 1. 2. 3. Do not write on this paper. Show your work. Calculators may be used.
MARKS 5 A woman wishes to balance her stock portfolio in the following way: IBM stock:Zeller stock in the ratio of 5:2. If she buys 3 575 shares of IBM stock, how many shares of Zeller’s stock should she buy? 5/2=3575/x; x=3575*2/5=1430 2. You can get a lower mortgage rate if the ratio of your down payment to amount borrowed is higher than 1:3. If you buy a $50 000 house and have $20 000 for a down payment, will you get the better rate? (remember to show your work) 1/3=down/borrow; 20000/30000 is better ratio, therefore, yes 3. If a man has Government Bonds and Treasury Bills in the ratio of 5:18, what is the value of his Bonds if he has $54 000 worth of T-bills? 5/18=x/54000; x=$15000 4. The ratio of a woman’s rent to her car payments is 7:3. If she pays $630 per month in rent, what are her monthly car payments? 7/3=630/x; x(car payments) = $270 5. A bank will only lend people enough money so their monthly mortgage payments are in the ratio 7:20 to their income. If your monthly income is $2400, how much would the bank let your monthly mortgage payments be? 7/20=x/2400; x (payment max) = $840 6. Jack has 1460 shares of Clarica Stock and 240 shares of Prudential Stock. His sister has 11 500 shares of Clarica and 2 800 of Prudential. Who has the higher proportion of Prudential? 240/1700 = 12/85 ; 2800/17000 = 14/85 Therefore, the sister is higher. 7. A Life Insurance Agent recommends you have Life Insurance to annual earnings in the ration of 7:3. A woman gets a big promotion and raise and now earns $69 000 per year. How much Life Insurance should she have? 7/3 = x/69000; x = $161 000 8. Jerome tries to keep his savings account and chequing account balances in the ratio of 3:10. If he has $565 in his chequing account, how much should be in his savings account? 3/10 = x/565; x = $169.50 9. 5 They say you should have your automobile liability insurance and income in the ratio of 250:4. If you earn $35 000 per year, how much liability insurance should you have? 250/4 = x/35000; x - $2 187 500 10. A mortgage company allows the ratio of mortgage (borrowed money) to down payment of 10:3. How much is the maximum you can borrow for a mortgage if you have $18 500 for a down payment? 10/3 = x/18500; x = $61666.67 1.
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________ 50