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Chapter 6 Notes Income is considered revenue or money received. Budget is spending plan that allocates your income to meet financial obligations and save for things you want. Fixed Expense is an expense that is a set amount of money for each month. Examples include savings, mortgage, and rent payments. Variable Expense is an expense that is a variable amount of money for each month. Examples include telephone bills, transportation expenses, and personal expenses. Sales Slip is something that most store employees give to a customer after a sales transaction is complete. Unit Price is the price for one item or group of items treated as one. For example, a dozen of eggs is one unit. Extension is the product of the unit price and the quantity of each item. Example, the amount, $159.80, is the extension of 10 boxes at $15.98. Subtotal is the sum of the extensions. Quantity x Unit Price = Extension Sales Tax Rate x Subtotal = Sales Tax Subtotal + Sales Tax = Total C = Hundred (100) M = Thousand (1000) T = Ton (2000) t = metric ton (1000) Hundredweight or hundred pounds the Roman symbol is cwt. Equals 100 pounds. KWH = 1000 watts = Kilowatt Hour Electricity is measured in KWH Fuel adjustment rate is a second charge for usage when figuring electricity. The fuel adjustment charge is calculated by multiplying the total kilowatt hours by the adjustment rate. THMs = Therms = Measurement for a gas bill. In order to figure out how many therms are used you take the gas used times the therm factor. Gross savings – cost of product = net savings Chapter 6 Notes Cost / estimated savings per year = Payback period = The number of years it will take for the product to save enough money to pay you back for the cost. Special Chapter 6-6 Notes Electric Bill Notes Gas Bill Notes KWH = kilowatt-hour = 1,000 watts THMs = Therms Present Meter Reading – Past Meter Reading = KWH used Present Meter Reading - Past Meter Reading = Hundreds of Cubic Feet of Gas Used KWH used * Rates = Cost of KWH Gas Used * Therm Factor = Therms Used (Round to Whole number) First 500 KWH = .1011 Next 300 KWH = .1216 Over 800 KWH = .1471 Therms * Rates = Charge for Gas Used KWH * Fuel Adj. Rate = Cost of Fuel Adj. First 90 * .4208 Over 90 * .3568 Fuel Adj. Rate = .00435 Charge * Sales Tax Rate = Tax Amount Cost of KWH + Fuel Adj. = Cost * Tax Rate = Tax Amount Tax Rate = .05 or 5% Charge + Tax = Total Bill Tax Rate = .05 or 5% Cost + Tax = Total Bill Example of Electric Bill June 10 reading 925 – May 10 reading 278 = 647 KWH Used 500 * .1011 = 50.55 + 147 * .1216 = 17.88 = 68.43 Cost of KWH 647 * .00435 = 2.81 Fuel Adj. Charge 68.43 + 2.81 = 71.24 * .05 = 3.56 Sales Tax 71.24 + 3.56 = 74.80 Total Bill Example of Gas Bill Present Meter Reading 380 – Last Meter Reading 260 = 120 Gas Used 120 * 1.486 = 178.32 = 178 Therms Used 90 * .4208 = 37.87 + 88 * .3568 = 31.40 = 69.27 Charge for Gas Used 69.27 * .05 = 3.46 Sales Tax 69.27 + 3.46 = 72.73 Total Bill