Business Mathematics & Statistics: Real Numbers and Applications

This set of flashcards covers essential vocabulary and concepts related to real numbers and their applications in business mathematics, as discussed in the lecture.

Real Numbers

Encompass all possible numbers considered in the real world including natural numbers, whole numbers, integers, rational numbers, and irrational numbers.

Natural Numbers

Numbers used for counting objects, also known as counting numbers, in the form 1, 2, 3, …

Whole Numbers

Natural numbers together with zero, in the form 0, 1, 2, 3, …

Integers

Set of positive and negative whole numbers including zero, represented as …, -3, -2, -1, 0, 1, 2, 3, …

Rational Numbers

Numbers that can be expressed as a ratio of two integers (where the denominator is not zero), can be in fraction form.

Irrational Numbers

Numbers that cannot be expressed as a ratio of two integers and have non-terminating, non-repeating decimals, such as √2.

Percentage

A fraction whose denominator is 100, used to express a portion of a whole, shown as a percentage sign.

Mark-up

The difference between the selling price of a good or service and its cost, often expressed as a percentage over cost.

Mark-down

A reduction of the selling price from the original price to increase sales or offer discounts.

VAT (Value Added Tax)

A tax charged on goods and services, calculated as a percentage of the basic cost, added to the total cost.

Commission

A fixed percentage of total sales given to sales personnel as an incentive.

Income Tax

A tax imposed on individuals and businesses based on their income, collected in accordance with the government’s tax policy.