Context in the MEL3E Course
- Hypothetical student Sam, who works at the local record store and whose finances the class has been analyzing throughout the course
- Calculation of gross and net pay based on hourly wage and common deductions
- Evaluation of the benefits of employing different measures of central tendency depending of the data collected
- HMV has been the context for other lessons throughout the course
The interactive component of the lesson will provide you with 5 steps to help you gain:
- A basic understanding of how a personal budget relates to the budget of a business
- Gross/net pay versus gross/net profit
- Deductions versus costs
- An understanding of how to perform an inventory so as to assess the financial state of a business
- The importance of accuracy in counting, and methods to support it
- Inputting data into a spreadsheet
- Calculation of gross profit and net profit
- Impact of storefront and online business models on net profit
- Impact of staffing decisions on net profit
- An increased appreciation of the importance of mathematics in managing personal and business finances
Agenda
- Introduction to Math and the Music Industry
- Review of Sam's paycheck from the Record Store
- Connecting Sam's Pay to the Store's Profit
- Inventory Time!
- HMV in the News Media: UK versus Canada
- Exit Slip
Not enough computers? No problem!
- Open this lesson's File Cabinet to access printable versions of the electronic resources.
Use the links below to get started!