’ a i The fear of the Lord is the beginning of knowledge; but fools despise wisdom and instruction. Proverbs 1:7, NKJV FUNDAMENTAL OPERATIONS ON FRACTIONS, DECIMALS, AND PERCENTAGE “Twenty-seven years ago, we didn’t have a firm vision that we would be number one, but we had a rough vision that we would go outside the Philippines. We also had a goal: to take care of our customers and employees and to enjoy what we're doing. Once we did all these things, the profits would come.” Tony Tan Caktiong Tony Tan Caktiong, president and CEO of Jollibee Foods Corporation, the biggest fast food restaurant chain in the Philippines was born October 7, 1960 in Fujian, China. Through the hard work of his father who started as a cook at a Buddhist temple in downtown Manila then eventually established his own Chinese restaurant, Tony earned a BS in Chemical Engineering at the University of Sto. Tomas. In 1975, Tony bought an ice cream parlor franchise from the once famous Magnolia Ice Cream House and opened two ice cream parlors. The parlors catered to customers who could afford to buy cleverly concocted but rather expensive floats, milkshakes, cobblers, banana splits, parfaits, and sundaes. Eventually, the stores started offering sandwiches, fries, and fried chicken at affordable prices which started to attract the attention of movie-theater goers, passers-by, and other shoppers. In 1978, Tony added six more ice cream parlors around Metro Manila, but the ice cream treats were no longer the attraction. Tony and his family decided to transform the ice cream parlors into fast food outlets. They strategized with their new venture by coming up with a unique name and symbol. They decided on a bee symbolizing hard soe Chntr 1 — Fron penton on Fos Osa Pcpwork . They came up with the large red and yellow bee with an effervescent smile on its face and called it “Jollibee.” Tony decided to discontinue the Magnolia franchive and converted his parlors into fast food outlets. It became the first Philippine food chain to break the one-billion-peso sales mark in 1989. The groundwork for glob expansion was laid out when it became the first food service company to be listed in the Philippine Stock Exchange, for which capitalization funds started pouring in. A whole comes from parts; big starts from small. Jollibee started as a small ice cream parlor and became a big food chain, which is not only serving Filipinos in the Philippines, but even Filipinos and other nationals from abroad. Forbes Asia said Jollibee now controls 18% of the market in Metro Manila, handily beating McDonald’s which is said to only have 10% share of the market. This means Jollibee holds 2 or 0.18 of the market in Metro Manila. Jollibee has a leading market share of 31% in the fast food industry. In other words, Jollibee has a leading market share of 00 oF 0.31 of the fast food industry. Mr. Tony Tan Caktiong, the Chairman and Chief Executive Officer of the company, was named the Ernst and Young’s 2004 World Entrepreneur of the Year> y People who are in business have to learn about fractions, decimals, and percent, and the four fundamental operations involving fractions. Partners may divide profits or losses based on fractional share of profits/losses, or percentage share of such profits or losses. For example, partners Aaron, Barnard, and Christopher can divide profits or losses } to Aaron, 4 to Bamard, and } to Christopher, Aaron can have a 25% share of the profit or loss; Barnard can have a 25% share in the profit or loss; and Christopher will have a 50% share in the profit or loss. If we add } +4 +4, we have one whole representing the entire profit or loss of the business. Similarly, 25% + 25% + 50% is equal to 100%. In business, we find so many uses of fractions, decimals, and percent as we do in our daily lives. When we deposit money in a savings account, the bank pays us interest, which is a certain percent of what we deposit, say 3%. Salesmen are given commissions as a certain percent of their sales, say 5%, A pizza store cuts the pizza it sells, say into 12 that gives the retail buyer 75 of the entire pizza per slice. These are only some of the practical uses of fractions and percent in business. In this chapter, the students will learn to change improper fractions to whole or mixed numbers, change mixed numbers into improper fractions, reduce fractions to lowest terms, and convert fractions and whole numbers into higher terms. In addition, they will learn how to illustrate writing decimals and fractions in terms of percent and vice versa. This chapter aims to strengthen skills in the four fundamental operations involving fractions and give real-life situations to illustrate fractions, decimals,