MGMT120 Business Mathematics

Department of Business Studies: Management

I. Course Number and Title
MGMT120 Business Mathematics
II. Number of Credits
3 credits
III. Minimum Number of Instructional Minutes Per Semester
2250
IV. Prerequisites
Math Placement Test score of 5 or better or MATH095 (C or better)
Corequisites
None
V. Other Pertinent Information
None
VI. Catalog Course Description
This course applies students’ interpretation of basic mathematical concepts to common business usage covering such topics as percentages, interest, trade, bank and cash discounts, payroll, time value of money, and business loans.
VII. Required Course Content and Direction
  1. Learning Goals:

    1. Course
    2. Students will:
      1. apply basic mathematics including addition, subtraction, multiplication, division, decimals, fractions and percentages to solve business application problems;
      2. reconcile and analyze various banking statements and services;
      3. solve a variety of interest formulas and calculate payroll;
      4. utilize correctly the mathematics of buying and selling;
      5. utilize calculations to analyze investments, business and consumer loans, and charge accounts; and
      6. apply business statistics where applicable.

    3. Core (if applicable)
    4. Category I:
      Mathematics or Science
      Students will:
      1. accurately translate descriptive problems into mathematical formulas and solve them

      Category III:
      Critical Thinking/Problem Solving
      Students will:
      1. demonstrate an understanding of solving problems by:
        1. recognizing the problem
        2. reviewing the information about the problem
        3. developing plausible solutions
        4. evaluating the results
  2. Planned Sequence of Topics and/or Learning Activities:

    1. define whole number
    2. apply addition, subtraction, multiplication, and division to decimals
    3. solve application problems
    4. interpret, write, and round decimals
    5. apply addition, subtraction, multiplication, and division to decimals
    6. identify types of fractions
    7. write fractions in lowest terms and find the least common denominator
    8. convert fractions from improper fractions to proper fractions
    9. add and subtract like and unlike fractions
    10. apply multiplication and divide proper fractions and mixed numbers
    11. convert decimals to fractions and fractions to decimals
    12. convert decimals and fractions to percentages
    13. convert percentages to decimals and fractions
    14. use standard format of base times rate equals part to solve problems
    15. identify the parts of a check
    16. identify checking account charges and bank service fees
    17. explain the importance of reconciling a checking account
    18. reconcile a bank statement with a checkbook
    19. demonstrate the methods of calculating gross earnings for salaries and wages
    20. calculate trade and cash discounts
    21. calculate markup on cost and selling price
    22. define and calculate markdown
    23. solve for simple interest
    24. solve for principal, rate, and time, when calculating the simple interest formulas
    25. define the basic terms used with simple discount notes and find the bank discount and proceeds
    26. solve compound interest, using the appropriate formula
    27. define future value and present value
    28. define the basic terms involved with annuities
    29. define the types of stocks and bonds
    30. calculate the current yield on a stock
    31. calculate the Price-Earnings (PE) ration
    32. determine the cost of purchasing bonds
    33. define open-end credit and revolving charge accounts
    34. define installment loan and find the total installment cost and finance charge
    35. demonstrate the use of the United States Rule and the Rule of 78 when repaying a loan
    36. define personal property and real estate
    37. create an amortization table and calculate monthly payments
    38. construct and analyze a frequency distribution and construct a graph from this data
    39. calculate the mean, median, and mode
  3. Assessment Methods for Core Learning Goals:

    1. Course
    2. Course learning goal are assessed using a variety of quizzes, tests and performance-based tasks.

    3. Core (if applicable)
    4. Category I:
      Mathematics or Science
      Written examinations and exercises will be used to assess the ability of the student to accurately apply business mathematical concepts and principles to solve descriptive problems.

      Category III:
      Critical Thinking/Problem Solving
      This core learning goal is assessed by an assignment that requires students to analyze a business application problem and propose a quantitative based solution.
  4. Reference, Resource, or Learning Materials to be used by Students:

    See course format.
VIII. Teaching Methods Employed
Section VIII is not being used in new and revised syllabi as of 12/10/08.

Review/Approval Date - 5/99; Core Goals/Objectives added 4/04; Revised 2/2012