MGMT120 Business Mathematics

Department of Business Studies: Management

1. Course Number and Title

   MGMT120 Business Mathematics

2. Number of Credits

   3 credits

3. Minimum Number of Instructional Minutes Per Semester

   2250

4. Prerequisites

   Math Placement Test score of 5 or better or MATH095 (C or better)

   Corequisites

   None

5. Other Pertinent Information

   None

6. 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.

7. Required Course Content and Direction

   1. Learning Goals:

      1. Course
      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.
      
      
      2. Core (if applicable)
      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:
      8. 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
      Course learning goal are assessed using a variety of quizzes, tests and performance-based tasks.
      
      
      2. Core (if applicable)
      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.

8. 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