MGMT120 Business Mathematics

Department of Business Studies: Management

I. Course Number and Title
MGMT120 Business Mathematics
II. Number of Credits
3 credits
III. Number of Instructional Minutes
2250
IV. Prerequisites
Math Placement Test score of 5 or better or MATH095 (C or better)
Corequisites
None
V. Other Pertinent Information
This course satisfies the General Education requirement in Quantitative Literacy.
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. Course Learning Goals

    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; and
    7. accurately translate descriptive problems into mathematical formulas and solve them [Quantitative Literacy].
  2. Planned Sequence of Topics and/or Learning Activities

    The following topics are presented:

    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 Course Learning Goals

    Exams, quizzes, classroom exercises, class or online participation, and/or projects as specified by the area faculty and described in the individual instructor's course format will be utilized.
  4. Reference, Resource, or Learning Materials to be used by Student:

    Text(s) as selected by the full-time Accounting Area faculty. Students use educational resources as specified in the individual instructor's syllabus.

Review/Approval Date - 5/99; Core Goals/Objectives added 4/04; Revised 2/2012; New Core 8/2015