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MGMT120 Business Mathematics
Department of Business and Innovation: 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
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Course Learning Goals
Students will:
- apply basic mathematics including addition, subtraction, multiplication, division, decimals, fractions, and percentages to solve business application problems;
- reconcile and analyze various banking statements and services;
- solve a variety of interest formulas and calculate payroll;
- utilize correctly the mathematics of buying and selling;
- utilize calculations to analyze investments, business and consumer loans, and charge accounts; and
- apply business statistics where applicable; and
- accurately translate descriptive problems into mathematical formulas and solve them [Quantitative Literacy].
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Planned Sequence of Topics and/or Learning Activities
The following topics are presented:
- define whole number
- apply addition, subtraction, multiplication, and division to decimals
- solve application problems
- interpret, write, and round decimals
- apply addition, subtraction, multiplication, and division to decimals
- identify types of fractions
- write fractions in lowest terms and find the least common denominator
- convert fractions from improper fractions to proper fractions
- add and subtract like and unlike fractions
- apply multiplication and divide proper fractions and mixed numbers
- convert decimals to fractions and fractions to decimals
- convert decimals and fractions to percentages
- convert percentages to decimals and fractions
- use standard format of base times rate equals part to solve problems
- identify the parts of a check
- identify checking account charges and bank service fees
- explain the importance of reconciling a checking account
- reconcile a bank statement with a checkbook
- demonstrate the methods of calculating gross earnings for salaries and wages
- calculate trade and cash discounts
- calculate markup on cost and selling price
- define and calculate markdown
- solve for simple interest
- solve for principal, rate, and time when calculating the simple interest formulas
- define the basic terms used with simple discount notes and find the bank discount and proceeds
- solve compound interest, using the appropriate formula
- define future value and present value
- define the basic terms involved with annuities
- define the types of stocks and bonds
- calculate the current yield on a stock
- calculate the Price-Earnings (PE) ration
- determine the cost of purchasing bonds
- define open-end credit and revolving charge accounts
- define installment loan and find the total installment cost and finance charge
- demonstrate the use of the United States Rule and the Rule of 78 when repaying a loan
- define personal property and real estate
- create an amortization table and calculate monthly payments
- construct and analyze a frequency distribution and construct a graph from this data
- calculate the mean, median, and mode
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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. -
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.
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Review/Approval Date - 5/99; Core Goals/Objectives added 4/04; Revised 2/2012; New Core 8/2015