Business Mathematics | Master Course Outlines | Academics

MGMT120 Business Mathematics

3 credits

2250

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

None

This course satisfies the General Education requirement in Quantitative Literacy.

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.

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].
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
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.