BUSN 160 - Business Mathematics
3 Credit: (3 lecture, 0 lab, 0 clinical) 3 Contact Hours: [Math Level 3 and (CMIS 101 or CMIS 157 )]
This course deals with practical application of mathematics concepts and fundamentals in business solutions. Topics include retail, accounting, finance and statistics. Students explore how to utilize spreadsheet software to compute business math applications. Many of the problems deal with solving equations through algebraic methods, so students must have some algebra background.
OFFERED: fall semesters
Course Goals/ Objectives/ Competencies:
Goal 1: Demonstrate an ability to utilize basic math functions.
- Demonstrate understanding of mathematical terminology.
- Perform addition, subtraction, division, and multiplication of whole numbers, decimals, and fractions.
- Identify the part, rate, and base in percentage problems.
- Solve for the part, rate, and base in percentage problems.
Goal 2: Apply the steps to reconcile bank statements.
- Maintain a checkbook and check register
- Explain why a bank account must be reconciled.
Goal 3: Calculate gross earnings and net pay.
- Determine gross earnings for straight-time, overtime, and double time.
- Calculate compensation by salary, commission, and piecework.
- Determine federal and state income tax withholdings.
Goal 4: Compute property, unemployment, and personal income taxes.
- Identify terms used with property taxes and property tax rates.
- Calculate the tax rate levied on property based on the assessed value.
- Calculate state and federal unemployment taxes.
- Determine federal income tax amounts due or owed.
Goal 5: Determine the premiums for different types of insurance.
- Calculate premiums for health, automobile, life, and property insurance.
- Figure the payment when a policy contains an 80% coinsurance clause.
Goal 6: Investigate the Purchasing Cycle and purchasing methods
- Calculate cash discounts.
- Find the net amount due after a single trade discount.
- Find the net price after a series discount.
- Calculate sales tax.
Goal 7: Calculate markup and markdown.
- Distinguish among basic pricing variables.
- Apply base, rate, and part formulas to pricing.
- Calculate markup based on selling price and based on cost.
- Determine markdown rate.
Goal 8: Differentiate between simple and compound interest.
- Calculate simple and compound interest.
- Compare ordinary and exact interest.
- Determine maturity value of a loan.
- Calculate principal, rate and time.
- Discount a note.
- Use compound interest tables.
Goal 9: Explore consumer credit and mortgages
- Calculate finance charges on open-end credit.
- Determine installment price and finance charges associated with closed-end credit.
- Calculate loan payoff.
- Figure monthly mortgage payment.
- Prepare an amortization schedule.
Goal 10: Analyze annuities, stocks and bonds
- Calculate the future and present value of annuities.
- Set up a sinking fund table.
- Determine dividends and earnings per share.
- Read a stock and a bond table.
- Calculate the annual yield on a bond.
Goal 11: Explain the concept of depreciation.
- Use straight-line depreciation to find the amount of depreciation each year, book value of an asset, and to prepare a depreciation schedule.
- Calculate the double-declining-balance rate, annual depreciation, and accumulated depreciation using the double-declining balance method.
Goal 12: Analyze financial statements.
- Create an income statement.
- Prepare a simple balance sheet.
- Find the return on investment.
Goal 13: Apply statistics in a business environment.
- Calculate the mean, median, and mode.
- Create a frequency distribution table.
- Create graphs.
- Calculate standard deviation.
Goal 14: Employ spreadsheet software to calculate business math problems.
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