10804102Business Math
Course Information
Description
Increases the student's knowledge and skill in solving practical financial problems of a business or personal nature through the use of arithmetic and logic. Develops a sound base for concurrent or subsequent accounting and other business related courses. Emphasizes solving word (story) problems.
Total Credits
3
Course Competencies
-
Perform operations with fractionsAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner analyzes the basic terminology of fractionslearner converts mixed numbers to improper fractionslearner performs arithmetic operations with fractionslearner converts between mixed numbers and improper fractionslearner reduces fractions to lowest termslearner performs arithmetic operations with fractions and mixed numberslearner converts between fractions and decimals
-
Calculate problems using percentAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner converts between percents, fractions, and decimalslearner computes the base, rate, and part using the basic percent formulalearner applies the basic percent formula to a business problemlearner computes percent change between two given quantities
-
Reconcile a bank statementAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner locates the bank balance and the book balancelearner distinguishes between bank balance and book balance is due only to timinglearner uses a check registerlearner determines which checks are outstanding and which deposits are in transitlearner eliminates the differences between the book balance and the bank balance
-
Calculate payroll computationsAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner computes gross pay from the hourly method of compensationlearner computes gross pay from the salary method of compensationlearner computes gross pay from the commission method of compensationlearner computes gross pay from the incentive method of compensationlearner distinguishes between annual, monthly, semimonthly, biweekly and hourly plans and can convert from one plan to anotherlearner examines the Fair Labor Standards Act providing for the payment of overtimelearner computes overtime pay where appropriatelearner examines the concept and purpose of FICA tax and federal income tax for any given gross paylearner determines FICA Tax, state income tax and federal income tax for any given gross pay
-
Use the mathematics of buyingAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner calculates trade discounts and net cost from a given invoicelearner differentiates between single and series discountslearner expresses a series discount as a single discount equivalentlearner determines if cash discount is earned by payment datelearner computes a cash discount (if appropriate)learner calculates credit given for partial payment of an invoice
-
Compute markup and markdownAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner uses the retailing equation to determine selling price, markup or cost as neededlearner computes markup percentage based on costlearner computes markup percentage based on selling pricelearner distinguishes between markup based on cost and markup based on selling pricelearner converts between case lot and unit amounts for selling price, cost and markuplearner computes markdown percentagelearner determines sales price, markdown or original price as needed
-
Calculate simple interestAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner computes simple interestlearner computes principal, rate, and time using simple interest formulalearner determines due date of a promissory notelearner determines number days at interestlearner calculates exact and ordinary interestlearner computes maturity valuelearner computes maturity value, principal, rate, and time using maturity value formula
-
Calculate compound interestAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner explains the concept of compound interestlearner applies compound interest concepts to compute interest, amount, rate, and timelearner determines the number of periods and the rate per periodlearner computes compound interest and compound amount
-
Analyze annuitiesAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner explains the concept of an annuitylearner determines the number of periods and the rate per periodlearner computes the amount of an annuity and the amount of interest during the annuity termlearner examines the relationship between the interest rate of an annuity, the annuity payment and the amount of interest earned
-
Examine open end creditAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner summarizes open-end creditlearner maintains a running account balance of an account by accounting for purchases and payments made on accountlearner computes average daily balance during a billing cyclelearner computes finance charges based on the ADB
-
Calculates installment loansAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner computes the amount to be borrowedlearner computes the amount to be financedlearner computes the monthly paymentlearner computes the effective annual percentage rate
-
Examines mortgagesAssessment Strategiesby satisfactorily completing and submitting all homework assignments when dueby passing a closed-book exam with at least 70% correct using only a calculatorby completing the written exam within a 50-minute time periodCriterialearner explains the difference between an installment loan and a fully amortized loanlearner computes the monthly payment on a mortgage loanlearner allocates a mortgage payment between its principal and interest componentslearner uses a repayment schedule to identify the outstanding balance of a mortgage loan at any given date