Course | Madison College Outline of Instruction

10804120Business 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

Course Competencies

Perform operations with fractions

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you analyze the basic terminology of fractions

you convert mixed numbers to improper fractions

you perform arithmetic operations with fractions

you convert between mixed numbers and improper fractions

you reduce fractions to lowest terms

you perform arithmetic operations with fractions and mixed numbers

you convert between fractions and decimals
Calculate problems using percent

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you convert between percents, fractions, and decimals

you compute the base, rate, and part using the basic percent formula

you apply the basic percent formula to a business problem

you compute percent change between two given quantities
Reconcile a bank statement

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you locate the bank balance and the book balance

you distinguish between bank balance and book balance is due only to timing

you use a check register

you determine which checks are outstanding and which deposits are in transit

you eliminate the differences between the book balance and the bank balance
Calculate payroll computations

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you compute gross pay from the hourly method of compensation

you compute gross pay from the salary method of compensation

you compute gross pay from the commission method of compensation

you compute gross pay from the incentive method of compensation

you distinguish between annual, monthly, semimonthly, biweekly and hourly plans and can convert from one plan to another

you examine the Fair Labor Standards Act providing for the payment of overtime

you compute overtime pay where appropriate

you examine the concept and purpose of FICA tax and federal income tax for any given gross pay

you determine FICA Tax, state income tax and federal income tax for any given gross pay
Use the mathematics of buying

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you calculate trade discounts and net cost from a given invoice

you differentiate between single and series discounts

you express a series discount as a single discount equivalent

you determine if cash discount is earned by payment date

you compute a cash discount (if appropriate)

you calculate credit given for partial payment of an invoice
Compute markup and markdown

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you use the retailing equation to determine selling price, markup or cost as needed

you compute markup percentage based on cost

you compute markup percentage based on selling price

you distinguish between markup based on cost and markup based on selling price

you convert between case lot and unit amounts for selling price, cost and markup

you compute markdown percentage

you determine sales price, markdown or original price as needed
Calculate simple interest

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you compute simple interest

you compute principal, rate, and time using simple interest formula

you determine due date of a promissory note

you determine number days at interest

you calculate exact and ordinary interest

you compute maturity value

you compute maturity value, principal, rate, and time using maturity value formula
Calculate compound interest

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you explain the concept of compound interest

you apply compound interest concepts to compute interest, amount, rate, and time

you determine the number of periods and the rate per period

you compute compound interest and compound amount
Analyze annuities

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you explain the concept of an annuity

you determine the number of periods and the rate per period

you compute the amount of an annuity and the amount of interest during the annuity term

you examine the relationship between the interest rate of an annuity, the annuity payment and the amount of interest earned
Examine open end credit

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you summarize open-end credit

you maintain a running account balance of an account by accounting for purchases and payments made on account

you compute average daily balance during a billing cycle

you compute finance charges based on the ADB
Calculate installment loans

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you compute the amount to be borrowed

you compute the amount to be financed

you compute the monthly payment

you compute the effective annual percentage rate
Examine mortgages

Assessment Strategies

by satisfactorily completing and submitting all homework assignments when due

by passing a closed-book exam with at least 70% correct using only a calculator

by completing the written exam within a 50-minute time period

Criteria

you explain the difference between an installment loan and a fully amortized loan

you compute the monthly payment on a mortgage loan

you allocate a mortgage payment between its principal and interest components

you use a repayment schedule to identify the outstanding balance of a mortgage loan at any given date