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Sep 07, 2024
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MGT 110 - Business MathematicsCredits: 3 Instructional Contact Hours: 3
Covers principles necessary for an understanding of math of the business world. Includes various methods of computing interest and bank discounts; installment buying; F.I.C.A. Federal Income Taxes and other payroll deductions; markup, cost and selling prices; various wage payment systems; sales and property taxes; insurance; measures of central tendency; and an introduction to the metric system.
Prerequisite(s): None Corequisite(s): None Lecture Hours: 45 Lab Hours: 0 Meets MTA Requirement: None Pass/NoCredit: Yes
Outcomes and Objectives - Demonstrate an understanding of Basic Arithmetic.
- Add, subtract, multiply, and divide whole numbers.
- Add, subtract, multiply, and divide fractions.
- Add, subtract, multiply, and divide decimals.
- Describe basic rounding rules.
- Describe chain calculations.
- Demonstrate an understanding of Formulas, Ratios, and Percent.
- Solve equation for one variable.
- Carry out fraction, decimal, and percent conversions.
- Set up and simplify ratios and proportions.
- Describe the meaning of percent.
- Solve percent equations.
- Demonstrate an understanding of Trade, Quantity, and Sales discounts.
- Define the basic terminology relating to commercial discounts.
- Explain the purpose of commercial discounts.
- Solve problems using trade discounts.
- Solve problems using quantity discounts.
- Solve problems using sales discounts.
- Demonstrate an understanding of Pricing.
- Define the basic terminology relating to pricing.
- Solve for markons based on cost and selling price.
- Solve for markdowns.
- Solve for pricing situations involving shrinkage, irregulars, and planned markdowns.
- Demonstrate an understanding of simple interest.
- Describe simple interest.
- Solve problems involving simple interest computations.
- Differentiate between maturity and present value.
- Demonstrate an understanding of compound interest.
- Differentiate between simple interest and compound interest
- Solve compound interest problems using the compound interest formula.
- Solve compound interest problems using the compound interest tables.
- Solve present value problems using the present value tables.
- Solve problems involving daily and continuous compounding using the appropriate tables.
- Differentiate between the nominal and effective rate of interest.
- Demonstrate an understanding of annuities.
- Differentiate between an ordinary annuity and an annuity due.
- Solve problems involving ordinary annuities utilizing the appropriate table.
- Demonstrate an understanding of the median, mean, mode and range.
- Solve problems involving mean, median, mode and range.
- Demonstrate an understanding of the metric system.
- Describe the various metric units.
- Solve problems involving conversions between metric units of length, area, capacity, and weight.
- Solve problems converting between metric and English units.
- Solve problems involving conversions between Fahrenheit and Celsius temperature scales.
- Demonstrate an understanding of installment plans.
- Define an installment plan.
- Solve problems relating to installment purchases.
- Calculate the annual percentage rate using the appropriate table.
- Calculate rebates involving installment plans.
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