MGT 110 - Business Mathematics

Credits: 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): MATH LEVEL 3 and READING LEVEL 2 and WRITING LEVEL 2
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.
1. Add, subtract, multiply, and divide whole numbers.
2. Add, subtract, multiply, and divide fractions.
3. Add, subtract, multiply, and divide decimals.
4. Describe basic rounding rules.
5. Describe chain calculations.
Demonstrate an understanding of Formulas, Ratios, and Percent.
1. Solve equation for one variable.
2. Carry out fraction, decimal, and percent conversions.
3. Set up and simplify ratios and proportions.
4. Describe the meaning of percent.
5. Solve percent equations.
Demonstrate an understanding of Trade, Quantity, and Sales discounts.
1. Define the basic terminology relating to commercial discounts.
2. Explain the purpose of commercial discounts.
3. Solve problems using trade discounts.
4. Solve problems using quantity discounts.
5. Solve problems using sales discounts.
Demonstrate an understanding of Pricing.
1. Define the basic terminology relating to pricing.
2. Solve for markons based on cost and selling price.
3. Solve for markdowns.
4. Solve for pricing situations involving shrinkage, irregulars, and planned markdowns.
Demonstrate an understanding of simple interest.
1. Describe simple interest.
2. Solve problems involving simple interest computations.
3. Differentiate between maturity and present value.
Demonstrate an understanding of compound interest.
1. Differentiate between simple interest and compound interest
2. Solve compound interest problems using the compound interest formula.
3. Solve compound interest problems using the compound interest tables.
4. Solve present value problems using the present value tables.
5. Solve problems involving daily and continuous compounding using the appropriate tables.
6. Differentiate between the nominal and effective rate of interest.
Demonstrate an understanding of annuities.
1. Differentiate between an ordinary annuity and an annuity due.
2. Solve problems involving ordinary annuities utilizing the appropriate table.
Demonstrate an understanding of the median, mean, mode and range.
1. Solve problems involving mean, median, mode and range.
Demonstrate an understanding of the metric system.
1. Describe the various metric units.
2. Solve problems involving conversions between metric units of length, area, capacity, and weight.
3. Solve problems converting between metric and English units.
4. Solve problems involving conversions between Fahrenheit and Celsius temperature scales.
Demonstrate an understanding of installment plans.
1. Define an installment plan.
2. Solve problems relating to installment purchases.
3. Calculate the annual percentage rate using the appropriate table.
4. Calculate rebates involving installment plans.