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Nov 23, 2024
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DRAFT 2025-2026 College Catalog DRAFT [ARCHIVED CATALOG]
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BUS 151 - Mathematics of Business 3 Credits, 3 Contact Hours 3 lecture periods 0 lab periods Applying mathematical procedures, using algebraic techniques, critical thinking, and problem-solving methods for practical utility in the business environment. Includes math review; bank records; payroll; trade and cash discounts; markup and markdown; simple and compound interest; present and future value; annuities and sinking funds; consumer credit; depreciation; inventory, overhead, and turnover; financial statements; insurance; taxes; and stocks and bonds.
Prerequisite(s): Completion of ICS 081 with a grade of B or better, or placement into MAT 092 . Gen-Ed: Meets CTE - M&S.
Course Learning Outcomes
- Demonstrate the ability to reconcile a bank statement with an account register.
- Perform basic calculations for payroll.
- Perform basic calculations for markup and markdown.
- Perform basic calculations for present values and future values.
- Perform basic statistical calculations of the three common measures of central tendency for mean, median and mode.
Performance Objectives:
- Review fractions, decimals, and percent, as different forms of the same value, and convert from any one to any other; review algebraic equations and solve for the unknown variable.
- Reconcile a bank statement using all the steps in checking account transactions and applicable terminology.
- Calculate gross and net pay for salaried and hourly employees. Determine employees required and voluntary deductions and employer’s payroll taxes.
- Solve for any one of the components of the markup equation, and the markup percent, also the markdown and percent; demonstrate the 2 major methods to markup merchandise.
- Compare simple and compound interest and calculate each from algebraic formulas.
- Distinguish between present and future value of money, and their determination.
- Describe and perform basic calculations for the 4 major methods of depreciation and the underlying conditions and pros and cons of each.
- Identify and discuss the 5 variations of inventory valuation, as well as calculate inventory turnover. Calculate allocated overhead based on sales volume and floor space.
- Review the balance sheet and income statement of a business, interpretation and use, including pertinent financial ratios.
- Review dividends, yield, P/E ratio, and total return of stocks. For bonds: interest, yield, discount, and premium. Discuss the role in business of both.
- Describe the use of descriptive statistics in business. Calculate various descriptive statistics including measures of central tendency and variability.
Outline:
- Math Review
- Conversion of fractions, decimals and percent
- Solving algebraic equations
- Bank Records
- Checks
- Check register
- Reconciling a bank statement
- Payroll
- Employees’ Gross Pay
- Define pay periods
- Salary, wages, commissions, tips, bonuses, etc.
- Calculation of overtime
- Employee deductions
- Required
- Voluntary
- Employer payroll taxes
- Markup and Markdown
- Retail terms
- Cost
- Markup
- Selling price
- Operating expenses
- Net profit
- Markup equation
- Markup on cost and/or selling price
- Markdown
- Simple and Compound Interest
- Simple interest and simple discount
- Define interest, rate, principal, time ordinary and exact
- Simple interest formula
- Compound interest
- Compare simple and compound interest
- Promissory notes
- VI. Present and Future Value
- Calculating and use of tables
- Compound interest
- Compound amount
- VII. Depreciation
- Role in business and tax consequences
- Terminology
- Asset
- Useful life
- Total cost
- Book value
- Accumulated depreciation
- Methods
- Straight line
- Declining-balance
- Units of production
- MACRS
- Inventory, Overhead, and Turnover
- Taking inventory
- Periodic
- Perpetual
- Cost of goods sold
- Inventory valuation methods
- Specific identification
- Weighted average
- FIFO
- LIFO
- Inventory turnover
- Overhead
- Total sales
- Unit floor space
- Financial Statements
- Balance sheet definition
- Assets
- Liabilities
- Owner’s equity
- Income statement definition
- Net sales/revenue
- Cost of goods sold
- Operating expenses
- Gross profit/margin
- Net income
- Trend and ratio analysis
- Stocks and Bonds
- Stocks ownership
- Dividends
- Yield
- P/E ratio
- Bonds legal debt
- Interest
- Yield
- Discount
- Premium
- Purchase cost of a bond
- Descriptive Statistics
- Use of descriptive statistics in business
- Measures of central tendency, variability, and location
- Mean
- Median
- Mode
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