ESSEX COUNTY COLLEGE Business Division BUS 141 Business Math Course Outline Course Number & Name: BUS 141 Business Math Credit Hours: 3.0 Contact Hours: 3.0 Lecture: 3.0 Lab: N/A Other: N/A Prerequisites: Grade of C or better in MTH 092 Co-requisites: None Course Outline Revision Date: Fall 2010 Concurrent Courses: None Course Description: In this course, emphasis is placed on the application of fundamental mathematic principles to business: ratio and proportion, percentage, discount, interest, graphs and measurements. Course Goals: Upon successful completion of this course, students should be able to do the following: 1. demonstrate knowledge of whole numbers, fractions and decimals; 2. utilize various problem-solving approaches to solve for the unknown; and 3. apply problem-solving concepts to a variety of business applications. Measurable Course Performance Objectives (MPOs): Upon successful completion of this course, students should specifically be able to do the following: 1. Demonstrate knowledge of whole numbers, fractions and decimals: 1.1 perform basic operations of addition, subtraction, multiplication and division on whole numbers, fractions and decimals; 1.2 distinguish between proper and improper fractions and mixed numbers; 1.3 perform fraction and decimal conversions; and 1.4 round decimals to a specified place value 2. Utilize various problem-solving approaches to solve for the unknown: 2.1 convert statements to algebraic equations; 2.2 list the steps for solving word problems; 2.3 identify typical word problem situations and discuss the corresponding blueprint aid; and 2.4 perform the mathematical steps needed to solve each word problem situation and check the correctness of the answer 3. Apply problem-solving concepts to a variety of business applications: 3.1 reconcile a bank statement; 3.2 calculate gross and net earnings; 3.3 compute simple and compound interest; and 3.4 determine trade discounts and list price page 1 prepared by K Scuorzo, Fall 2010
Methods of Instruction: Instruction will consist of lecture, class discussions, and problem-solving demonstrations and practice problems. Outcomes Assessment: Test and exam questions are blueprinted to course objectives. Data is collected and analyzed to determine the level of student performance on these assessment instruments in regards to meeting course objectives. The results of this data analysis are used to guide necessary pedagogical and /or curricular revisions. Course Requirements: All students are required to: 1. Maintain regular attendance. 2. Complete assigned homework and/or projects in a timely manner 3. Take part in class discussion and participate in class exercises. 4. Take all tests and exams, when scheduled: these include a minimum of three hourly exams as well as a cumulative departmental final exam. Methods of Evaluation: Final course grades will be computed as follows: Grading Components % of final course grade Attendance, Punctuality and Class Participation 5 10% Students must attend and participate in class to benefit from the expertise of the instructor. Homework and Projects 15 30% Homework and/or projects will reinforce course concepts and show evidence of the extent to which students are mastering course objectives. 3 Tests (dates specified by the instructor) 20 40% Tests will show evidence of the extent to which students meet course objectives including but not limited to identifying and applying concepts, understanding terms and demonstrating evidence of a basic foundation in principles of business math. Final Exam 25 45% The comprehensive final exam will examine the extent to which students have understood and synthesized all course content and achieved all course objectives. NOTE: The instructor will provide specific weights, which lie in the above-given ranges, for each of the grading components at the beginning of the semester. page 2 prepared by K Scuorzo, Fall 2010
Academic Integrity: Dishonesty disrupts the search for truth that is inherent in the learning process and so devalues the purpose and the mission of the College. Academic dishonesty includes, but is not limited to, the following: plagiarism the failure to acknowledge another writer s words or ideas or to give proper credit to sources of information; cheating knowingly obtaining or giving unauthorized information on any test/exam or any other academic assignment; interference any interruption of the academic process that prevents others from the proper engagement in learning or teaching; and fraud any act or instance of willful deceit or trickery. Violations of academic integrity will be dealt with by imposing appropriate sanctions. Sanctions for acts of academic dishonesty could include the resubmission of an assignment, failure of the test/exam, failure in the course, probation, suspension from the College, and even expulsion from the College. Student Code of Conduct: All students are expected to conduct themselves as responsible and considerate adults who respect the rights of others. Disruptive behavior will not be tolerated. All students are also expected to attend and be on time for all class meetings. No cell phones or similar electronic devices are permitted in class. Please refer to the Essex County College student handbook, Lifeline, for more specific information about the College s Code of Conduct and attendance requirements. page 3 prepared by K Scuorzo, Fall 2010
Course Content Outline: based on the text Practical Business Math Procedures, 10 th edition, by Slater, Jeffrey; published by McGraw-Hill/Irwin, 2011; ISBN #: 978-0-07-337753-7 Class Meeting (80 minutes) Chapter/Section 1 2 Review of Chapters 1, 2 & 3 1.1 Whole Numbers 1.2 Fractions 1.3 Decimals CHAPTER 4 BANKING RECORDS 3 4 4.1 The Checking Account 4.2 The Bank Statement and Reconciliation Process 4.3 Trends in On-line Banking: Pros and Cons CHAPTER 5 SOLVING FOR THE UNKNOWN 5 6 5.1 Solving Equations 5.2 Translating word problems into algebraic equations and solving for the unknown CHAPTER 6 PERCENTAGES AND THEIR APPLICATIONS 7 8 6.1 Performing Percent, Decimal and Fraction Conversions 6.2 Applying Percents using the Portions Formula 6.3 Calculating Percent Increase and Decrease 9 Test 1 on Chapters 1 6 CHAPTER 7 DISCOUNTS: TRADE AND CASH 10 11 7.1 Types of Trade Discounts and Their Computation 7.2 Determining List Price 7.3 Cash Discount 7.4 Terms of Trade CHAPTER 8 MARKUPS AND MARKDOWNS: PERISHABLES AND BREAKEVEN ANALYSIS 12 13 8.1 Markup based on Cost and Selling Price 8.2 Comparison of Markups and Markdowns 8.3 Breakeven Analysis CHAPTER 9 PAYROLL 14 15 9.1 Types of Gross Pay 9.2 Gross Pay Calculations 9.3 Commissions, Deductions, Tax Rates and Net Earnings page 4 prepared by K Scuorzo, Fall 2010
Class Meeting (80 minutes) Chapter/Section CHAPTER 10 SIMPLE INTEREST 16 17 10.1 Calculation of Simple Interest and Maturity Value 10.2 Using the Simple Interest Formula 10.3 Partial Note Payments before Due Date 18 Test 2 on Chapters 7 10 CHAPTER 13 ANNUITIES AND SINKING FUNDS 19 13.1 Classification of Annuities 13.2 Determining Present Value of an Ordinary Annuity CHAPTER 11 PROMISSORY NOTES, SIMPLE DISCOUNT NOTES AND THE DISCOUNT PROCESS 20 21 11.1 Structure of Promissory Notes 11.2 Discounting on an Interest Bearing Note before Maturity CHAPTER 14 INSTALLMENT BUYING, RULE OF 78, AND REVOLVING CHARGE CREDIT CARDS 22 23 14.1 Cost of Installment Buying 14.2 Paying Off Installment Loans before Due Date 24 Test 3 on Chapters 11, 13 & 14 CHAPTER 17 DEPRECIATION 25 17.1 Causes of Depreciation 17.1 Depreciation Methods: Straight-Line, Units-of Production, Declining Balance CHAPTER 18 INVENTORY AND OVERHEAD 26 27 18.1 Inventory Valuation Methods: LIFO, FIFO and Weighted Average 18.2 Estimating Inventory, Turnover and Distribution of Overhead 28 29 CHAPTER 22 BUSINESS STATISTICS 22.1 Mean, Median and Mode 22.2 Frequency Distributions and Graphs 22.3 Standard Deviation 30 Comprehensive Final Exam on all course material page 5 prepared by K Scuorzo, Fall 2010