MATH 1213: Business Mathematics

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Subject:
Mathematics
Credit hours: 3 Lecture hours: 3 Lab hours: 0
PCS code (Local ID):
Occupational/Technical
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Course Description
The emphasis in this course is on real-world mathematics concepts used in the workplace or in a person's daily life. This course will develop skills needed for solving business and consumer-related problems, analyzing and interpreting data, and applying sound decision-making skills. After a review of the fundamental processes, problems are covered which involve percentage, markup, discounts, interest, taxation, bank reconciliation, payroll, and insurance. AAS: Mathematics elective.
Topical Outline
  1. Whole Numbers
    1. Reading, writing, and rounding whole numbers
    2. Operations with whole numbers
  2. Fractions
    1. Convert between improper fractions and mixed numbers
    2. Reduce fractions
    3. Operations with fractions and mixed numbers
  3. Decimals
    1. Rounding
    2. Fraction and decimal conversions
    3. Operations with decimals
  4. Banking
    1. Bank reconciliation
    2. Checking account transactions
    3. Reconciling statement with register
  5. Solving for the Unknown
    1. Solving equations with multiple unknowns
    2. Solving equations with parentheses
    3. Using equations to solve word problems
  6. Percents and their Application
    1. Conversions of decimals, percents, and fractions
    2. Solving percentage problems
    3. Percent increase and decrease
  7. Discounts: Trade and Cash
    1. Trade discounts, single and chain
    2. Cash discounts, credit terms and partial payments
  8. Markups and Markdowns
    1. Markups based on cost and selling price
    2. Markdowns and perishables
    3. Breakeven analysis
  9. Payroll
    1. Gross pay
    2. Payroll deductions
    3. Payroll taxes
  10. Simple Interest
    1. Calculate simple interest and maturity value
    2. Finding unknown in simple interest formula
    3. Making partial note payments before due date
  11. Compound Interest and Present Value
    1. Compare simple interest and compound interest
    2. Calculate compound amount and interest manually and with table
    3. Compare present value with compound interest
    4. Compute present value with table
  12. Installment Buying
    1. Calculate amount financed, finance charge, and deferred payment
    2. Calculate monthly payment by formula and by table
    3. Calculate finance charges on revolving credit card accounts
  13. Inventory and Overhead
    1. Calculate cost of ending inventory and cost of goods sold for various inventory methods
    2. Calculate cost ratio and ending inventory at cost using the retail method
    3. Calculate estimated inventory using gross profit method
    4. Calculate inventory turnover
    5. Allocate overhead according to floor space and sales
  14. Business Statistics
    1. Mean, median, and mode
    2. Frequency distributions and graphs
    3. Measures of dispersion

At the end of this course, students will be able to:

  • Use computational and critical thinking skills to solve word problems related to common business and personal situations.
  • Apply basic math skills (such as percentages, decimals, and fractions) as required in all applications.
  • Calculate discounts, markups, and markdowns.
  • Calculate payroll, simple interest, discount note compound interest, and annuities.
  • Calculate mean, median, mode, and frequency distribution.
  • Know how to solve for the unknown.
General Education Distribution Area
Mathematics