BUE 110 BUSINESS MATHEMATICS

Transcription

1 BUE 110 BUSINESS MATHEMATICS SUBMITTED AND APPROVED MARCH 2, 2012 EFFECTIVE: FALL

2 Prefix & Number BUE110 Course Title: Business Mathematics Purpose of this submission: New Change/Updated Retire If this is a change, what is being changed? Update Prefix Course Description (Check all that apply) see note below Title Course Number This is the official course package to replace the Format Change Credits retired GBS 110. This course (BUE 110) already Prerequisite Competencies appears in the catalog. Textbook/Reviewed Competencies-no changes needed Does this course require additional fees? No Yes If so, please explain. Is there a similar course in the course bank? No Yes (Please identify) Replaces GBS110 Articulation: Is this course or an equivalent offered at other two and four-year universities in Arizona? No Yes (Identify the college, subject, prefix, number and title: EQUIVALENT COURSES ARE OFFERED AT AZ COMMUNITY COLLEGES Is this course identified as a Writing Across the Curriculum course? No Yes Course Textbook, Materials and Equipment Textbook(s) Current edition Title Author(s) Publisher Business Math Brief Edition (current # edition) Cleaves, Hobbs, Noble Pearson Software/ Equipment Course Assessments Description of Possible Course Assessments (Essays, multiple choice, etc.) Exams standardized for this course? Midterm Final Other (Please specify): Where can faculty members locate or access the required standardized exams for this course? Text Exercises, Problems, Quizzes, Tests & Exams Are exams required by the department? No Yes If Yes, please specify: Student Outcomes: Identify the general education goals for student learning that is a component of this course. Check all that apply: 1. Communicate effectively. a. Read and comprehend at a college level. b. Write effectively in a college setting. Method of Assessment

3 2. Demonstrate effective quantitative reasoning and problem solving skills. Exam question 3. Demonstrate effective qualitative reasoning skills. 4. Apply effective methods of inquiry. a. Generate research paper by gathering information from varied sources, analyzing data and organizing information into a coherent structure. b. Employ the scientific method. 5. Demonstrate sensitivity to diversity a. Experience the creative products of humanity. b. Describe alternate historical, cultural, global perspectives. Office of Instruction Use only: CIP Code: ONET Code: Minimum Qualifications:

4 COURSE INFORMATION Initiator: Candace Hofstadter Date of proposal to Curriculum Sub-Committee: March 2, 2012 Effective Semester/Year Fall Spring Summer Prefix & Number: BUE110 Full Title: (100 character limit) Business Mathematics Short Title: (30 character limit) Business Math Catalog Course Description: This course covers the practical application of mathematics through the use of formulas for pricing decisions, interest computations, percentage computations, accounting valuations, currency exchange and elementary descriptive statistics. SUN Course Number: Credit Hours: 3 Lecture Hours: 3 Lab Hours: 0 Prerequisite(s) Appropriate score on assessment test or successful completion of TRE 089 PCS 021 and TRM 090. Co-requisite(s) Intended Course Goals By the end of the semester, students will be able to: 1. Demonstrate a working knowledge of the mathematical concepts and arithmetic skills needed for basic business functions, including banking. 2. Use appropriate equations and formulas to solve business application problems. 3. Calculate percent changes, increase, decrease, and solve for allocation and proportions in business applications 4. Calculate trade and cash discounts; calculate markup and markdowns, and price perishables. 5. Solve problems involving simple interest, compound interest and annuities including loans and mortgages.

5 Course Competencies and Objectives By the end of the semester, students will be able to: Competency 1. Add, subtract, multiply, divide and round whole numbers; solve related business application problems. Objective 1.1 Demonstrate reading, writing, and rounding whole numbers. Objective 1.2 Demonstrate addition, subtraction, multiplication, and division of whole numbers. Objective 1.3 Write the word name for a given number Competency 2 Demonstrate the use of fractions to solve business application problems. Objective 2.1 Identify the different types of fractions. Objective 2.2 Convert an improper fraction to a whole or mixed number, and convert a whole or mixed number to an improper fraction Objective 2.3 Reduce a fraction to lowest terms Objective 2.4 Raise a fraction to higher terms Objective 2.5 Add fractions with common denominators Objective 2.6 Find the least common denominators. Objective 2.7 Determine the least common denominator for two or more fractions Objective 2.8 Add and subtract fractions and whole numbers. Competency 3 Demonstrate the use of decimals and place value to solve business application problems Objective 3.1 Read, write, and round decimals. Objective 3.2 Add, subtract, multiply, and divide decimals. Objective 3.3 Convert a decimal to a fraction Objective 3.4 Convert a fraction to a decimal Competency 4 Demonstrate the use of basic arithmetic to manage bank accounts Objective 4.1 Create banking account transactions using the proper forms and procedures Objective 4.2 Properly record banking transactions, including deposits and checks Objective 4.3 Accurately balance a bank statement with an account register Competency 5 Use appropriate equations and formulas to solve business problems Objective 5.1 Solve business equations utilizing addition, subtraction, multiplication, and division. Objective 5.2 Solve business equations that use more than one operation, contain parentheses, and utilize rules of proportion. Objective 5.3 Demonstrate the use of problem solving to analyze and solve word problems. Objective 5.4 Demonstrate the ability to evaluate formulas, and rearrange them to solve business problems. Competency 6 Utilize percentages to calculate and solve business application problems. Objective 6.1 Write a whole number, fraction, or decimal as a percent, and write a percent as a whole number, fraction, or decimal Objective 6.2 Identify the rate, base, and portion in percent problems Objective 6.3 Calculate the increase or decrease in percentage problems Competency 7 Describe and demonstrate the use of statistical measures of central tendency and dispersion. Prepare bar, line, and pie graphs to illustrate business statistics Objective 7.1 Given a set of data, determine the mean, median, and mode Objective 7.2 Prepare and interpret frequency distributions and histograms Objective 7.3 Calculate the mean of grouped data Objective 7.4 Calculate the statistical range and standard deviation Competency 8 Define and describe discount and analyze how businesses utilize them as sales incentives Objective 8.1 Calculate trade discount and the net price given the discount rate Objective 8.2 Describe the use of end-of-month (EOM), interval, and receipt-of-goods (ROG) sales terms, and demonstrate how to calculate each. Objective 8.3 Describe and analyze the use of different freight terms, such as free-onboard,

6 freight collect. Describe a typical bill-of-lading, including its purpose and its typical contents. Competency 9 Demonstrate the procedures used to calculate markup, markdowns, and the selling prices for perishables. Objective 9.1 Calculate the sale price, cost, and markup, when any two of the three are known. Objective 9.2. Determine the cost when the markup and the percent of markup are known. Objective 9.3 Compare and contrast a markup calculation based upon cost and a markup based upon the selling price. Describe and analyze when each type of calculation is used. Objective 9.4 Calculate the amount of markdown, the new reduced price, and the percent of markdown. Objective 9.5 Determine the final selling price after a series of markdown has been applied. Objective 9.6 Calculate the selling price for a given desired profit. Competency 10 Calculate taxes and complete payroll including gross pay, deductions and net pay Objective 10.1 Calculate gross pay based upon hourly wage, piecework wage, salary, and commission. Objective 10.2 Determine Social Security, Medicare and Federal income tax deductions, Objective 10.3 Determine an employer s total deposit for withholding, Social Security, and Medicare taxes per pay period. Objective 10.4 Determine an employer s SUTA and FUTA tax liability for a quarter. Competency 11 Describe and analyze the various types of consumer and commercial credit available. Discuss the importance of proper credit management for an individual and for a business. Objective 11.1 Compare and contrast closed-end and open-end credit Objective 11.2 Demonstrate the procedures used to calculate amount financed, installment price, finance charge, and the installment payment Objective 11.3 Define the rule of 78; demonstrate its use to determine interest savings by paying a loan before its due date. Objective Determine finance charges and new balance using the average daily balance method and the unpaid or previous month s balance. Competency 12 Demonstrate the processes and calculations required to determine compound interest, simple interest, future value, and present value Objective 12.1 Describe the methods that can be utilized to find the future value and compound interest (manual, $1.00 future value tables, formulas and computer software). Objective 12.2 Calculate the effective interest rate for a loan involving compound interest. Objective 12.3 Determine balance due and monthly payments on installment loans, Objective 12.4 Define and demonstrate how to determine present value and future value. Competency 13 Define and describe annuity and sinking fund. Objective 13.1 Describe the accumulation and liquidation phases of an annuity. Objective 13.2 Determine the projected future value of an annuity Objective 13.3 Compare and contrast annuity and sinking fund and analyze the primary characteristics of each. Competency 14 Describe the concept and purpose of a mortgage Objective 14.1 Compare and contrast mortgages and other common forms of installment loans. Objective 14.2 Compare and contrast the primary types of mortgages, i.e. first, second, conventional, fixed-rate, biweekly, graduated payments, adjustable rate. Objective 14.3 Determine the monthly rate, total interest, and the PITI of a mortgage. Objective 14.4 Prepare a partial mortgage amortization schedule. Objective 14.5 Describe and demonstrate the process of determining qualifying ratios for a mortgage.