Bow Valley MGMT1501Course Outline Fall2014
MGMT 1501 Business Mathematics Course Description This course will cover various business applications of mathematics including basic math review, percentages, simple interest, compound interest, annuities, mortgages, discounts, markup, break-even analysis, loans, mortgages and notes payable, ratios, proportions, and foreign exchange. Successful completion of this course provides students with business mathematic skills necessary for working with business concepts.
Course Credits/Hours 3 Credits / 45 Hours
Prerequisites None
Required Resources
Mathematics of Business and Finance, 2nd Edition L. Daisley, T. Kugathasan, D. Huysmans, Vretta Inc., 2014 ISBN: 978-1-927737-02-6 or etextbook available at www.intromath.ca Online Lessons and Labs: available at www.intromath.ca. An access code is provided with the purchase of a new textbook or etextbook. Financial Calculator: Texas Instruments BA II Plus
College-wide Outcomes College-wide outcomes are learning outcomes expected of every graduate of Bow Valley College. They describe core skills and abilities graduates need to succeed in the world of work. This course is offered in a number of programs in the School of Business. The bolded college-wide outcomes are applicable. Communication Thinking Skills Numeracy Working With Others Technology Skills
Bow Valley College MGMT1501 Business Mathematics
Positive Attitudes and Behaviours Continuous Learning Health and Wellness Citizenship and Intercultural Competence Sustainability
FALL2014
Page 1
Program Outcomes (*Please note that all Program Outcomes are being revised effective September 2014)
Program outcomes describe what graduates of this program will be able to do as a result of learning experiences within the program. These outcomes typically require the student to demonstrate higher levels of a particular outcome or performance. This course is offered in a number of programs in the School of Business. The applicable program outcomes are below. 1. Use business mathematical procedures to analyze and solve business problems.
Course Outcomes 1. Apply the concepts of whole numbers, fractions, decimals, power and roots, and algebraic equations in the solving of business application problems. 2. Apply the concepts of percent, payroll, ratios and proportions in a variety of business situations. 3. Calculate trade and cash discounts, mark-up and markdown and break even analysis in real business math applications. 4. Work competently with simple interest, promissory notes and simple discount notes in a variety of applications. 5. Apply the principles of compound interest to present value and future value in different business situations. 6. Apply the principles of compound interest to annuities in different business situations. 7. Work competently with mortgages and amortization in a variety of applications.
Learning Objectives Topic 1 – Review and Application of Basic Mathematics
Learning Outcome: Apply the concepts of whole numbers, fractions, decimals, power and roots, and algebraic equations in the solving of business application problems. Learning Objectives: 1. Apply the concept of place value of numbers and rounding of numbers, decimals and percentages to required place values. 2. Determine the lowest common multiple and highest common factor. 3. Perform computations using fractions. 4. Evaluate exponents using rules of exponents 5. Apply basic arithmetic operations in their proper order. 6. Calculate the simple arithmetic average and weighted average for a set of values. 7. Perform basic operations on algebraic expressions. 8. Use equations to solve for unknown variables.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 2
Topic 2 – Application of Percent, Percent Change, Ratios and Proportions in Business Situations
Learning Outcome: Apply the concepts of percent, payroll, ratios and proportions in a variety of business situations. Learning Objectives: 1. Solve percentage problems. 2. Calculate gross pay under different payroll situations. 3. Apply concepts of sales tax and property tax. 4. Solve problems involving percent change. 5. Solve problems using ratios. 6. Set up proportions and use to solve problems. 7. Apply principles of currency exchange to solve problems.
Topic 3 – Mathematics of Merchandising
Learning Outcome: Calculate trade and cash discounts, markup and markdown and breakeven analysis in real business math applications. Learning Objectives: 1. Calculate the net price of an item after single or multiple trade discounts. 2. Calculate a single discount rate that is equivalent to a series of discounts. 3. Solve problems involving cash discounts for full and partial payments. 4. Explain typical discount periods and credit periods a business may offer. 5. Solve merchandise pricing problems involving markup and markdown. 6. Distinguish between fixed costs and variable costs. 7. Perform cost-volume-profit analysis.
Topic 4 – Application of Simple Interest
Learning Outcome: Work competently with simple interest, promissory notes and simple discount notes in a variety of applications. Learning Objectives: 1. Calculate interest, maturity value (future value), time, interest rate and present value in a simple interest environment. 2. Competently use a time diagram. 3. Calculate the equivalent value on any date of a single payment or a stream of payments. 4. Solve problems involving Treasury Bills and Commercial Paper. 5. Solve problems involving demand loans, promissory notes and discounting.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 3
Topic 5 – Application of Compound Interest
Learning Outcome: Apply the principles of compound interest to present value and future value in different business situations. Learning Objectives: 1. Calculate the future value and present value in compound interest applications, by both the algebraic method and the pre-programmed financial calculator method. 2. Calculate equivalent payments. 3. Calculate the economic value of a payment stream. 4. Calculate the interest rate and term in compound interest applications. 5. Calculate effective and equivalent interest rate given a nominal interest rate.
Topic 6 – Annuities
Learning Outcome: Apply the principles of annuities in different business situations. Learning Objectives: 1. Distinguish between ordinary simple and ordinary general annuities. 2. Calculate the future value and present value of both ordinary annuities and annuities due and simple and general annuities. 3. Calculate the principal balance owed on a loan at a point in time. 4. Calculate the present value and period of deferral of a deferred annuity. 5. Calculate the interest rate per payment interval in a general annuity. 6. Calculate the periodic payment, number of payments, size of payments and interest rate for annuities.
Topic 7 – Loan Amortization and Mortgages
Learning Outcome: Work competently with mortgages and amortization in a variety of applications. Learning Objectives: 1. Construct a loan’s amortization schedule. 2. Calculate the principal balance at a point in time. 3. Calculate the principal and interest components of any payment. 4. Calculate mortgage payments for the initial loan and its renewals. 5. Calculate mortgage loan balances and amortization periods to reflect prepayments of principal.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 4
Performance Evaluation Evaluations Graded Coursework Midterm Exam
Description Vretta Labs and Lessons and as determined by Instructor Chapters 1 - 5, & and 8
Final Exam*
Comprehensive but emphasis on Chapters 9 - 12
Course Total * Students must achieve a minimum of 50% in the final examination in order to pass the course
Course Weighting
30% 30% 40% 100%
Grading Policy Grade Percentage Grade Point Value A+ 95-100 4.0 A
90-94
4.0
AB+ B
85-89 80-84 75-79
3.67 3.33 3.0
BC+ C
70-74 67-69 64-66
2.67 2.33 2.0
CD+ D D-
60-63 57-59 54-56 50-53
1.67 1.33 1.0 .67
Description Exceptional: superior knowledge of subject matter Excellent: outstanding knowledge of subject matter
Very Good: knowledge of subject matter generally mastered
Satisfactory/Acceptable: knowledge of subject matter adequately mastered
Minimum achievement for credit: knowledge of some subject matter mastered F
Course Credits/Hours 3 Credits / 45 Hours
Prerequisites None
Required Resources
Mathematics of Business and Finance, 2nd Edition L. Daisley, T. Kugathasan, D. Huysmans, Vretta Inc., 2014 ISBN: 978-1-927737-02-6 or etextbook available at www.intromath.ca Online Lessons and Labs: available at www.intromath.ca. An access code is provided with the purchase of a new textbook or etextbook. Financial Calculator: Texas Instruments BA II Plus
College-wide Outcomes College-wide outcomes are learning outcomes expected of every graduate of Bow Valley College. They describe core skills and abilities graduates need to succeed in the world of work. This course is offered in a number of programs in the School of Business. The bolded college-wide outcomes are applicable. Communication Thinking Skills Numeracy Working With Others Technology Skills
Bow Valley College MGMT1501 Business Mathematics
Positive Attitudes and Behaviours Continuous Learning Health and Wellness Citizenship and Intercultural Competence Sustainability
FALL2014
Page 1
Program Outcomes (*Please note that all Program Outcomes are being revised effective September 2014)
Program outcomes describe what graduates of this program will be able to do as a result of learning experiences within the program. These outcomes typically require the student to demonstrate higher levels of a particular outcome or performance. This course is offered in a number of programs in the School of Business. The applicable program outcomes are below. 1. Use business mathematical procedures to analyze and solve business problems.
Course Outcomes 1. Apply the concepts of whole numbers, fractions, decimals, power and roots, and algebraic equations in the solving of business application problems. 2. Apply the concepts of percent, payroll, ratios and proportions in a variety of business situations. 3. Calculate trade and cash discounts, mark-up and markdown and break even analysis in real business math applications. 4. Work competently with simple interest, promissory notes and simple discount notes in a variety of applications. 5. Apply the principles of compound interest to present value and future value in different business situations. 6. Apply the principles of compound interest to annuities in different business situations. 7. Work competently with mortgages and amortization in a variety of applications.
Learning Objectives Topic 1 – Review and Application of Basic Mathematics
Learning Outcome: Apply the concepts of whole numbers, fractions, decimals, power and roots, and algebraic equations in the solving of business application problems. Learning Objectives: 1. Apply the concept of place value of numbers and rounding of numbers, decimals and percentages to required place values. 2. Determine the lowest common multiple and highest common factor. 3. Perform computations using fractions. 4. Evaluate exponents using rules of exponents 5. Apply basic arithmetic operations in their proper order. 6. Calculate the simple arithmetic average and weighted average for a set of values. 7. Perform basic operations on algebraic expressions. 8. Use equations to solve for unknown variables.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 2
Topic 2 – Application of Percent, Percent Change, Ratios and Proportions in Business Situations
Learning Outcome: Apply the concepts of percent, payroll, ratios and proportions in a variety of business situations. Learning Objectives: 1. Solve percentage problems. 2. Calculate gross pay under different payroll situations. 3. Apply concepts of sales tax and property tax. 4. Solve problems involving percent change. 5. Solve problems using ratios. 6. Set up proportions and use to solve problems. 7. Apply principles of currency exchange to solve problems.
Topic 3 – Mathematics of Merchandising
Learning Outcome: Calculate trade and cash discounts, markup and markdown and breakeven analysis in real business math applications. Learning Objectives: 1. Calculate the net price of an item after single or multiple trade discounts. 2. Calculate a single discount rate that is equivalent to a series of discounts. 3. Solve problems involving cash discounts for full and partial payments. 4. Explain typical discount periods and credit periods a business may offer. 5. Solve merchandise pricing problems involving markup and markdown. 6. Distinguish between fixed costs and variable costs. 7. Perform cost-volume-profit analysis.
Topic 4 – Application of Simple Interest
Learning Outcome: Work competently with simple interest, promissory notes and simple discount notes in a variety of applications. Learning Objectives: 1. Calculate interest, maturity value (future value), time, interest rate and present value in a simple interest environment. 2. Competently use a time diagram. 3. Calculate the equivalent value on any date of a single payment or a stream of payments. 4. Solve problems involving Treasury Bills and Commercial Paper. 5. Solve problems involving demand loans, promissory notes and discounting.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 3
Topic 5 – Application of Compound Interest
Learning Outcome: Apply the principles of compound interest to present value and future value in different business situations. Learning Objectives: 1. Calculate the future value and present value in compound interest applications, by both the algebraic method and the pre-programmed financial calculator method. 2. Calculate equivalent payments. 3. Calculate the economic value of a payment stream. 4. Calculate the interest rate and term in compound interest applications. 5. Calculate effective and equivalent interest rate given a nominal interest rate.
Topic 6 – Annuities
Learning Outcome: Apply the principles of annuities in different business situations. Learning Objectives: 1. Distinguish between ordinary simple and ordinary general annuities. 2. Calculate the future value and present value of both ordinary annuities and annuities due and simple and general annuities. 3. Calculate the principal balance owed on a loan at a point in time. 4. Calculate the present value and period of deferral of a deferred annuity. 5. Calculate the interest rate per payment interval in a general annuity. 6. Calculate the periodic payment, number of payments, size of payments and interest rate for annuities.
Topic 7 – Loan Amortization and Mortgages
Learning Outcome: Work competently with mortgages and amortization in a variety of applications. Learning Objectives: 1. Construct a loan’s amortization schedule. 2. Calculate the principal balance at a point in time. 3. Calculate the principal and interest components of any payment. 4. Calculate mortgage payments for the initial loan and its renewals. 5. Calculate mortgage loan balances and amortization periods to reflect prepayments of principal.
Bow Valley College MGMT1501 Business Mathematics
FALL2014
Page 4
Performance Evaluation Evaluations Graded Coursework Midterm Exam
Description Vretta Labs and Lessons and as determined by Instructor Chapters 1 - 5, & and 8
Final Exam*
Comprehensive but emphasis on Chapters 9 - 12
Course Total * Students must achieve a minimum of 50% in the final examination in order to pass the course
Course Weighting
30% 30% 40% 100%
Grading Policy Grade Percentage Grade Point Value A+ 95-100 4.0 A
90-94
4.0
AB+ B
85-89 80-84 75-79
3.67 3.33 3.0
BC+ C
70-74 67-69 64-66
2.67 2.33 2.0
CD+ D D-
60-63 57-59 54-56 50-53
1.67 1.33 1.0 .67
Description Exceptional: superior knowledge of subject matter Excellent: outstanding knowledge of subject matter
Very Good: knowledge of subject matter generally mastered
Satisfactory/Acceptable: knowledge of subject matter adequately mastered
Minimum achievement for credit: knowledge of some subject matter mastered F
