Description:

This is a course for the student who needs specific skills in mathematics to address business problems and business applications. Students will learn the mathematics involved in payroll, retailing, asset valuation, interest, finance, and the time value of money. Students will use a calculator and computer to solve a variety of applications. 3 hrs./wk.

Associated Costs: These are additional (out-of-pocket) expense considerations that students should expect in addition to the course tuition, fees, and textbooks. $0 to $25.

Supplies: Refer to the instructor's course syllabus for details about any supplies that may be required.

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Solve percent problems.
2. Apply mathematics to payroll situations.
3. Apply mathematics to retail situations.
4. Apply mathematics to finance situations.
5. Apply mathematics to the valuation of assets.
6. Use a financial calculator and a computer to apply mathematics to business problems.

Content Outline & Competencies:

I. The Mathematics of Percents.
   A. Solve for base, rate, or part in a basic percent problem.
   B. Solve for the old or new value in a percent increase problem.
   C. Solve for the old or new value in a percent decrease problem.

II. The Mathematics of Payroll.
   A. Given an hourly wage with an overtime policy, find the gross pay.
   B. Given a commission structure or a piecework rate, find the gross
pay.
   C. Use the Percentage Method to calculate federal and state withholding
tax.
   D. Calculate FICA taxes; explain the purpose of FICA taxes.
   E. Calculate federal and state unemployment taxes.
   F. Calculate an employee’s net pay.
   G. Calculate the cost of employment; identify the employment taxes an
employer must pay.
   H. Use a computer to analyze the effect of taxes on gross pay.

III. The Mathematics of Retailing.
   A. Read and analyze an invoice; explain key abbreviations.
   B. Calculate trade, series, and cash discounts.
   C. Calculate markup based on cost.
   D. Calculate markup based on selling price.
   E. Convert markups from cost to selling price or from selling price to
cost.
   F. Calculate markdowns.
   G. Calculate the adjusted cost when shrinkage is present.
   H. Calculate the net profit.
   I. Calculate operating loss and absolute loss; explain the meaning of
each.

IV. The Mathematics of Finance and the Simple Interest Formula
   A. Find the interest earned using the simple interest formula.
   B. Solve for principal, rate, or time in a simple interest problem.
   C. Calculate the interest, the proceeds, and the maturity value on a
simple interest note or a simple discount note.
   D. Find the bank discount on a note; explain what discounting a note
means in terms of a problem.
   E. Determine the effective rate (APR) of a note.
   F. Compute the payoff amount on a loan or note using the U.S. Rule.

V. The Mathematics of Finance and Time Value of Money Problems
   A. Use the financial calculator to find the future value, initial
value, time, or rate of a lump sum deposit problem.
   B. Use the financial calculator to find the future value, initial
value, periodic payment, time, or rate of a savings plan.
   C. Use the financial calculator to find the future balance, present
balance, periodic payment, time, or rate of a loan.
   D. Calculate the total interest earned in a time value of money
problem.
   E. Calculate the present value of an annuity; explain the meaning of
present value.
   F. Use a computer to solve time value of money applications; analyze
computer results of time value of money applications.

VI. The Valuation of Assets.
    A. Determine the value of ending inventory using Average Cost
(Weighted Average), FIFO, and LIFO.
    B. Use the straight line depreciation method to find the value of an
asset.
    C. Use the double declining balance depreciation method to find the
value of an asset.
    D. Use the units of production depreciation method to find the value
of an asset.

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

 Unit Exams, Unit Papers and/or Unit Projects   40% - 80%
 Homework, Quizzes and/or Small Projects         0% - 50%
 Final Exam**                                   10% - 40%

**The final exam must count at least as much as any unit exam, unit paper
or unit project. In any course where unit exams are not proctored, the
instructor may require that the student score at least a 70% on the final
exam to earn a ‘C’ for the course. At the instructor's discretion,
the
grade on all or any part of the final exam may replace any lower test
score.

Caveats:

1. The majority of mathematics courses are sequential. Students must earn a grade of C or higher in a prerequisite mathematics course to progress to its subsequent mathematics course.
2. In accordance with the assertion made on your billing statement, during the first two weeks of the semester, if a student is found not to have successfully fulfilled the prerequisite(s) for this course, the student will be dropped from the course. He/she will be allowed to enroll in the appropriate lower level math course on a space available basis with an even exchange of tuition. After the first two weeks, students who have not met the prerequisite(s) will be dropped from the course with no refund of tuition.

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.