MGT 110

## Course Description

Prerequisite: MATH LEVEL 3 and READING LEVEL 2 and WRITING LEVEL 2. Covers principles necessary for an understanding of math of the business world. Includes various methods of computing interest and bank discounts; installment buying; F.I.C.A. Federal Income Taxes and other payroll deductions; markup, cost and selling prices; various wage payment systems; sales and property taxes; insurance; measures of central tendency; and an introduction to the metric system. (45-0)

## Outcomes and Objectives

### Demonstrate an understanding of Basic Arithmetic.

#### Objectives:

• Add, subtract, multiply, and divide whole numbers.
• Add, subtract, multiply, and divide fractions.
• Add, subtract, multiply, and divide decimals.
• Describe basic rounding rules.
• Describe chain calculations.

### Demonstrate an understanding of installment plans.

#### Objectives:

• Define an installment plan.
• Solve problems relating to installment purchases.
• Calculate the annual percentage rate using the appropriate table.
• Calculate rebates involving installment plans.

### Demonstrate an understanding of Formulas, Ratios, and Percent.

#### Objectives:

• Solve equation for one variable.
• Carry out fraction, decimal, and percent conversions.
• Set up and simplify ratios and proportions.
• Describe the meaning of percent.
• Solve percent equations.

### Demonstrate an understanding of Trade, Quantity, and Sales discounts.

#### Objectives:

• Define the basic terminology relating to commercial discounts.
• Explain the purpose of commercial discounts.
• Solve problems using trade discounts.
• Solve problems using quantity discounts.
• Solve problems using sales discounts.

### Demonstrate an understanding of Pricing.

#### Objectives:

• Define the basic terminology relating to pricing.
• Solve for markons based on cost and selling price.
• Solve for markdowns.
• Solve for pricing situations involving shrinkage, irregulars, and planned markdowns.

### Demonstrate an understanding of simple interest.

#### Objectives:

• Describe simple interest.
• Solve problems involving simple interest computations.
• Differentiate between maturity and present value.

### Demonstrate an understanding of compound interest.

#### Objectives:

• Differentiate between simple interest and compound interest
• Solve compound interest problems using the compound interest formula.
• Solve compound interest problems using the compound interest tables.
• Solve present value problems using the present value tables.
• Solve problems involving daily and continuous compounding using the appropriate tables.
• Differentiate between the nominal and effective rate of interest.

### Demonstrate an understanding of annuities.

#### Objectives:

• Differentiate between an ordinary annuity and an annuity due.
• Solve problems involving ordinary annuities utilizing the appropriate table.

### Demonstrate an understanding of the median, mean, mode and range.

#### Objectives:

• Solve problems involving mean, median, mode and range.

### Demonstrate an understanding of the metric system.

#### Objectives:

• Describe the various metric units.
• Solve problems involving conversions between metric units of length, area, capacity, and weight.
• Solve problems converting between metric and English units.
• Solve problems involving conversions between Fahrenheit and Celsius temperature scales.