Course Number/Title: BU 253 Business Finance Year: Fall 2012 Department: Business Credit Hours: Three Required Text: Slater, Jeffrey. (2011). Practical Days/Time: TR 9:25-10:40 a.m. Business Math Procedures, Tenth Edition with student DVD-ROM and Business Math Handbook. McGraw Hill-Irwin. Instructor: Diane Williams Office Hours: MW: 9:30-10:30 a.m.;1:30-5:00 p.m. Room#: BMC 702 TH: 11:00 a.m.-Noon; 3:00-5:00 p.m. F: 8:30 a.m.–12:30 p.m. Phone: 785-460-5527 Course Placement: Freshman or Sophomore Prerequisite: None Email: diane.williams@colbycc.edu RATIONALE: Math skills and the ability to apply them are foundation skills needed in business. Even with calculators and spreadsheets, there is still a need for basic math skills. This course will help students enhance their knowledge and competent use of business math and calculators. COURSE DESCRIPTION: This course is designed to reinforce an understanding of business math/finance that provides the necessary foundation for students interested in business careers. Business math/finance concepts included are: fractions, percentages, bank services, payroll, taxes, insurance, purchasing merchandise, markup and markdown, interest, consumer credit and mortgages, metrics and currency, invoicing, depreciation, amortization and present value/future value. Students will develop a working knowledge of the 10-key desk calculator using the touch system to solve mathematical problems related to business situations.

COURSE OUTLINE:

I. Review Basic Math Functions A. Addition B. Subtraction C. Multiplication D. Division

II. 10-Key Electronic Calculator A. Touch Method B. Operating Controls C. Use of Constants when adding, subtracting, multiplying, and dividing

BU253 Business Finance 2

D. Use of grand total, average, memory and percent keys E. Use of item count, non-add and subtotal keys F. Finding Present Value

III. How to Dissect and Solve Word Problems IV. Fractions V. Decimals VI. Banking VII. Solving for the Unknown VIII. Percentages and Their Applications IX. Discounts: Trade and Cash X. Markups and Markdowns: Perishables and Breakeven Analysis XI. Payroll XII. Simple Interest XIII. Promissory Notes, Simple Discount Notes, and the Discount Process XIV. Compound Interest and Present Value XV. Annuities and Sinking Funds XVI. Installment Buying, Rule of 78, and Revolving Charge Credit Cards XVII. The Cost of Home Ownership XVIII. How to Read, Analyze, and Interpret Financial Reports XIX. Depreciation XX. Inventory and Overhead XXI. Sales, Excise, and Property Taxes XXII. Life, Fire and Auto Insurance XXIII. Stocks, Bonds, and Mutual Funds XXIV. Business Statistics

COURSE LEARNING OBJECTIVES ASSESSED:

• Demonstrate an understanding for knowledge based business math fundamentals • Apply business math fundamentals to various business applications • Apply business math fundamentals to various personal applications

COURSE COMPETENCIES:

1. Perform basic math functions (addition, subtraction, multiplication, and division) 2. Identify each position of the decimal number system 3. Demonstrate addition, subtraction, multiplication and division of fractions and mixed

numbers 4. Demonstrate calculating percentages including percent of increase and decrease 5. Demonstrate how to reconcile a bank statement 6. Demonstrate the computation of payroll (gross earning, deductions, etc.) 7. Calculate property tax based on assessed value and tax rate 8. Calculate state and federal unemployment tax 9. Identify federal income tax forms 10. Identify terminology associated with health, life, auto, and property insurance.

BU253 Business Finance 3

11. Describe the purchasing cycle and use the related terms 12. Calculate cash discounts, trade discounts and series discounts 13. Calculate markup and markdown 14. Calculate simple and compound interest 15. Describe open-end and closed-end credit 16. Prepare an amortization schedule 17. Demonstrate conversion of English measures to metric measures 18. Demonstrate Workplace Skills utilizing the many functions available on the 10-key

calculator and on the business pocket calculator METHOD OF INSTRUCTION: The following items are the methods that may be used to present the material. Each chapter will be handled according to the best learning situation for the topic and the individual student. Class discussion Textbook readings Lecture Question/answer Problem solving Demonstration Handout materials METHOD OF EVALUATION: Exams 50% Assignments/Projects 40%* Attendance/Participation 10% 100% *Assignments have varying points according to the difficulty level of the assignment. Scale for grade distributions: 90-100% A 80-89 B 70-79 C 60-69 D 59 and below F COURSE REQUIREMENTS: You are expected to attend class, be on time and complete each homework assignment. Please take responsibility from the beginning by completing the assigned reading. You are expected to actively participate in class discussion and activities. Please plan to devote at least three to four hours per week in addition to class meetings for completing homework assignments, reviewing, and preparing for the next class session.

BU253 Business Finance 4

As a business student, you are encouraged to be an active Phi Beta Lambda member. This is a state and national professional organization. ASSIGNMENT POLICY: The course will require a wide range of assignments. Homework problems will give you the practice necessary to learn the materials. Students are expected to come to class with the assignments completed. Late assignments, without a medical or instructor approved excuse, will receive a 20% penalty per day. TEST POLICY: All major examinations will be announced and the format of each exam will be explained. Students who miss a test will not be allowed to make it up unless prior arrangements have been made with the instructor. ATTENDANCE POLICY: Colby Community College views class attendance as a mandatory activity. Students are expected to attend classes in which they are enrolled. If you are sick, you are encouraged to visit the Health Center. It is your responsibility to notify me of any absence due to illness or any other reason. Attendance will be checked the first five minutes of each class; therefore you must be on time. Attendance/class participation is worth 10% of your grade. Three unexcused absences reduce your final grade by one letter. Lectures and class activities enhance your understanding and application of new skills and knowledge. ACADEMIC INTEGRITY POLICY: Colby Community College defines academic integrity as learning that leads to the development of knowledge and/or skills without any form of cheating or plagiarism. This learning requires respect for Colby’s institutional values of quality, service and integrity. All Colby Community College students, faculty, staff, and administrators are responsible for upholding academic integrity. Cheating is giving, receiving, or using unauthorized help on individual and group academic exercises such as papers, quizzes, tests, and presentations through any delivery system in any learning environment. This includes impersonating another student, sharing content without authorization, fabricating data, and altering academic documents, including records, with or without the use of personal and college electronic devices. Plagiarism is representing or turning in someone else’s work without proper citation of the source. This includes unacknowledged paraphrase, quotation, or complete use of someone else’s work in any form. It also includes citing work that is not used and taking credit for a group project without contributing to it.

BU253 Business Finance 5

The following procedure will be used for students who violate the policy:

• First Offense – Student will receive a zero for the assignment and the student will be reported to the Dean of Academic Affairs.

• Second Offense – The student will be reported to the Dean of Academic Affairs and removed from the class.

• Third Offense – The student will be reported to the Dean of Academic Affairs and dismissed from the college.

Any questions about this policy may be referred to the Dean of Academic Affairs.

ASSESSMENT: Colby Community College assesses student learning at several levels: general education, program, and course. The goal of these assessment activities is to improve student learning. As a student in this course, you will participate in various assessment activities. An example of your work, a paper, some test questions, a presentation, or other work may be selected for assessment. This process will not affect your grade, will not require you do additional work and your evaluation will be confidentially handled. Results of these activities will be used to improve teaching and learning at Colby Community College. CELL PHONE POLICY: It is your choice to be in this class. The instructor and fellow students deserve your attention and respect. Cell phone usage, including text messaging, iPod usage, or usage of any other electronic device is not allowed in class. Any student who cannot meet these expectations will be asked to leave the classroom and will be counted absent for that day. SYLLABUS INFORMATION DISCLAIMER: I reserve the right to change any information contained in this document, when necessary, with adequate notice given to the student. Notice shall be given in the classroom during class. No other notice is required. It is the students’ responsibility to stay current with any changes, modifications, adjustments or amendments that are made to this document. ACCOMMODATIONS FOR STUDENTS WITH DISABILITIES: According to the Americans Disabilities Act, it is the responsibility of each student with a disability to notify the college of his/her disability and to request accommodation. If a member of the class has a documented learning disability or a physical disability and needs special accommodations, he/she should contact Student Support Services, which is located in the Student Union.

BU253 Business Finance 6

EQUIPMENT: Students have access to the computers located in rooms BMC704, 706 and 707. Computers are provided for student use at other locations on campus, including the library. Desktop and Pocket calculators are available for use in the classroom. BIBLIOGRAPHY: Slater, J. (2011). Practical Business Math Procedures, Tenth Edition with student DVD-ROM and Business Math Handbook. McGraw Hill-Irwin.