QNM103 - Mathematics for Business

Outline information
Semester
Schools offering this subject
Last revision date 2022-09-26 00:07:44.5
Last review date 2022-12-05 00:15:01.97

Subject Title
Mathematics for Business

Subject Description
This one semester subject provides students with the fundamentals of mathematics for business. The subject has been designed to allow for some review of the basic mathematical skills required, as well as focusing on conceptual understanding and problem solving. Students will study topics relevant to both service organizations and merchandise operations. In addition to covering all required topics, an objective of this subject in conjunction with QNM104, is to improve the student's overall ability and confidence in business mathematics.

Credit Status
Students scoring less than 70 in Basic Arithmetic and less than 50 in Algebra on the assessment tests are required to take QNM103 -Mathematics for Business and QNM104-Mathematics for Finance. The successful completion of these subjects will result in a one-half credit each and the successful completion of both these subjects will result in one full credit and equivalency to QNM106-Mathematics for Business and Finance. ***Students must be successful in QNM103 before going on to QNM104 unless signed permission is given from a professor teaching one of these courses. In this case, a student who is not successful in QNM103 this semester may be allowed to take QNM104 next semester but must retake QNM103 in a future semester. In other special circumstances, a student may take both QNM103 and QNM104 during the same semester, but signed permission must be given from a professor teaching one of these courses. ***

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate competence and confidence with basic mathematical skills, as indicated by:

  • identifying appropriate place values in large numbers
  • following given rounding rules
  • demonstrating the ability to look for reasonableness and appropriate size in proposed answers
  • demonstrating the ability to use a business calculator in an accurate and effective manner
  • demonstrate ability to write numbers in words and numerical values

2. Demonstrate competence in basic problem solving skills, as indicated by:
  • setting up and solving linear equations with one unknown using basic algebra skills
  • analyzing business word problems by identifying the type of problem, the information given in the problem, and the information requested

3. Apply ratios, proportions, and percents to solve a variety of business problems, as indicated by:
  • setting up, manipulating and using ratios to solve allocation problems
  • setting up, solving and using proportions to solve problems involving the equivalence of two ratios
  • finding percentages, computing rates percent, finding the base for a rate percent, and applying these skills to solve business problems
  • solving problems of increase and decrease including the finding of the rate of increase or decrease and the original quantity on which the increase or decrease is based

4. Determine gross earnings for employees remunerated by payment of salaries, hourly wages, or commissions as indicated by:
  • determining hourly rates
  • computing overtime pay
  • finding straight/graduated commissions
  • calculating gross pay per pay period

5. Determine trade discounts and cash discounts.
  • solving problems involving trade discounts, including discount series and equivalent single rates of discount
  • dealing with the three most commonly used methods of cash discount

6. Markup and markdown, as indicated by:
  • solving problems involving markup based on either cost or selling price
  • solving pricing problems involving markup, markdown, and discounts

7. Use exchange rate calculations, as indicated by:
  • converting currency amounts between two countries
  • using exchange rate calculations to determine cost of goods bought in foreign countries considering taxes and duties

8. Perform Cost-Volume-Profit Analysis using either the contribution margin or the algebraic approach, as indicated by:
  • calculating and explaining the effect of a change in sales activity on variable costs and net income
  • computing the break-even point in sales units and dollars
  • computing sales in units and dollars to achieve a desired net income

9. Solve problems from designated topics (see Topic Outline) using the Vretta on-line program.

Essential Employability Skills
    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.