Final Assessment Outline
Competency Name: Mathematics for Business
Competency Statement: MAT 140 Mathematics for Business will provide a mathematics foundation for business. Topics covered will
include mathematical analysis for economics, accounting, finance and
management.
Final Assessment Title: Final Assessment
Program Learning Outcomes: PLOs Assessed in this course include:
N/A
Competency Learning Outcomes (CLOs)
1) Identify when to use appropriate equations to solve business problems
2) Calculate trade and cash discounts
3) Determine Markups and Markdowns
4) Identify and calculate different payroll elements
5) Calculate payroll, taxes and deductions.
Purpose of the Assessment
The purpose of the final assessment is to evaluate your knowledge in this course, Mathematics for Business. Demonstration of your
knowledge of each of the course learning objectives (CLO’s) must meet a proficient or exemplary level as seen in the course final
assessment rubric.
Submission Artifacts:
The final assessment requires a PowerPoint with voiceover submission (approximately 12 to 15 minutes) answering the final assessment
case study explaining the process taken with supporting calculations when developing
The new launch Development Plan will:
1) Identify when to use appropriate equations to solve business problems
2) Calculate trade and cash discounts
3) Determine Markups and Markdowns
4) Identify and calculate different payroll elements
5) Calculate payroll, taxes and deductions.
Submission:
Consider the following scenario. For a weekly pay period, you know the following information about the payroll at Fort Kent Industries.
Friday is a mandatory holiday.
Chris receives an annual salary of $89,760.00 based on a 36-hour workweek comprised of four, nine-hour days. She has two hours of
overtime at time-and-a-half and did not work the mandatory holiday.
Lawrence is paid $35.50 per hour based on eight-hour days and a 40-hour workweek. All premium wages are paid at regulatory
minimums. From Sunday to Saturday, he worked 8, 0, 8, 8, 8, 3, and 8 hours, respectively. He will not receive another day off in lieu
for the mandatory holiday.
Greg receives a graduated commission of 2.25% on his first $100,000 in sales and 4.15% on anything higher. His sales during one
week were $123,000. Ignore his holiday or mandatory earnings in your calculations.
Gunnar is paid a straight piecework wage of $2.24 per unit produced. He worked a total of 30 hours during the week, producing one
unit every five minutes. Ignore his holiday or mandatory earnings in your calculations.
The Maine state tax rate for all employees in this scenario is 5.8%.
Social Security tax rate is 6.2% for the employee, and 6.2% for the employer.
The Medicare tax rate us 1.45% for the employee, and 1.45% for the employer.
The Federal tax rate for all employees in this scenario is 22%.
PowerPoint with Voiceover Integration
For all employees combined, determine the:
1. Total regular earnings
2. Overtime earnings
3. Holiday earnings,
4. Holiday worked earnings that Fort Kent Industries must report on its weekly company payroll report.
The PowerPoint must follow outline:
1) Introduction (1-2 slides)
a) Define the key features of the problem as defined above.
2) Calculation (4-8 slides)
a) Illustrate the formulas with calculations for each of the 4 employees.
b) Explain the rational for using the calculations described above.
3) Summary & References
a) Summarize the use necessity of payroll exemptions and how important it is to have correct data and calculations.
b) Reference resources using APA format.
Check Before Submission:
Before submitting, double-check, have you have met the criteria noted below. Did you….
Identify correct calculations and formulas for each employee
Make your presentation engaging, informative, and concise
Include the logical illustrations for each employee
Implement course materials and research materials to support your formulas.
Check for accuracy in composition, APA format, and meeting the guidelines as delineated step 2.
Make certain you are well practiced and articulate materials in a professional manner, (limit ums, like’s and other communication
flaws)
