Mathematics for Business and Personal Finance (2024)

Unit2:Managing Your Money

WebQuests

Marathon Tourism

Introduction
Sports tourism is an important and growing business worldwide. Whether traveling to compete or simply to spectate, attending a notable sporting event is a fun way to see new places.

Marathons are major sporting events which attract increasing numbers of both professional and amateur athletes. Cities host marathons for civic pride and for the millions of tourist dollars they generate. With at least one marathon held in all 50 states, you can find a big race being run just about wherever you might travel!

In this WebQuest you will plan a detailed itinerary and budget for a trip to a big city marathon. Your itinerary and budget should include travel, accommodations, meals, and interesting activities for a group of running enthusiasts.

Task
A local running club is planning a trip to an out of town marathon. Your task is to select a race and organize an interesting itinerary and detailed budget for ten travelers. The budget for the trip is $1,300 per person and lasts four days.

Process
1. Your teacher will divide your class into groups of at least four.

2. Each group member will choose one big city marathon to investigate. Marathons to choose from include:
  • ING New York City Marathon
  • LaSalle Bank Chicago Marathon
  • Honolulu Marathon
  • Marine Corps Marathon
  • City of Los Angeles Marathon
  • Boston Marathon
  • Rock 'n' Roll Marathon
  • Walt Disney World Marathon
  • Twin Cities Marathon
  • Portland Marathon
3. Prepare a detailed plan for air travel. Travelers will arrive two days before the marathon and leave two days after the race. Be sure to comparison shop in order to stay within your budget.

4. Find convenient and affordable accommodations. Be sure the hotel is not too far from the race location or from the airport. For budgeting purposes, assume two travelers stay in each room.

5. Investigate local attractions for the group to visit before and after the marathon. Use the Web to research museums, historic sites, landmarks, and cultural centers in the city. Choose which attractions you think are convenient and would most interest the group.

6. Create a detailed itinerary for the trip. Your itinerary should include travel arrangements, the marathon itself, local attractions, and meal times. Be sure to leave time for the group to travel from one scheduled event to the next.

7. Based on the travel plans, accommodations, and itinerary you created, outline a budget for the trip. Remember, each person's budget is limited to $1,300. That includes meals and other incidental expenses like souvenirs and snacks.

8. Once you have completed your itinerary and budget and are back in class, you will need to form groups based on students' selected cities. In groups, students will discuss their research findings and itineraries. Then, each group will come up with a creative way to present their marathon as an attractive destination for other tourists. The presentation should cover that marathon's route, history, and interesting facts. It should also include local attractions that tourists might want to see while in town.

Each group may choose a presentation format from the following list, or create their own:
  • Brochure
  • Poster
  • Visual Collage
  • Video
  • PowerPoint
Resources
Here is a list of Web resources to use while planning your trip.

Travel Plans

Accommodations
Local Attractions
Evaluation

Beginning
2

Developing
5

Accomplished
8

Exemplary
10

Score

Research

Information is inaccurate or inadequate

Information is complete but has little detail

Appropriate information has been gathered to satisfy the assignment

Clear and interesting information has been gathered and assignment is satisfied in detail

Itinerary Plan

Plan is incomplete, simple, or not organized

Plan is complete but includes limited detail

Plan is detailed, including timing and destination

Plan is organized, detailed, and chronological

Budget

Budget is incomplete

Budget includes only price information

Budget includes all costs and relevant details

Budget is organized, detailed, and under the target amount

Group Collaboration

No teamwork and bad use of time

Some teamwork, but not all team members put forth the same effort

Most team members contribute to the group task and are motivated

All team members work collaboratively and efficiently and are highly motivated

Creative Project

No signs of a unique presentation

Some unique elements but limited original work

Presentation shows original thought

Presentation stands out in its use of original thinking and visual creativity

Group Presentation to the Class

Not all team members participate in presentation

Presentation is given by the team, but presentation is not organized or clear

Entire team participates in an organized and clear presentation

Team works as a solid unit to make the presentation, using body language and good voice projection to address the class

Conclusion
You have successfully completed an itinerary and detailed budget for a group trip to a big city marathon. Your assignment required in-depth Web investigation, thoughtful planning, and careful budgeting. You have also explored a new city and learned about the growing opportunities in sports tourism.

Organized planning and budgeting skills are important whenever you put together a complicated project. These skills help you make the most of your time and money.

Mathematics for Business and Personal Finance (1)
Mathematics for Business and Personal Finance (2024)

FAQs

Is business finance math hard? ›

One thing that's for sure is the high amount of math you will need to study. Finance is a mathematical discipline, so if you aren't as comfortable with math as with other ways of thinking, you may find it more challenging. Additionally, finance also makes use of a vast, highly specific vocabulary.

What math is used in finance and business? ›

There are several different kinds of math that are used in business. Some of these include geometry, probability, calculus, arithmetic, algebra, and statistics. Each of these different types of math help business owners and operators understand different concepts and solve different types of problems.

Is there a lot of math in business finance? ›

While each program will vary slightly, students earning a finance degree can expect to take a sizable amount of math classes. Finance degrees will often cover more basic mathematical concepts such as algebra and statistics, as well as more industry-specific math courses such as probability and business mathematics.

What is the math equation for personal finance? ›

(Deposit) ((1 + r)t 1) Balance After t Monthly Deposits = ⇥ r Where t is the number of deposits and r is the monthly interest rate. Where t is the number of deposits needed to reach your goal and r is the monthly interest rate. Where r is the monthly rate in decimal form and t is the term in number of months.

Can I do finance if I'm bad at math? ›

However, this is just a simple misperception that many students have in the finance study. It is true that knowing math is essential because finance actually is about studying the flow of money. However, that doesn't mean you need a high level of mathematics skills like Calculus.

Can I study business if I'm bad at math? ›

It's important to keep in mind that a business degree entails more than just math calculations. People who struggle with arithmetic ideas but excel in other areas of business, like leadership or strategy, should continue to be confident.

What level of math is finance? ›

Usually, if you're considering a finance major in college, it's suggested that you finish around three to four years of math during your high school years. The most advanced level you might need to reach varies based on the college you're interested in, but it could be as high as Algebra II or Pre-Calculus.

Is business math heavy? ›

In terms of the difficulty of mathematical requirements, a business administration degree indeed requires students to engage with mathematical concepts. However, compared to the math used in disciplines like engineering or physics, this math is typically not as difficult.

Is finance harder than accounting? ›

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

Does personal finance class have math? ›

In most high schools, personal finance classes are light on math, and math classes are light on personal finance. The FiCycle curriculum has plenty of each.

What is the basic rule of personal finance? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What is the most famous equation in finance? ›

Black–Scholes equation

A key financial insight behind the equation is that one can perfectly hedge the option by buying and selling the underlying asset and the bank account asset (cash) in such a way as to "eliminate risk".

How hard is business finance? ›

Finance degrees are generally considered to be challenging. In a program like this, students gain exposure to new concepts, from financial lingo to mathematical problems, so there can be a learning curve.

How hard is financial mathematics? ›

Is the math hard in finance? When calculating the math with financial equations it is pertinent to know all characteristics to substitute into the formula. In order to use any formula, the principal, rate, and time are needed to help calculate overall interest. Thus, no calculating the math is not hard.

Is business finance harder than accounting? ›

Is finance harder than accounting? Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

How difficult is business math? ›

In terms of the difficulty of mathematical requirements, a business administration degree indeed requires students to engage with mathematical concepts. However, compared to the math used in disciplines like engineering or physics, this math is typically not as difficult.

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