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Business Foundation Modules

What to Expect

All students accepted into the Professional MBA program must pass four online Business Foundations Modules as a condition of admission to the program.

The Business Foundation Modules are required for all students – regardless of undergraduate degree, GPA or experience level. The modules are intended to bring all new students to an appropriate level of knowledge in four areas: Accounting, Economics, Statistics and Excel.

New students must purchase online access for $192 for all four required modules ($48 per module). The purchase allows unlimited access for 12 months. You may take the assessments as many times as necessary to pass each section without having to pay again to re-take the tests.  Most students complete all 4 modules in 25 to 35 hours, depending upon their familiarity with the subject matter.

Online tutorials are included with each assessment and the tutorials can be used to refresh your memory or to learn the material for the first time.  We recommend that you start with the “assessment” in each module and then study the tutorials that are recommended based on how you do the first time through the test.  The emphasis is for everyone to have a common understanding of the basic concepts and terminology needed to start the program, while also demonstrating competency in these foundational areas.

Deadline to Complete:

Competency exams must be completed by August 14, 2021 for students beginning Fall 2021.  Links will be emailed to students who are accepted into the Professional MBA program; please contact your academic advisor if you need a link or have questions about the module materials. Those who do not complete these modules prior to the first week of class will be administratively removed from their courses.

Exam Topics

Expect to understand and apply the concepts and computations for each exam.


  1. Descriptive Statistics
    1. Graphs
    2. Numerical measures
  2. Probability distributions
    1. Normal
    2. Other
  3. Statistical Inference
    1. Estimation
    2. Hypothesis testing
    3. Sample size
  4. Analysis of Variance
  5. Regression Analysis


  1. Economic Fundamentals
    1. Macro versus micro-economics definition
    2. Opportunity costs and its importance to economic decision making
    3. Marginal thinking and analysis and its importance to economics
  2. Principles of demand analysis (graphical, numeric, and verbal)
    1. What determines slope of demand?
    2. Demand shifters
    3. Demand elasticity
    4. Income elasticity
    5. Cross price elasticity of demand
  3. Principles of supply analysis (graphical, numeric, and verbal)
    1. What determines slope of supply?
    2. Supply shifters
    3. Supply elasticity
    4. Cross price elasticity of supply
    5. Lengths of run and impact on supply
    6. Economies of scale and implications for supply
    7. Using proper costs to make proper production decisions
  4. Analysis of Market Outcomes
    1. Determine equilibrium prices and quantities(graphical, numeric, and verbal)
    2. Discuss why competitive markets yield efficient solutions
    3. Conditions for a competitive market
    4. Implications of dis-equilibria (price floors/ceilings, quotas, etc.)
  5. Implications of alternative market structures (e.g., oligopoly and monopoly) on industry behavior and market outcomes.


  1. Double entry accounting: basic debit and credit mechanics
  2. Accrual vs. cash basis accounting
  3. Transaction analysis: how do common business transactions affect the financial statements
  4. Balance Sheets: reporting issues for assets, liabilities, or owner’s equity
  5. Income statements: reporting issues for revenues and expenses
  6. Cash Flow Statements: understanding operating, investing and financing sources and uses of cash
  7. Inventory costing methods: LIFO and FIFO
  8. Fixed asset accounting: the acquisition, disposal and depreciation of property, plant and equipment

MBA Excel Skills:

  1. Basics: Open; import; save files; cell formatting; copy or move range of cells.
  2. Charts
  3. Data Tables
  4. Functions and Formulas (both absolute and relative)
  5. 2-Variable Data Tables
  6. Pivot Charts
  7. Pivot Tables