Business mathematics provides students with an understanding of mathematical applications for personal and business use. It involves using mathematics to record and manage business operations. Examples used in business mathematics problems are typically real-life scenarios from the business world and cover topics like break-even analysis, quality control, time studies, and more. Business math plays a vital role in analyzing business costs and estimating profits, and helps assess financial performance and risks. It is closely linked to statistical principles that can provide answers to business challenges.