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DSST Business Math

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. (TY-LY)/ LY or (Plan-Actual)/






2. Convert 41/100 to a percent






3. BOM $ Stock/ Sales for period






4. A^m/a^n = a^(m-n)






5. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






6. Turning assets into cash.






7. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






8. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






9. Convert .36 to a percent






10. Net Sales / Average Retail Value of Inventory






11. Beginning inventory + Purchases - Ending inventory






12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






13. A measure of the number of days needed to collect accounts receivable.






14. You should never take out more than a _ year mortgage.






15. ($ Retail x 100 / COST) - 100






16. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






17. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






18. Commissions - fees for service - merchandise sales - rental income - royalties






19. $ retail x (100%-markup)






20. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






21. Two equivalent ratios joined by an equal sign.






22. Convert .4 to a percent






23. Liabilities - capital - income






24. The average person will have _ jobs in their lifetime.






25. What happens when your sales are higher than your expenses - etc.






26. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






27. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






28. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






29. Direct labor - factory overhead - merchandise inventory - packaging - raw material






30. Units Sold/ (Units Sold + On Hand Inventory)






31. What happens when your expenses - etc. are higher than your sales






32. A/b + c/b = (a+c)/b






33. $ Cost/ (100%-markup%)






34. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






35. Convert 65% to a decimal






36. Total Net Sales / Total Number of Transactions






37. Convert 70/100 to a percent






38. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






39. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






40. Convert 56% to a decimal






41. Outside numbers in a ratio.






42. (Retail - Cost)/ Retail






43. S=X(1+r1)^y(1+r






44. Convert 14% to a fraction






45. Convert 1/4 to a percent






46. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






47. Formula: GM = NS - COG; GM$ = NS$ X GM%






48. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






49. When sales plans are underestimated and the stock purchases result in a low inventory






50. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring