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






2. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






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






4. 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






5. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






6. The point at which you stop losing money.






7. Cash or assets that can quickly be converted into cash.






8. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






9. current assets/ current liabilities






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






11. The recommended house payment should be no more than _% of your monthly take-home pay.






12. cash + receivables/ current liabilities.






13. Convert 70% to a decimal






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






15. $ retail x (100%-markup)






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






17. Convert .36 to a percent






18. 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%






19. A/b - c/b = a-c/b






20. The average car payment is $_ per month for _ months.






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






22. Convert 41/100 to a percent






23. Convert 70/100 to a percent






24. GMROII = GM% x (Sales / Average Value of Inventory)






25. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






27. Two equivalent ratios joined by an equal sign.






28. Another way of counting part of a whole?






29. Convert 10/11 to a percent






30. Total Net Sales / Total Number of Transactions






31. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






32. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






33. Convert 80% to a fraction






34. 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?






35. A/b






36. total annual sales/365






37. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






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






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






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






41. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






42. Convert 1/4 to a percent






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






44. Beginning inventory + Purchases - Ending inventory






45. Wholesale cost






46. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






47. % of 90 days same as cash convert to payments.






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






49. 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?






50. The wholesale cost of goods plus the markup