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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. total annual sales/365






2. Another way of counting part of a whole?






3. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






4. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






5. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






6. Total Net Sales / Total Number of Transactions






7. Convert 70% to a decimal






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






9. Convert 20 to a percent






10. 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?






11. Liabilities - capital - income






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






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






14. 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)






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






16. Convert 80% to a fraction






17. A/b






18. Wholesale cost






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






20. Convert 65% to a decimal






21. (Retail - Cost)/ Retail






22. The wholesale cost of an item (cost of goods - or COG)






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






24. Outside numbers in a ratio.






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






26. BOM $ Stock/ Sales for period






27. The average car will lose _% of its value in the first 4 years.






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






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






30. current assets/ current liabilities






31. 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






32. 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






33. Capital stock - owner's equity (owner's funds invested in the business)






34. Assets - cost of goods sold - expenses






35. cash + receivables/ current liabilities.






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






37. Convert .4 to a percent






38. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






39. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






40. A/b






41. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






42. A form of closed-end credit used for purchasing durable goods such as cars






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






44. He availability of your money is called _.






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






46. $ Cost x (100 + Mark-up %) / 100






47. Convert 50% to a fraction






48. 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?






49. The point at which you stop losing money.






50. 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?