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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. Convert 80% to a fraction






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






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






4. Convert 1/4 to a percent






5. 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






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






7. (Retail - Cost)/ Retail






8. Liabilities - capital - income






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






10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






11. Net Sales for period/ Avg Stock for period






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






13. cost of an item expressed per unit of measure or count.






14. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






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






16. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






17. Outside numbers in a ratio.






18. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






19. Convert 3 to a percent






20. $ RETAIL X (100 - GM %) / 100






21. Alignment of the decimals is not important






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






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






24. 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%






25. Convert 56% to a decimal






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






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






28. He availability of your money is called _.






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






30. Convert 70/100 to a percent






31. Another way of counting part of a whole?






32. Assets - cost of goods sold - expenses






33. Convert 20 to a percent






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






35. 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?






36. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






38. 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...






39. What does percent mean?






40. Original retail price - Lower retail price






41. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






42. Convert .36 to a percent






43. 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)






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






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






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






47. Net Sales / Average Retail Value of Inventory






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






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






50. 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







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