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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 .36 to a percent






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






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






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






5. current assets/ current liabilities






6. 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)






7. 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%






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






9. 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.






10. Assets - cost of goods sold - expenses






11. cash + receivables/ current liabilities.






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






13. Beginning inventory + Purchases - Ending inventory






14. Net Sales for period/ Avg Stock for period






15. total annual sales/365






16. Liabilities - capital - income






17. What does percent mean?






18. 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)






19. Convert 50% to a fraction






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






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






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






23. The wholesale cost of goods plus the markup






24. Outside numbers in a ratio.






25. Another way of counting part of a whole?






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






27. Total Net Sales / Total Number of Transactions






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






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






30. Convert 41/100 to a percent






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






32. Convert 10/11 to a percent






33. 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?






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






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






36. 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...






37. Convert 80% to a fraction






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






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






40. 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






41. 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?






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






43. Wholesale cost






44. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






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






47. 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






48. If freight is to be paid by the seller - the shipping terms are...






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






50. 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