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






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






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






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






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






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






7. 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)






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






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






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






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






12. Convert 70/100 to a percent






13. Alignment of the decimals is not important






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






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






16. The point at which you stop losing money.






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






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






19. 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)






20. Convert .36 to a percent






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






22. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






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






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






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






26. Outside numbers in a ratio.






27. 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






28. Two equivalent ratios joined by an equal sign.






29. Loss of items due to damaged goods - stealing - etc.






30. current assets/ current liabilities






31. Convert 1/4 to a percent






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






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






34. Convert 1.25 to a percent






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






36. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






37. accounts receivable/ average daily sales






38. Gross Margin/ Average Inventory Cost






39. $ retail x (100%-markup)






40. (Retail - Cost)/ Retail






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






42. Wholesale cost






43. Convert 65% to a decimal






44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






45. Convert 14% to a fraction






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






47. 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






48. Net Sales for period/ Avg Stock for period






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






50. Sales - cost of goods sold