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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. 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)






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






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






4. Convert 56% to a decimal






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






6. 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%






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






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






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






10. total fixed costs/ selling price-variable cost






11. Convert 65% to a decimal






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






13. Convert 10/11 to a percent






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






15. 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






16. He availability of your money is called _.






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






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






19. What is the product of 3.26 and 0.4?






20. 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






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






22. Alignment of the decimals is not important






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. 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?






25. Wholesale cost






26. Convert 50% to a fraction






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






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






29. Inside numbers in a ratio.






30. Convert 1/4 to a percent






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






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. Outside numbers in a ratio.






35. 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.






36. A/b






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






38. BOM $ Stock/ Sales for period






39. Original retail price - Lower retail price






40. cash + receivables/ current liabilities.






41. The point at which you stop losing money.






42. Beginning inventory + Purchases - Ending inventory






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






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






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






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






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






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






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






50. Convert 70/100 to a percent