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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. 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...






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






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






4. Outside numbers in a ratio.






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






6. Convert 3 to a percent






7. Convert 41/100 to a percent






8. Convert 56% to a decimal






9. 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?






10. Amount decrease (Original - New) / Original amount = decimal= convert to %






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






12. Inside numbers in a ratio.






13. Convert 50% to a fraction






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






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






16. What does percent mean?






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






18. Convert 80% to a fraction






19. Another way of counting part of a whole?






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






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






22. A/b






23. Convert .62 to a percent






24. (TY-LY)/ LY or (Plan-Actual)/






25. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






26. 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)






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






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






29. What is the product of 3.26 and 0.4?






30. The average person will have _ jobs in their lifetime.






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






32. 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






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






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






35. Sales - cost of goods sold






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






37. Convert 70/100 to a percent






38. Convert .36 to a percent






39. Convert 1/4 to a percent






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






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






42. current assets/ current liabilities






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






44. The point at which you stop losing money.






45. 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






46. Convert 14% to a fraction






47. 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






48. cash + receivables/ current liabilities.






49. 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%






50. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms