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






2. Convert 20 to a percent






3. Two equivalent ratios joined by an equal sign.






4. (Retail - Cost)/ Retail






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






6. Convert .4 to a percent






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






8. Convert 65% to a decimal






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






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






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






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






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






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






15. 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






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






17. Original retail price - Lower retail price






18. total fixed costs/ selling price-variable cost






19. current assets/ current liabilities






20. A/b






21. Liabilities - capital - income






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






23. Convert 1.25 to a percent






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






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






26. What does percent mean?






27. Beginning inventory + Purchases - Ending inventory






28. Formula: GM = NS - COG; GM$ = NS$ X GM%






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






30. 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






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






32. Convert 14% to a fraction






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






34. 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.






35. Gross Margin/ Average Inventory Cost






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






37. Turning assets into cash.






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






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






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






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






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






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






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






45. 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






46. Convert 41/100 to a percent






47. Assets - cost of goods sold - expenses






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






49. Convert 80% to a fraction






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