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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. Liabilities - capital - income






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






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






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






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






6. Convert 50% to a fraction






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






8. A/b






9. Convert 1.25 to a percent






10. Convert 70% to a decimal






11. Inside numbers in a ratio.






12. Gross Margin/ Average Inventory Cost






13. Convert .36 to a percent






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






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






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






17. Convert .62 to a percent






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






19. Sales - cost of goods sold






20. What is the product of 3.26 and 0.4?






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






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






23. Commissions - fees for service - merchandise sales - rental income - royalties






24. 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)






25. 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.






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






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






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






29. accounts receivable/ average daily sales






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






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






32. current assets/ current liabilities






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






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






35. 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%






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






37. Convert .4 to a percent






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






39. Two equivalent ratios joined by an equal sign.






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






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






42. total fixed costs/ selling price-variable cost






43. Outside numbers in a ratio.






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






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. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






47. He availability of your money is called _.






48. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






49. (Retail - Cost)/ Retail






50. Convert 56% to a decimal