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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 wholesale cost of an item (cost of goods - or COG)






2. Convert 80% to a fraction






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






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






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






6. Outside numbers in a ratio.






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






8. Original retail price - Lower retail price






9. Total Net Sales / Total Number of Transactions






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






11. Convert 14% to a fraction






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






13. The point at which you stop losing money.






14. total annual sales/365






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






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






17. 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






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






19. 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






20. Gross Margin/ Average Inventory Cost






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






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






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






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






25. Turning assets into cash.






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






27. Convert 70/100 to a percent






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






29. Liabilities - capital - income






30. A/b






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






32. Beginning inventory + Purchases - Ending inventory






33. The wholesale cost of goods plus the markup






34. Two equivalent ratios joined by an equal sign.






35. Convert 65% to a decimal






36. Convert 56% to a decimal






37. 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.






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






39. Overage$ = book$ - physical count$; overage% = overage$/NS$






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






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






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






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






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






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






46. Convert 1.25 to a percent






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






48. total fixed costs/ selling price-variable cost






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






50. Inside numbers in a ratio.







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