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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^m/a^n = a^(m-n)






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






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






4. Another way of counting part of a whole?






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






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






7. 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.






8. Wholesale cost






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






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






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






12. Convert .62 to a percent






13. Liabilities - capital - income






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






15. Convert 14% to a fraction






16. Gross Margin/ Average Inventory Cost






17. Convert 65% to a decimal






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






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






20. total fixed costs/ selling price-variable cost






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






22. Convert 50% to a fraction






23. 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






24. A/b






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






26. Inside numbers in a ratio.






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






28. current assets/ current liabilities






29. Assets - cost of goods sold - expenses






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






31. 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%






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






33. BOM $ Stock/ Sales for period






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






35. 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?






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






37. 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...






38. 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






39. cash + receivables/ current liabilities.






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






41. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






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






43. (Retail - Cost)/ Retail






44. Convert .4 to a percent






45. 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






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






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






48. 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






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