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






2. Net Sales / Average Retail Value of Inventory






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






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






5. 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






6. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






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






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






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






11. 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






12. The wholesale cost of goods plus the markup






13. Convert 14% to a fraction






14. accounts receivable/ average daily sales






15. Original retail price - Lower retail price






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






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






18. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






19. 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






20. A/b






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






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






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






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






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






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






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






28. Net Sales for period/ Avg Stock for period






29. Convert 1.25 to a percent






30. BOM $ Stock/ Sales for period






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. A/b






33. What is the product of 3.26 and 0.4?






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






35. (Retail - Cost)/ Retail






36. Convert .36 to a percent






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






38. 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%






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






40. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






42. Convert .62 to a percent






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






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






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






46. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






47. 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)






48. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






49. total annual sales/365






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