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






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






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






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






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






6. 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






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






8. Convert 10/11 to a percent






9. Another way of counting part of a whole?






10. Net Sales / Average Retail Value of Inventory






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






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






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






14. 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.






15. BOM $ Stock/ Sales for period






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






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






18. What does percent mean?






19. A/b






20. 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%






21. 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)






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






23. Original retail price - Lower retail price






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






25. Loss of items due to damaged goods - stealing - etc.






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






27. 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






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






29. Convert 80% to a fraction






30. Total Net Sales / Total Number of Transactions






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






32. Convert 70% to a decimal






33. Convert .36 to a percent






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






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






36. Convert 41/100 to a percent






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






38. total annual sales/365






39. 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






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






41. Convert 1/4 to a percent






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






43. 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






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






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






46. Convert 14% to a fraction






47. (Retail - Cost)/ Retail






48. Convert .4 to a percent






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






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