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






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






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






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






5. Convert 80% to a fraction






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






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






8. 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






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






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






11. The point at which you stop losing money.






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






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






15. 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.






16. He availability of your money is called _.






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






18. 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...






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






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






21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






23. Convert 14% to a fraction






24. 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)






25. Convert 1/4 to a percent






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






27. total annual sales/365






28. What does percent mean?






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






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






31. 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?






32. $ retail x (100%-markup)






33. A/b






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






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






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






37. Convert 41/100 to a percent






38. Sales - cost of goods sold






39. Convert 3 to a percent






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






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






42. Gross Margin/ Average Inventory Cost






43. Convert 50% to a fraction






44. Two equivalent ratios joined by an equal sign.






45. 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%






46. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






48. Convert 1.25 to a percent






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






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