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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. Convert 10/11 to a percent






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






3. 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






4. 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






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






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






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






8. Alignment of the decimals is not important






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






10. BOM $ Stock/ Sales for period






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






12. (Retail - Cost)/ Retail






13. Convert 80% to a fraction






14. The wholesale cost of goods plus the markup






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






16. $ retail x (100%-markup)






17. Gross Margin/ Average Inventory Cost






18. A/b






19. Outside numbers in a ratio.






20. The wholesale cost of an item (cost of goods - or COG)






21. Convert 41/100 to a percent






22. Sales - cost of goods sold






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






24. 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






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






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






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






28. Convert 3 to a percent






29. Net Sales for period/ Avg Stock for period






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






31. total fixed costs/ selling price-variable cost






32. What is the product of 3.26 and 0.4?






33. He availability of your money is called _.






34. Original retail price - Lower retail price






35. 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






36. cash + receivables/ current liabilities.






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






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






39. accounts receivable/ average daily sales






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






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






42. Liabilities - capital - income






43. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






45. Turning assets into cash.






46. Wholesale cost






47. When sales plans are underestimated and the stock purchases result in a low inventory






48. Convert 56% to a decimal






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






50. 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?