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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 65% to a decimal






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






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






4. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






5. current assets/ current liabilities






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






7. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






8. 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






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






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






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






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






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






14. The wholesale cost of goods plus the markup






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






16. The point at which you stop losing money.






17. Convert 14% to a fraction






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






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






20. Convert .36 to a percent






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






22. cash + receivables/ current liabilities.






23. $ retail x (100%-markup)






24. Sales - cost of goods sold






25. Commissions - fees for service - merchandise sales - rental income - royalties






26. total annual sales/365






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






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






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






30. Two equivalent ratios joined by an equal sign.






31. Net Sales for period/ Avg Stock for period






32. Total Net Sales / Total Number of Transactions






33. Convert .62 to a percent






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






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






36. 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%






37. Convert 1.25 to a percent






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






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






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






41. 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?






42. A/b






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






44. 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






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






46. 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






47. A/b






48. Alignment of the decimals is not important






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






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