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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. accounts receivable/ average daily sales






2. He availability of your money is called _.






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






4. Convert .4 to a percent






5. % of 90 days same as cash convert to payments.






6. The wholesale cost of goods plus the markup






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






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






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






10. 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)






11. 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)






12. total annual sales/365






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






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






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






16. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






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






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






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






20. What does percent mean?






21. 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?






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






23. 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.






24. 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?






25. The point at which you stop losing money.






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






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






28. Liabilities - capital - income






29. A/b






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






31. Convert 50% to a fraction






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






33. 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






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






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/ (100%-markup%)






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






39. BOM $ Stock/ Sales for period






40. Gross Margin/ Average Inventory Cost






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






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






43. Net Sales for period/ Avg Stock for period






44. Convert 70/100 to a percent






45. 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)






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






47. $ retail x (100%-markup)






48. Convert 1/4 to a percent






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






50. A/b







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