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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. $ Cost/ (100%-markup%)






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






3. Convert .36 to a percent






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






5. Convert 1/4 to a percent






6. Convert 14% to a fraction






7. 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?






8. A/b






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






10. What is the product of 3.26 and 0.4?






11. 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?






12. 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






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






14. 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)






15. Convert 65% to a decimal






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






17. Convert 3 to a percent






18. Gross Margin/ Average Inventory Cost






19. accounts receivable/ average daily sales






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






21. 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






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






23. The point at which you stop losing money.






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






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






26. 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






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






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






29. Convert 70% to a decimal






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






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






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






33. Convert 70/100 to a percent






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






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






36. $ retail x (100%-markup)






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






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






39. Convert .62 to a percent






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






41. current assets/ current liabilities






42. What does percent mean?






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






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






45. 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






46. Liabilities - capital - income






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






48. 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...






49. 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.






50. Beginning inventory + Purchases - Ending inventory