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






2. Inside numbers in a ratio.






3. Convert 41/100 to a percent






4. $ retail x (100%-markup)






5. total annual sales/365






6. Convert 3 to a percent






7. Another way of counting part of a whole?






8. current assets/ current liabilities






9. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






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






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






15. Convert .4 to a percent






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






17. Original retail price - Lower retail price






18. 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






19. Convert 70% to a decimal






20. Gross Margin/ Average Inventory Cost






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






22. Convert 1/4 to a percent






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






24. The point at which you stop losing money.






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






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






27. 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)






28. 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






29. What is the product of 3.26 and 0.4?






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






31. Convert 20 to a percent






32. 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)






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






34. Beginning inventory + Purchases - Ending inventory






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






36. 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.






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






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






39. Turning assets into cash.






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






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






42. Assets - cost of goods sold - expenses






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






44. 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






45. 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...






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






47. Alignment of the decimals is not important






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






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






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