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






2. Liabilities - capital - income






3. Another way of counting part of a whole?






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






5. Net Sales for period/ Avg Stock for period






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






7. Convert 20 to a percent






8. $ retail x (100%-markup)






9. 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.






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






11. 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






12. 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?






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






14. Convert .4 to a percent






15. accounts receivable/ average daily sales






16. Wholesale cost






17. Convert 1.25 to a percent






18. A/b






19. total fixed costs/ selling price-variable cost






20. He availability of your money is called _.






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






22. 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%






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






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






25. 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...






26. 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






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






28. Convert 10/11 to a percent






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






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






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






32. BOM $ Stock/ Sales for period






33. Convert 3 to a percent






34. Gross Margin/ Average Inventory Cost






35. Convert 65% to a decimal






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






37. A/b






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






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






40. Turning assets into cash.






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






42. 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






43. Inside numbers in a ratio.






44. Convert .36 to a percent






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






46. What does percent mean?






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






48. Two equivalent ratios joined by an equal sign.






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






50. Convert 70/100 to a percent