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






2. Beginning inventory + Purchases - Ending inventory






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






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






5. total annual sales/365






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






7. 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






8. Two equivalent ratios joined by an equal sign.






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






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






11. 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.






12. Convert 10/11 to a percent






13. Convert 70% to a decimal






14. Turning assets into cash.






15. Convert 14% to a fraction






16. The wholesale cost of goods plus the markup






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






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






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






20. 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






21. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






22. Net Sales / Average Retail Value of Inventory






23. 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)






24. 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)






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






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






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






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






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






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






32. BOM $ Stock/ Sales for period






33. cash + receivables/ current liabilities.






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






35. Convert 56% to a decimal






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






37. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






39. Convert .4 to a percent






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






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






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






43. Convert 80% to a fraction






44. Inside numbers in a ratio.






45. Convert 70/100 to a percent






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






47. 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






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






49. 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?






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