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






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






3. Original retail price - Lower retail price






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






5. Outside numbers in a ratio.






6. Convert .36 to a percent






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






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






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






10. 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?






11. Convert 56% to a decimal






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






13. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






14. 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






15. cash + receivables/ current liabilities.






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






17. $ Cost/ (100%-markup%)






18. Two equivalent ratios joined by an equal sign.






19. Sales - cost of goods sold






20. BOM $ Stock/ Sales for period






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






22. The point at which you stop losing money.






23. 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%






24. Alignment of the decimals is not important






25. Net Sales for period/ Avg Stock for period






26. total fixed costs/ selling price-variable cost






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






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






29. Beginning inventory + Purchases - Ending inventory






30. Convert .4 to a percent






31. 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






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






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






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






35. He availability of your money is called _.






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






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






38. $ retail x (100%-markup)






39. 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)






40. Inside numbers in a ratio.






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






42. S=X(1+r1)^y(1+r






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






44. Convert 14% to a fraction






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






46. 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)






47. 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.






48. Turning assets into cash.






49. 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






50. Convert 1.25 to a percent