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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^m/a^n = a^(m-n)






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






3. current assets/ current liabilities






4. 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?






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






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






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






8. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






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






11. 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






12. Beginning inventory + Purchases - Ending inventory






13. Two equivalent ratios joined by an equal sign.






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






15. Convert 3 to a percent






16. Another way of counting part of a whole?






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






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






19. Net Sales / Average Retail Value of Inventory






20. Convert 70/100 to a percent






21. Convert 50% to a fraction






22. Convert 1.25 to a percent






23. A/b






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






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






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






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






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






29. 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.






30. $ retail x (100%-markup)






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






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






33. Convert .62 to a percent






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






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






36. He availability of your money is called _.






37. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






38. 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






39. accounts receivable/ average daily sales






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






41. total fixed costs/ selling price-variable cost






42. Original retail price - Lower retail price






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






44. Gross Margin/ Average Inventory Cost






45. BOM $ Stock/ Sales for period






46. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






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






48. Sales - cost of goods sold






49. Wholesale cost






50. 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...