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






2. 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.






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






4. Convert 1.25 to a percent






5. Beginning inventory + Purchases - Ending inventory






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






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






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






9. Convert 10/11 to a percent






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






11. 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...






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






13. Convert 70% to a decimal






14. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






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






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






17. 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)






18. (Retail - Cost)/ Retail






19. Convert 1/4 to a percent






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






21. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






22. He availability of your money is called _.






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






24. cash + receivables/ current liabilities.






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. 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?






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






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






29. Original retail price - Lower retail price






30. 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%






31. Convert 80% to a fraction






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






33. A/b






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






35. The wholesale cost of goods plus the markup






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






37. current assets/ current liabilities






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






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






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






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






42. Alignment of the decimals is not important






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






44. total annual sales/365






45. 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?






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






47. What does percent mean?






48. 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)






49. accounts receivable/ average daily sales






50. The point at which you stop losing money.