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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. Convert 1.25 to a percent






2. What is the product of 3.26 and 0.4?






3. Beginning inventory + Purchases - Ending inventory






4. Convert .62 to a percent






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






6. 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






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






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






9. Convert 70/100 to a percent






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






11. 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






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






13. 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%






14. Outside numbers in a ratio.






15. 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?






16. BOM $ Stock/ Sales for period






17. The wholesale cost of goods plus the markup






18. Sales - cost of goods sold






19. Two equivalent ratios joined by an equal sign.






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






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






22. (Retail - Cost)/ Retail






23. 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






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






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






26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






28. 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)






29. 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)






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






31. Wholesale cost






32. 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






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






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






35. 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.






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






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






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






39. A measure of the number of days needed to collect accounts receivable.






40. Original retail price - Lower retail price






41. Convert 1/4 to a percent






42. 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...






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






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






45. 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%






46. He availability of your money is called _.






47. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






49. Net Sales / Average Retail Value of Inventory






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