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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. When sales plans are underestimated and the stock purchases result in a low inventory






2. accounts receivable/ average daily sales






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






4. Convert 50% to a fraction






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






6. Inside numbers in a ratio.






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






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






9. total annual sales/365






10. Liabilities - capital - income






11. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






12. What does percent mean?






13. Alignment of the decimals is not important






14. Convert 1/4 to a percent






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






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






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






18. Two equivalent ratios joined by an equal sign.






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






20. Another way of counting part of a whole?






21. Convert .36 to a percent






22. current assets/ current liabilities






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






24. Convert .4 to a percent






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






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






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






28. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






31. 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?






32. 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?






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






34. cash + receivables/ current liabilities.






35. Total Net Sales / Total Number of Transactions






36. The wholesale cost of goods plus the markup






37. 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)






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






39. 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






40. A/b






41. 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)






42. Convert 14% to a fraction






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






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






45. 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






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






47. A/b






48. Cash or assets that can quickly be converted into cash.






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






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