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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 20 to a percent






2. Outside numbers in a ratio.






3. Gross Margin/ Average Inventory Cost






4. Another way of counting part of a whole?






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






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






7. Convert 14% to a fraction






8. (Retail - Cost)/ Retail






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






10. Convert 65% to a decimal






11. total annual sales/365






12. Convert .4 to a percent






13. current assets/ current liabilities






14. Turning assets into cash.






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






16. Convert 41/100 to a percent






17. Net Sales / Average Retail Value of Inventory






18. 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?






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






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






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






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






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






24. total fixed costs/ selling price-variable cost






25. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






26. Sales - cost of goods sold






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






28. Convert 56% to a decimal






29. 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






30. Net Sales for period/ Avg Stock for period






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






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






33. BOM $ Stock/ Sales for period






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






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






36. Assets - cost of goods sold - expenses






37. Original retail price - Lower retail price






38. 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






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






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






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






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






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






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






45. What is the product of 3.26 and 0.4?






46. 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%






47. 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






48. 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






49. 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%






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