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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. total annual sales/365






2. 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






3. The wholesale cost of goods plus the markup






4. 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






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






6. Convert 65% to a decimal






7. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






8. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






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






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






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






13. Convert 80% to a fraction






14. Outside numbers in a ratio.






15. cash + receivables/ current liabilities.






16. He availability of your money is called _.






17. 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?






18. cost of an item expressed per unit of measure or count.






19. 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






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






21. Convert 20 to a percent






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






23. 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?






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






25. The recommended house payment should be no more than _% of your monthly take-home pay.






26. total fixed costs/ selling price-variable cost






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






28. 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%






29. 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...






30. Convert 1.25 to a percent






31. What does percent mean?






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






33. 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%






34. 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)






35. Convert 10/11 to a percent






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






37. Sales - cost of goods sold






38. The point at which you stop losing money.






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






40. $ retail x (100%-markup)






41. Net Sales / Average Retail Value of Inventory






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






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






44. Convert .62 to a percent






45. A/b






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






47. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






48. 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






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






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