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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. 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%






2. Net Sales / Average Retail Value of Inventory






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






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






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






6. Convert .62 to a percent






7. 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






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






9. Original retail price - Lower retail price






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






11. Convert 50% to a fraction






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






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






14. A/b






15. 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...






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






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






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






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






20. A/b + c/b = (a+c)/b






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






22. Convert .4 to a percent






23. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






24. Liabilities - capital - income






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






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






27. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






28. Convert 10/11 to a percent






29. He availability of your money is called _.






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






31. What is the product of 3.26 and 0.4?






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. BOM $ Stock/ Sales for period






34. Turning assets into cash.






35. A/b






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






37. Convert .36 to a percent






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






40. accounts receivable/ average daily sales






41. Alignment of the decimals is not important






42. 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






43. 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?






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






45. 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






46. 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)






47. current assets/ current liabilities






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. total annual sales/365






50. Convert 80% to a fraction