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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. 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






2. Alignment of the decimals is not important






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






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






5. total fixed costs/ selling price-variable cost






6. A/b






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






8. BOM $ Stock/ Sales for period






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






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






11. 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?






12. accounts receivable/ average daily sales






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






14. Convert 3 to a percent






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






16. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






18. Another way of counting part of a whole?






19. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






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






21. Convert .36 to a percent






22. Convert 70% to a decimal






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






24. Inside numbers in a ratio.






25. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






26. $ retail x (100%-markup)






27. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






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






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






30. Liabilities - capital - income






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






32. Sales - cost of goods sold






33. 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%






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






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






36. 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






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






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






39. Total Net Sales / Total Number of Transactions






40. Assets - cost of goods sold - expenses






41. Turning assets into cash.






42. cash + receivables/ current liabilities.






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






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






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






46. 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)






47. Convert 80% to a fraction






48. Beginning inventory + Purchases - Ending inventory






49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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







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Can you answer 50 questions in 15 minutes?


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