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






2. 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?






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






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






5. Convert 20 to a percent






6. Gross Margin/ Average Inventory Cost






7. 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...






8. 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






9. Net Sales / Average Retail Value of Inventory






10. Convert 1.25 to a percent






11. 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






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






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






14. 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?






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






16. 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






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






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






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






20. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






22. A/b






23. accounts receivable/ average daily sales






24. Outside numbers in a ratio.






25. Turning assets into cash.






26. Net Sales for period/ Avg Stock for period






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






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






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






30. 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






31. Convert 10/11 to a percent






32. Beginning inventory + Purchases - Ending inventory






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






34. The point at which you stop losing money.






35. Convert 80% to a fraction






36. Convert .62 to a percent






37. Wholesale cost






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






39. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






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






41. 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)






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






43. 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?






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






45. 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






46. Assets - cost of goods sold - expenses






47. What is the product of 3.26 and 0.4?






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






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






50. Sales - cost of goods sold






Can you answer 50 questions in 15 minutes?



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