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






2. Two equivalent ratios joined by an equal sign.






3. Net Sales for period/ Avg Stock for period






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






5. Beginning inventory + Purchases - Ending inventory






6. Net Sales / Average Retail Value of Inventory






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






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






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






10. Outside numbers in a ratio.






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






12. Convert 20 to a percent






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






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






15. current assets/ current liabilities






16. Convert 10/11 to a percent






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






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






19. Convert .62 to a percent






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






21. Convert 80% to a fraction






22. Convert 65% to a decimal






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






24. 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)






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






26. A form of closed-end credit used for purchasing durable goods such as cars






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






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






29. 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






30. Convert 70% to a decimal






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






32. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






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






34. Convert 3 to a percent






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






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






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






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






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






40. Sales - cost of goods sold






41. Convert 14% to a fraction






42. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






43. 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%






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






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






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






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






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






49. A/b






50. Alignment of the decimals is not important