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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. cash + receivables/ current liabilities.






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






3. 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






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






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






6. (Retail - Cost)/ Retail






7. What does percent mean?






8. Beginning inventory + Purchases - Ending inventory






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






10. Convert 1/4 to a percent






11. 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)






12. Convert 56% to a decimal






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






14. A/b






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






16. Convert 1.25 to a percent






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






18. Original retail price - Lower retail price






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






20. Convert 20 to a percent






21. Inside numbers in a ratio.






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






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






24. 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






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






26. Assets - cost of goods sold - expenses






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






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






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






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






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






32. The point at which you stop losing money.






33. Convert 70% to a decimal






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






35. 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?






36. 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






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






38. 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






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






40. 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?






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






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






43. Convert .4 to a percent






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






45. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






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






47. Convert 3 to a percent






48. Turning assets into cash.






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






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