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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. Loss of items due to damaged goods - stealing - etc.






2. Convert 70% to a decimal






3. Convert 41/100 to a percent






4. Convert 80% to a fraction






5. 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%






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






7. Convert 70/100 to a percent






8. Net Sales / Average Retail Value of Inventory






9. 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.






10. Net Sales for period/ Avg Stock for period






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






12. Outside numbers in a ratio.






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






14. Liabilities - capital - income






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






16. The point at which you stop losing money.






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






18. Beginning inventory + Purchases - Ending inventory






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






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






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






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






23. Total Net Sales / Total Number of Transactions






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






25. Convert 1/4 to a percent






26. 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)






27. Gross Margin/ Average Inventory Cost






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






29. What is the product of 3.26 and 0.4?






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






31. current assets/ current liabilities






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






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






34. Wholesale cost






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






36. Convert 1.25 to a percent






37. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






41. 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






42. 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?






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






44. Convert .36 to a percent






45. total fixed costs/ selling price-variable cost






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






47. 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






48. Convert 50% to a fraction






49. 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






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