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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. Assets - cost of goods sold - expenses






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






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






4. Wholesale cost






5. Liabilities - capital - income






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






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






8. 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






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






10. BOM $ Stock/ Sales for period






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






12. 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






13. total annual sales/365






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






15. current assets/ current liabilities






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






17. Convert 1/4 to a percent






18. Convert .62 to a percent






19. Sales - cost of goods sold






20. Net Sales for period/ Avg Stock for period






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






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






23. 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






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






25. What does percent mean?






26. The wholesale cost of goods plus the markup






27. Turning assets into cash.






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






29. cash + receivables/ current liabilities.






30. Formula: GM = NS - COG; GM$ = NS$ X GM%






31. Convert .4 to a percent






32. 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?






33. 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%






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






35. accounts receivable/ average daily sales






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






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






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






39. $ retail x (100%-markup)






40. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






41. Convert 70/100 to a percent






42. A/b






43. total fixed costs/ selling price-variable cost






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






45. Units Sold/ (Units Sold + On Hand Inventory)






46. Convert 65% to a decimal






47. He availability of your money is called _.






48. 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?






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






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