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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. 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






2. Convert .62 to a percent






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






4. Convert 70/100 to a percent






5. Convert 1.25 to a percent






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






7. 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)






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






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






10. 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...






11. Convert .4 to a percent






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






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






14. Convert 50% to a fraction






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






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






17. The average car payment is $_ per month for _ months.






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






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






20. Sales - cost of goods sold






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






22. The wholesale cost of goods plus the markup






23. 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.






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






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






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






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






28. 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






29. Original retail price - Lower retail price






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






31. Convert 1/4 to a percent






32. Convert 41/100 to a percent






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






34. Convert 10/11 to a percent






35. 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%






36. 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






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






38. A/b






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






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






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






42. Outside numbers in a ratio.






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






44. 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






45. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






46. He availability of your money is called _.






47. What does percent mean?






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






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






50. Convert 56% to a decimal