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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. He availability of your money is called _.






2. A^m/a^n = a^(m-n)






3. 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.






4. Convert 14% to a fraction






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






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






7. Convert 1.25 to a percent






8. Sales - cost of goods sold






9. Assets - cost of goods sold - expenses






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






11. current assets/ current liabilities






12. Convert .62 to a percent






13. Convert 70/100 to a percent






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






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






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






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






18. cash + receivables/ current liabilities.






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






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






21. What does percent mean?






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






23. Original retail price - Lower retail price






24. A/b






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






26. A/b






27. 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






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






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






30. accounts receivable/ average daily sales






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






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






33. Convert 70% to a decimal






34. 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)






35. Another way of counting part of a whole?






36. Convert 65% to a decimal






37. 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






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






39. Net Sales for period/ Avg Stock for period






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






41. What is the product of 3.26 and 0.4?






42. Convert 10/11 to a percent






43. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






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






46. Convert .36 to a percent






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






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






49. 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?






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