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






2. Convert 1.25 to a percent






3. Convert 20 to a percent






4. 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%






5. Convert 70% to a decimal






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






7. ($ Retail x 100 / COST) - 100






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






9. Convert 56% to a decimal






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






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






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






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






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






15. 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






16. 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?






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






18. Assets - cost of goods sold - expenses






19. What is the product of 3.26 and 0.4?






20. Wholesale cost






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






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






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






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






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






26. 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






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






28. Net Sales for period/ Avg Stock for period






29. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






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






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






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






33. Another way of counting part of a whole?






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






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






36. Convert 14% to a fraction






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






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






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






40. Convert .62 to a percent






41. Convert 10/11 to a percent






42. A/b






43. Original retail price - Lower retail price






44. 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






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






46. Convert .4 to a percent






47. Convert 3 to a percent






48. Turning assets into cash.






49. He availability of your money is called _.






50. 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...