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






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






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






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






5. Convert 1/4 to a percent






6. 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%






7. Convert 1.25 to a percent






8. Original retail price - Lower retail price






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






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






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






12. Convert 50% to a fraction






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






14. 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)






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






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






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






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






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






20. Total Net Sales / Total Number of Transactions






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






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






23. 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






24. 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






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






26. Convert 70% to a decimal






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






28. Convert 65% to a decimal






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






30. Two equivalent ratios joined by an equal sign.






31. Alignment of the decimals is not important






32. The wholesale cost of goods plus the markup






33. The point at which you stop losing money.






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






35. Gross Margin/ Average Inventory Cost






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






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






38. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






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






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






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






42. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






44. Turning assets into cash.






45. 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






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






47. 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?






48. Wholesale cost






49. Beginning inventory + Purchases - Ending inventory






50. Convert .4 to a percent